GRPS Reports Zero Revenue, Shrinks Losses Amidst Mounting Liabilities

TL;DR

**GRPS is a revenue-less shell company burning cash, avoid at all costs.**

AI Summary

Trans American Aquaculture, Inc. (GRPS) reported no revenue for the three and six months ended June 30, 2025, a significant decline from $5,019 and $315,145 in the comparable 2024 periods, respectively. The company's net loss improved to $(204,038) for the three months ended June 30, 2025, from $(330,311) in 2024, and to $(317,745) for the six months ended June 30, 2025, from $(568,332) in 2024. This improvement in net loss occurred despite zero revenue, primarily due to reduced general and administrative expenses, which fell from $126,993 to $108,290 for the three-month period and from $321,383 to $182,961 for the six-month period. Total assets increased to $1,080,503 as of June 30, 2025, from $948,015 at December 31, 2024, driven by an increase in inventory to $302,409 from $230,830. However, total current liabilities also rose substantially to $4,654,029 from $3,608,912, largely due to increased accrued interest expense of $850,388 and other accrued expenses of $918,693. The company continues to operate with a significant stockholders' deficit of $(3,719,207) as of June 30, 2025. Strategic outlook includes ongoing financing activities, with GHS purchasing Series D Preferred Stock for $104,000 in March 2025 and an additional $60,000 in September 2025, alongside significant warrant issuances.

Why It Matters

For investors, GRPS's complete lack of revenue in the latest quarter and half-year is a critical red flag, indicating severe operational challenges in its shrimp farming business. While net losses narrowed, this was due to cost cutting, not revenue generation, suggesting an unsustainable business model. Employees face uncertainty given the company's precarious financial state and reliance on external financing. Customers and the broader market for premium farm-raised white shrimp may see supply disruptions or a lack of competitive pressure from GRPS. The company's increasing liabilities and significant stockholders' deficit highlight a high-risk investment profile, making it a speculative play at best.

Risk Assessment

Risk Level: high — The company reported zero revenue for both the three and six months ended June 30, 2025, a drastic decline from $315,145 in sales for the six months ended June 30, 2024. This complete lack of sales, coupled with a stockholders' deficit of $(3,719,207) and total current liabilities of $4,654,029, indicates severe financial distress and an inability to generate income from its core operations.

Analyst Insight

Investors should exercise extreme caution and consider divesting any holdings in GRPS. The absence of revenue and substantial liabilities suggest a high probability of further dilution or potential bankruptcy. Focus on companies with demonstrated revenue generation and positive cash flow.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$1,080,503

total Debt

$4,800,009

net Income

$(317,745)

eps

N/A

gross Margin

0.0%

cash Position

$198

revenue Growth

-100.0%

Revenue Breakdown

Key Numbers

• $0 — Revenue (for three and six months ended June 30, 2025, down from $315,145 in 2024)
• $(317,745) — Net Loss (for six months ended June 30, 2025, an improvement from $(568,332) in 2024)
• $1,080,503 — Total Assets (as of June 30, 2025, up from $948,015 at December 31, 2024)
• $4,654,029 — Total Current Liabilities (as of June 30, 2025, up from $3,608,912 at December 31, 2024)
• $(3,719,207) — Total Stockholders' (Deficit) Equity (as of June 30, 2025, worsening from $(3,221,985) at December 31, 2024)
• $850,388 — Accrued Interest Expense (as of June 30, 2025, significantly up from $114,568 at December 31, 2024)
• 1,805,926,955 — Common Shares Outstanding (as of October 9, 2025)
• $182,961 — General and Administrative Expenses (for six months ended June 30, 2025, down from $321,383 in 2024)

Key Players & Entities

• Trans American Aquaculture, Inc. (company) — registrant
• Gold River Productions, Inc. (company) — former name of registrant
• Richard Goulding (person) — executive and selling party of Gold River Productions, Inc.
• Adam Thomas (person) — purchaser and CEO of TAA
• GHS (company) — investor in Series D Preferred Stock
• SEC (regulator) — Securities and Exchange Commission
• $104,000 (dollar_amount) — proceeds from GHS Series D Preferred Stock purchase in March 2025
• $60,000 (dollar_amount) — proceeds from GHS Series D Preferred Stock purchase in September 2025
• FINRA (regulator) — Financial Industry Regulatory Authority
• Trans American Aquaculture, LLC (company) — wholly owned subsidiary

