Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 502

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 7
Chunk 502
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 Class A and Class B Preferred Stock, Mr. Thomas and TAA agreed to:

1.To have the Company issue shares of a Class C Preferred Stock to the former members of TAA, such shares
to be convertible into 85% of the Company’s common stock, but limited as to this conversion for a minimum of 12 months from the
date of issuance; and

2.To cancel and withdraw the shares of Series A Preferred Stock.

On August 29, 2022, Gold
River Productions, Inc. and Goulding executed an Assignment of Rights and Assumption of Liabilities Agreement whereby Gold River Productions,
Inc. assigned all of its assets and liabilities to Mr. Richard Goulding (Mr. Goulding), Chairman of the Board and CEO of GRP, resulting
in GRP becoming a public shell company without any assets or liabilities and became the accounting acquiree.

     F-9 

On September 13, 2022,
Gold River Productions, Inc. and Trans American Aquaculture, LLC (“TAA”) executed a Definitive Equity Exchange Agreement
in a transaction accounted for as a reverse acquisition, whereby TAA became the accounting acquiror. TAA operates a
large land-based shrimp farming and technology company located in South Texas. The Company produces premium quality, farm-raised white
shrimp, 100% free of antibiotics and hormones, and cultivated using safe and sustainable practices. Its principal markets consist of
seafood distributors, restaurants, and grocery store chains in the United States. Using decades of experience in the shrimp aquaculture
industry, products are grown with our superior technology and our proprietary genetics which results in a superior fresh product always
grown in the United States.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting

The accompanying consolidated
financial statements include the accounts of Trans American Aquaculture, Inc and its wholly owned subsidiary Trans American Aquaculture,
LLC, a Texas Limited Liability Company. All significant intercompany balances and transactions have been eliminated in consolidation.
The accompanying financial statements have been prepared on the accrual basis of accounting.

Cash and Cash Equivalents

For purposes of the statement of cash
flows, the Company considers all highly liquid debt instruments with an original maturity of three months or less to be cash equivalents.

Inventory

Inventory is valued at lower of cost
or the net realizable value on a first-in, first-out basis. Depending on the development and growth stage of shrimp, the Company’s