Trans American Aquaculture Reports Financial Obligation Event

TL;DR

TAQA just filed an 8-K about a financial obligation trigger - need more info but could be big.

AI Summary

Trans American Aquaculture, Inc. filed an 8-K on October 11, 2024, reporting a triggering event related to accelerating or increasing a direct financial obligation or an off-balance sheet arrangement as of October 7, 2024. The filing does not provide specific details on the nature of the obligation or the dollar amounts involved.

Why It Matters

This filing indicates a potential change in the company's financial obligations, which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — The filing indicates a triggering event for financial obligations, which inherently carries risk, but lacks specific details to assess the severity.

Key Players & Entities

• Trans American Aquaculture, Inc. (company) — Filer
• October 7, 2024 (date) — Date of earliest event reported
• October 11, 2024 (date) — Date of report
• 000-56640 (other) — Commission File Number
• 1022 Shadyside Lane Dallas, TX 75223 (address) — Principal executive offices
• (972) 358-6037 (phone_number) — Issuer's telephone number

FAQ

Key Financial Figures

• $111,600 — missory note in the principal amount of $111,600 (the " 1 st Note "). On August 21, 2024
• $82,800 — missory note in the principal amount of $82,800 (the " 2 nd Note ," and, together with
• $21,018 — to the 2 nd Note, a monthly payment of $21,018 was due September 30, 2024. The Company
• $234,927 — e payment (as provided in the Notes) of $234,927 which represents 150% of the remaining
• $63,054.00 — emaining outstanding principal balance ($63,054.00 (1 st Note) + $93,564.00 (2 nd Note) *
• $93,564.00 — cipal balance ($63,054.00 (1 st Note) + $93,564.00 (2 nd Note) * 1.5 = $234,927.00), toget
• $234,927.00 — Note) + $93,564.00 (2 nd Note) * 1.5 = $234,927.00), together with accrued interest and De

Filing Documents

• transaqua_8k.htm (8-K) — 25KB
• 0001683168-24-007110.txt ( ) — 191KB
• grps-20241007.xsd (EX-101.SCH) — 3KB
• grps-20241007_lab.xml (EX-101.LAB) — 33KB
• grps-20241007_pre.xml (EX-101.PRE) — 24KB
• transaqua_8k_htm.xml (XML) — 3KB

04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. On February 22, 2024, Trans American Aquaculture, Inc., a Colorado corporation (the " Company "), issued to 1800 Diagonal Lending LLC (the " Lender ") a promissory note in the principal amount of $111,600 (the " 1 st Note "). On August 21, 2024, the Company issued to the Lender a promissory note in the principal amount of $82,800 (the " 2 nd Note ," and, together with the 1 st Note, the " Notes "). Pursuant to the 2 nd Note, a monthly payment of $21,018 was due September 30, 2024. The Company failed to make the required payment and, due to cross-default provisions in each of the Notes, the Notes are now in default. Each of the Notes provide in Article III the following: "Upon the occurrence and during the continuation of any Event of Default, the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in full satisfaction of its obligations hereunder, an amount equal to 150% times the sum of (w) the then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the "Mandatory Prepayment Date") plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x) plus (z) any amounts owed to the Holder pursuant to Article IV hereof (the then outstanding principal amount of this Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the "Default Amount") and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment or notice, all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and expenses, of collection, and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity. If the Bor

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Trans American Aquaculture, Inc. Date: October 11, 2024 By: /s/ Adam Thomas Adam Thomas, Chief Executive Officer 2

View Full Filing

View this 8-K filing on SEC EDGAR