FAQ

Risk Factors

• Negative Stockholders' Equity [high — financial]: The company has a significant stockholders' deficit of $(3,719,207) as of June 30, 2025, which worsened from $(3,221,985) at December 31, 2024. This indicates that liabilities exceed assets, raising concerns about the company's long-term solvency.
• Increasing Liabilities [high — financial]: Total current liabilities increased substantially to $4,654,029 as of June 30, 2025, from $3,608,912 at December 31, 2024. This rise is primarily driven by significant increases in accrued interest expense ($850,388 vs $114,568) and other accrued expenses ($918,693 vs $753,870).
• Zero Revenue Generation [high — financial]: The company reported no revenue for the three and six months ended June 30, 2025. This complete absence of sales is a critical concern for future viability and cash flow generation.
• Dependence on Financing Activities [medium — financial]: The company's continued operations appear to be heavily reliant on ongoing financing activities, including purchases of preferred stock and significant warrant issuances. This suggests a lack of self-sustaining operational cash flow.
• Inventory Increase Without Revenue [medium — operational]: Inventory increased to $302,409 as of June 30, 2025, from $230,830 at December 31, 2024. This increase in inventory, coupled with zero revenue, raises questions about inventory turnover and potential obsolescence.
• High Interest Expense [medium — financial]: Accrued interest expense has risen significantly to $850,388 as of June 30, 2025, from $114,568 at December 31, 2024. This indicates a growing debt burden and increasing cost of capital.

Industry Context

The aquaculture industry is characterized by its potential for growth driven by increasing global demand for seafood. However, it faces challenges related to environmental sustainability, disease management, and regulatory compliance. Companies in this sector often require significant capital investment for facilities and operations, making financing crucial.

Regulatory Implications

As a publicly traded company, Trans American Aquaculture, Inc. is subject to SEC regulations and reporting requirements. Changes in accounting standards or industry-specific regulations could impact financial reporting and operational compliance. The company's financial condition may also attract scrutiny from regulatory bodies.

What Investors Should Do

1. Monitor future revenue generation closely: The complete absence of revenue is a critical concern. Investors should look for any signs of sales activity in subsequent filings.
2. Assess the sustainability of financing activities: The company relies heavily on preferred stock sales and warrants. Investors should evaluate the terms and long-term impact of these financing rounds.
3. Analyze the trend of increasing liabilities: The substantial rise in current liabilities, particularly accrued interest, needs careful monitoring to understand the company's debt management capabilities.
4. Evaluate the company's path to profitability: With zero revenue and a significant net loss, investors should seek a clear strategy and timeline for achieving profitability.

Key Dates

• 2025-06-30: End of Q2 2025 reporting period — Reported zero revenue and a net loss of $(204,038) for the quarter, with total assets at $1,080,503 and total current liabilities at $4,654,029.
• 2025-03-28: Securities Purchase Agreement with GHS (March 2025 SPA) — Company agreed to sell Series D Preferred Stock for $104,000 and issued warrants to purchase 306,666,667 shares of Common Stock, indicating reliance on external financing.
• 2025-09-18: Securities Purchase Agreement with GHS (September 2025 SPA) — Company agreed to sell additional Series D Preferred Stock for $60,000 and issued more warrants, further highlighting ongoing financing needs.
• 2024-12-31: End of Fiscal Year 2024 — Total assets were $948,015 and total current liabilities were $3,608,912, with a stockholders' deficit of $(3,221,985).

Glossary

Stockholders' Deficit

A negative amount in the stockholders' equity section of the balance sheet, indicating that total liabilities exceed total assets. (Highlights the company's negative net worth and potential financial distress.)

Accrued Interest Expense

Interest that has been incurred but not yet paid. (A significant component of the company's rising current liabilities, indicating increasing debt servicing costs.)

Warrants

A security that gives the holder the right, but not the obligation, to purchase a company's stock at a predetermined price within a specified timeframe. (Indicates potential future dilution of common stock and is part of the company's financing strategy.)

Series D Preferred Stock

A class of preferred stock issued by the company, often with specific rights and preferences, used here as a financing instrument. (Represents a key component of the company's recent financing activities with GHS.)

