Company: GRPS
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001683168-25-007573
Chunk: 47

Company: Trans American Aquaculture, Inc
Filing Date: 2025-10-15
Form: 10-Q
Item: Part I, Item 2
Chunk 47
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Currently, there are
no production operations being conducted at the farm. We are solely maintaining the broodstock as plans to exit bankruptcy are finalized.

From time to time, we
may become involved in litigation relating to claims arising out of our operations in the normal course of business. We are not currently
involved in any pending legal proceeding or litigation and, to the best of our knowledge, no governmental authority is contemplating
any proceeding to which we are a party or to which any of our properties is subject, which would reasonably be likely to have a material
adverse effect on our business, financial condition and operating results.

Item 2. Unregistered
Sales of Equity Securities and Use of Proceeds.

On March 28, 2025, we entered into a Securities
Purchase Agreement (the “SPA”) with GHS Investments LLC (“GHS”) pursuant to which the Company may sell to GHS
up to an aggregate of 104 shares of Series D Preferred Stock for an aggregate of up to $104,000 ($1,000 for each share of Series D Preferred
Stock).

In addition, pursuant to the SPA and at each
closing, the Company agreed to issue to GHS warrants to purchase shares of the Company’s Common Stock equal to 50% of the number
of Conversion Shares issuable upon conversion of the shares of Series D Preferred Stock purchased by GHS with an exercise price of 115%
of the closing bid price the trading day prior to each issuance.

On April 2, 2025, GHS purchased 15 shares
of Series D Preferred Stock under the 2025 SPA. 40,350,887 warrants were issued to GHS.

On June 18, 2025, GHS purchased 25 shares
of Series D Preferred Stock under the 2025 SPA. 67,251,462 warrants were issued to GHS.

The sales of Series D Preferred Stock and warrants
were made in reliance on Rule 506(b) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), and were made without general solicitation or advertising. The purchaser represented that it was an “accredited investor”
with access to information about the Company sufficient to evaluate the investment and that the securities were being acquired without
a view to distribution or resale in violation of the Securities Act. The securities offered have not been registered under the Securities
Act and may not be offered or sold in the United States without