Company: GRPS
Filing Date: 2025-10-16
Form Type: 10-Q/A
Source: 0001683168-25-007611
Chunk: 14

Company: Trans American Aquaculture, Inc
Filing Date: 2025-10-16
Form: 10-Q/A
Chunk 14
---
| 31-Dec-24                                      |     | $ | 673,722 |
| 31-Dec-25                                      |     |   |       – |
| 31-Dec-26                                      |     |   |       – |
| 30-Dec-27                                      |     |   |       – |
| 31-Dec-28                                      |     |   |       – |
| Thereafter                                     |     |   |       – |
| Total notes payable                            |     | $ | 673,722 |

In February 2024, the Company signed an unsecured
promissory note with a lender for $111,600, bearing one-time interest at the rate of 13%, and maturing on four dates beginning on August 2024 and ending on November 2024. The proceeds of this note were issued with an original issue discount of $18,600, yielding
net proceeds of $93,000. Upon full maturity, the Company will have paid a total of $126,108 of principal and interest on this note.

In May 2024, the Company signed a Secured Promissory
Note with a lender for $350,000 bearing fixed interest at the rate of $12,500 per month with maturity date December 2024.
The Secured Promissory Note requires monthly interest payments only commencing in June 2024. Principal amount along any accrued but unpaid
interest should be paid at maturity date. The note is secured by property owned by the Company and trustee by Travis L. Bence or John
R. Bailey.

On December 13, 2024, due to a note holder recording
a deed in lieu foreclosure, on December 2nd, 2024, TAA filed for Chapter 11 bankruptcy protection under the United States Bankruptcy
Code, in the United States Bankruptcy Court for the Southern District of Texas (Case 

# 24-10217). TAA voluntarily filed for Chapter 11
Bankruptcy to protect the assets of the company (shrimp broodstock and key property, plant, and equipment) due to threats being made
by the former farm note holder (Kings Aqua Farm LLC) in which TAA operated on. On December 2, 2024, Kings Aqua Farm LLC filed a Deed
in Lieu (“DIL”) of Foreclosure due to non-payment by Trans American Aquaculture. The land was conveyed back to Kings Aqua
Farm because of the DIL filing and as such the total