Year-Over-Year Comparison

Compared to the prior year periods, Trans American Aquaculture, Inc. has seen a dramatic decline in revenue, from $5,019 and $315,145 to $0 for the three and six months ended June 30, 2025, respectively. While the net loss has improved due to reduced operating expenses, the company's financial position remains precarious with a growing stockholders' deficit and substantially increased current liabilities, including a significant jump in accrued interest expense.

Key Financial Figures

• $0.000001 — (g) of the Act: Common Stock, par value $0.000001 Indicate by check mark whether the re
• $5,000 — from Mr. Goulding for a cash payment of $5,000. In further consideration for the sale
• $445,500 — result of a short-term capital gain of $445,500 on the sale of a joint venture interest
• $155,200 — est. This resulted in taxable income of $155,200 and an unremitted federal income tax li
• $33,180 — emitted federal income tax liability of $33,180. With accrued penalties and interest, t
• $58,300 — the total due the IRS is approximately $58,300. All liabilities, including federal tax
• $250,000 — sh and had no balances in excess of the $250,000 FDIC limit for the period ended June 30
• $104,000 — hares of Series D. Preferred Stock for $104,000 ($1,000 for each share of Series D Pref
• $1,000 — eries D. Preferred Stock for $104,000 ($1,000 for each share of Series D Preferred St
• $15,000 — eferred Stock for the purchase price of $15,000 and $53,000, respectively. In addition
• $53,000 — k for the purchase price of $15,000 and $53,000, respectively. In addition, pursuant t
• $0.000115 — 7 shares of Common Stock exercisable at $0.000115 per share and terminating on March 28,
• $60,000 — shares of Series D Preferred Stock for $60,000 ($1,000 for each share of Series D Pref
• $44,000 — eferred Stock for the purchase price of $44,000. In addition, pursuant to the Septembe
• $0.000345 — 0 shares of Common Stock exercisable at $0.000345 per share and terminating on September

Filing Documents

• transamaqua_i10q-063025.htm (10-Q) — 389KB
• transamaqua_ex3101.htm (EX-31.1) — 10KB
• transamaqua_ex3102.htm (EX-31.2) — 10KB
• transamaqua_ex3201.htm (EX-32.1) — 3KB
• 0001683168-25-007573.txt ( ) — 412KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

—OTHER INFORMATION

PART II—OTHER INFORMATION 24

Legal Proceedings

Item 1. Legal Proceedings. 24

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 24

Other Information

Item 5. Other Information. 24

Exhibits

Item 6. Exhibits 25

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Trans American Aquaculture, Inc. (Formerly Gold River Productions, Inc.) Consolidated Balance Sheets Unaudited June 30, December 31, 2025 2024 ASSETS CURRENT ASSETS Cash and cash equivalents $ 198 $ – Other receivable – 26,480 Inventory 302,409 230,830 Other Asset 716 – TOTAL CURRENT ASSETS 303,323 257,310 PROPERTY AND EQUIPMENT 1,237,992 1,237,992 Less accumulated depreciation (460,812 ) (547,287 ) NET PROPERTY AND EQUIPMENT 777,180 690,705 TOTAL ASSETS $ 1,080,503 $ 948,015 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Bank overdraft $ – $ 1,000 Accounts payable 751,883 530,776 Accrued interest expense 850,388 114,568 Other accrued expenses 918,693 753,870 Income tax payable – – Related parties notes 1,459,343 1,646,636 Current portion of notes payable 673,722 562,063 TOTAL CURRENT LIABILITIES 4,654,029 3,608,912 LONG-TERM LIABILITIES Notes payable, net of current portion 145,680 561,087 Deferred tax liability, net – – TOTAL LONG-TERM LIABILITIES 145,680 561,087 STOCKHOLDERS' (DEFICIT) EQUITY Common stock, $.000001 par value, 6,000,000,000 shares authorized, 1,805,926,955 and 1,805,926,955 shares issued and outstanding – – Preferred Stock, Series A, .000001 par value 9,078,000 and 9,078,000 shares authorized, 9,078,000 issued and outstanding – – Preferred Stock, Series B, .000001 par value 5,000 and 5,000 shares authorized, 5,000 issued and outstanding – – Preferred Stock, Series C, $.000001 par value, 100,000 and 100,000 shares authorized, 100,000 issued and outstanding – – Preferred Stock, Series C to be issued (283,967 ) – Preferred Stock, Series D, .000001 par value, 1,295 shares authorized, 1,193 and 1,193 issued and outstanding – – Additional paid in capital - common stock 121,118 99,980 Additional paid in capital - preferred stock (Series C) 1,287,091 1,317,467 Additional paid in cap

