Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 73

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 1A
Chunk 73
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2024 decreased by $18,534, or 2%, to $846,234 from $864,768 for the year ended December 31, 2023. The decrease is due primarily
to a reduction non-cash compensation for consultants with a slight increase in legal and professional fees to $218,194 due to legal and
accounting fees.

Other Income (Expense)

For the year ended December 31, 2024, we had interest
expenses of $477,964 compared to interest expenses of $490,053 for the same period in 2023, a decrease in interest expense of $12,089.
This decrease in interest expense was due primarily to lower financing charges on a credit card account.

Net Income (Loss)

As a result of the above, we reported a net loss of
$2,808,894 for the year ended December 31, 2024 compared to a net loss of $1,894,993 for the year ended December 31, 2023. The main reason
for the increased loss is the expense recognition for the difference in the asset value to the debt owed on the property

Liquidity and Capital Resources

As of December 31, 2024, we had a cash balance of
$0, compared to cash balance of $6,600 as of December 31, 2023. We currently do not have sufficient cash to fund our operations for the
next 12 months and we will require working capital to complete development and production, testing and marketing of our products and to
pay for ongoing operating expenses. We anticipate adding management positions for corporate development and the corresponding operations
of the Company, but this will not occur prior to obtaining additional capital. Currently, competitively priced loans from banks or other
lending sources for lines of credit or similar short-term borrowings are not available to us. We have been able to raise working capital
to fund operations through the issuances of convertible preferred stock to GHS, factoring our receivables, and borrowing funds from employees
of the Company. As of December 31, 2024, our current liabilities exceeded our current assets by $3,351,602 as compared to 2023 when current
liabilities exceeded current assts by $3,478,423, a decrease of $126,821.

On December 2, 2024, Kings Aqua Farm LLC filed a Deed
in Lieu (“DIL”) of Foreclosure due to non-payment by