Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 603

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 9
Chunk 603
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 power to vote or the power to dispose of the shares). In addition, shares are
    deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option)
    within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount
    of shares outstanding is deemed to include the number of shares beneficially owned by such person (and only such person) by reason
    of these acquisition rights. As a result, the percentage of outstanding shares of any person as shown in the above table does not
    necessarily reflect the person’s actual ownership or voting power with respect to the number of shares of common stock actually
    outstanding on the date of this Form 10-K.

 24 

    ITEM 13.
    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

Certain Relationships and Related Transactions

Except as disclosed below, for transactions with our
executive officers and directors, please see the disclosure under “EXECUTIVE COMPENSATION” above.

As of December 31 2024, shareholders
have loaned the Company approximately $1,646,636 in notes which accrue interest ranging from 12% and 18% per annual period. Maturities
between April 1, 2024, and July 1, 2024. Accrued interest related to these notes totaled $562,062 and $414,624 as of December 31, 2024,
and December 31, 2023, respectively.

Director Independence

We are not currently subject to listing requirements
of any national securities exchange or inter-dealer quotation system which has requirements that most of the board of directors be “independent”
and, as a result, we are not at this time required to have our Board of Directors comprised of a majority of “independent directors.”

We currently have not established any committees of
the Board of Directors. Our Board of Directors may designate from among its members an executive committee and one or more other committees
in the future. We do not have a nominating committee or a nominating committee charter. Further, we do not have a policy regarding the
consideration of any director candidates recommended by security holders. To date, other than as described above, no security holders
have made any such recommendations. The entire Board of Directors performs all functions that would otherwise be performed by committees.
Given