Financial Statements

Financial Statements June 30, 2025 and 2025 NOTE 1 – BUSINESS ORGANIZATION Business Organization Trans American Aquaculture, Inc. formerly Gold River Productions, Inc. (GRP), ("the Company") was incorporated in the State of Delaware on September 18, 2006, as Polythene Metro Corp before being acquired by Gold River Productions, Inc. on January 25, 2007. The Company was re-incorporated in the State of Colorado in July 2018. In February 2023, pursuant to shareholder and Board approval, the Company changed its name to Trans American Aquaculture, Inc., reflective of its new management and operations, and applied to the Financial Industry Regulatory Authority ("FINRA") to change its ticker symbol from GRPS to TAAQ. On August 28, 2022, Richard Goulding, executive and selling party of Gold River Productions, Inc. and Adam Thomas, purchaser, executed a Stock Purchase Agreement ("SPA"). Under the terms of the SPA, Mr. Goulding, agreed to sell to Adam Thomas, CEO of TAA, 9,078,000 shares of the Company's Series A Preferred Stock, and to retain 640,000 shares for later conversion to the Company's common stock. Each share of Series A Preferred Stock is convertible into 100 shares of the Company's common stock. In addition, Mr. Thomas agreed to purchase all the Company's outstanding shares of Series B Preferred Stock from Mr. Goulding for a cash payment of $5,000. In further consideration for the sale of the shares of Series A and Series B Preferred Stock, Mr. Goulding agreed to: 1. Increase the authorized shares of the Company's common stock to three billion (3,000,000,000) shares; 2. Convert his retained 640,000 shares of Series A Preferred Stock, to 64,000,000 shares of common stock; 3. Issue to various former employees and consultants of the Company an aggregate amount of 15,248,503 shares of the Company's common stock; and 4. Complete the assignment of assets and assumption of liabilities as they existed immediately prior to the closing of the stock purchase agreem

financial statements were issued

financial statements were issued. 10 On March 28, 2025, the Company entered into a Securities Purchase Agreement with GHS (the "March 2025 SPA") pursuant to which the Company agreed to sell GHS 114 shares of Series D. Preferred Stock for $104,000 ($1,000 for each share of Series D Preferred Stock and ten commitment shares). At the initial closing, GHS purchased 36 shares ($1,000 per share of Series D Preferred Stock). Additional Closings will be for the purchase of Preferred Shares as follows: (a) two (2) separate purchases of fifteen (15) and fifty three (53) shares of Preferred Stock for the purchase price of $15,000 and $53,000, respectively. In addition, pursuant to the March 2025 SPA, the Company issued to GHS warrants to purchase 306,666,667 shares of Common Stock exercisable at $0.000115 per share and terminating on March 28, 2030. On April 2, 2025, GHS purchased 15 shares of Series D Preferred Stock under the March 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 March 2025 SPA. 67,251,462 warrants were issued to GHS. On July 14, 2025, GHS purchased the remaining 28 shares of Series D Preferred Stock under the March 2025 SPA. 75,321,638 warrants were issued to GHS. On September 18, 2025, the Company entered into a Securities Purchase Agreement with GHS (the "September 2025 SPA") pursuant to which the Company agreed to sell GHS 63 shares of Series D Preferred Stock for $60,000 ($1,000 for each share of Series D Preferred Stock and ten commitment shares). At the initial closing, GHS purchased 19 shares ($1,000 per share of Series D Preferred Stock). Additional Closings will be for the purchase of Preferred Shares as follows: (a) separate purchases of 44 shares of Series D Preferred Stock for the purchase price of $44,000. In addition, pursuant to the September 2025 SPA, the Company issued to GHS warrants to purchase 71,250,000 shares of Common Stock exercisable at $0.000

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View this 10-Q filing on SEC EDGAR