0001493152-26-026574.txt : 20260601 0001493152-26-026574.hdr.sgml : 20260601 20260601140756 ACCESSION NUMBER: 0001493152-26-026574 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 29 CONFORMED PERIOD OF REPORT: 20250930 FILED AS OF DATE: 20260601 DATE AS OF CHANGE: 20260601 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NaturalShrimp Inc CENTRAL INDEX KEY: 0001465470 STANDARD INDUSTRIAL CLASSIFICATION: FISHING, HUNTING & TRAPPING [0900] ORGANIZATION NAME: 08 Industrial Applications and Services EIN: 743262176 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54030 FILM NUMBER: 261049565 BUSINESS ADDRESS: STREET 1: 1200 N FEDERAL HWY STREET 2: SUITE 200 CITY: BOCA RATON STATE: FL ZIP: 33432 BUSINESS PHONE: (561) 716-0684 MAIL ADDRESS: STREET 1: 1200 N FEDERAL HWY STREET 2: SUITE 200 CITY: BOCA RATON STATE: FL ZIP: 33432 FORMER COMPANY: FORMER CONFORMED NAME: MultiPlayer Online Dragon, Inc. DATE OF NAME CHANGE: 20090603 10-Q 1 form10-q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Quarterly Period Ended September 30, 2025

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the Transition Period from _________ to _________

 

Commission file number: 000-54030

 

NATURALSHRIMP INCORPORATED

(Exact name of registrant as specified in its charter)

 

Nevada   74-3262176

(State or other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification No.)

 

P.O. Box 1256

Dallas, Texas

  75225
(Address of Principal Executive Offices)   (Zip Code)

 

(972) 951-8035

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading symbol(s)   Name of exchange on which registered
None   N/A   N/A

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a small reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer Accelerated filer
       
Non-accelerated filer Smaller reporting company
       
    Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act: ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☐

 

As of May 31, 2026, there were 1,277,546,746 shares of the registrant’s common stock outstanding.

 

 

 

 

 

 

NATURALSHRIMP INCORPORATED

FORM 10-Q

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025

 

TABLE OF CONTENTS

 

  Page
   
PART I. FINANCIAL INFORMATION 3
     
ITEM 1. Financial Statements 3
     
  Condensed Consolidated Statements of Net Liabilities in Liquidation as of September 30, 2025 (unaudited) and March 31, 2025 (audited) 3
     
  Condensed Consolidated Statement of Changes of Net Liabilities in Liquidation for the six months ended September 30, 2025 (unaudited) 4
     
  Condensed Consolidated Statement of Operations for the six months ended September 30, 2024 (unaudited) 5
     
  Condensed Consolidated Statement of Changes in Shareholders’ Equity for the six months ended September 30, 2024 (unaudited) 6
     
  Condensed Consolidated Statement of Cash Flows for the six months ended September 30, 2024 (unaudited) 7
     
  Notes to Condensed Consolidated Financial Statements (unaudited) 8
     
ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 11
     
ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 12
     
ITEM 4. Controls and Procedures 12
     
PART II. OTHER INFORMATION 13
     
ITEM 1. Legal Proceedings 13
     
ITEM 1A. Risk Factors 14
     
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds 14
     
ITEM 3. Defaults Upon Senior Securities 14
     
ITEM 4. Mine Safety Disclosures 14
     
ITEM 5. Other Information 14
     
ITEM 6. Exhibits 14
     
SIGNATURES 15

 

2

 

 

PART I – FINANCIAL INFORMATION 

 

Item 1. Financial Statements

 

NATURALSHRIMP INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF NET LIABILITIES IN LIQUIDATION

(Liquidation Basis)

 

   September 30, 2025   March 31, 2025 
   As of 
   September 30, 2025   March 31, 2025 
   (Unaudited)     
         
Cash  $49,806   $101,969 
Current assets   -    193,865 
Fixed assets and intangibles   -    35,800,000 
Other assets   -    86,330 
Accounts payable and accrued expenses   (6,811,919)   (6,809,772)
Notes payable and lines of credit   (1,179,832)   (37,200,851)
Other liabilities   (933,993)   (962,553)
Net liabilities in liquidation  $(8,875,938)  $(8,791,012)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

3

 

 

NATURALSHRIMP INCORPORATED AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN NET LIABILITIES IN LIQUIDATION

(Liquidation Basis)

(Unaudited)

 

   For the Six Months
Ended September 30, 2025
 
Net liabilities in liquidation, March 31, 2025  $(8,791,012)
      
Changes in assets and liabilities in liquidation:     
Cash   (52,163)
Write-off of assets   (280,195)
Transfer of fixed assets and intangibles assets to creditor   (35,800,000)
Settlement of accounts payable and accrued expenses   (2,147)
Extinguishment of notes payable and lines of credit   36,021,019 
Extinguishment of other liabilities   28,560 
Net changes (increase) in liabilities in liquidation   (84,926)
      
Net liabilities in liquidation, September 30, 2025  $(8,875,938)

 

The accompanying notes are an integral part of these Condensed Consolidated financial statements.

 

4

 

 

NATURALSHRIMP INCORPORATED

CONDENSED Consolidated STATEMENTS OF OPERATIONS

(Going Concern Basis)

(Unaudited )

 

   For the Six Months
Ended September 30,2024
 
     
Sales  $106,991 
Cost of sales   85,490 
Net revenue   21,501 
      
Operating expenses:     
General and administrative   1,352,188 
Facility operations   285,546 
Depreciation   865,099 
Amortization   735,000 
      
Total operating expenses   3,237,833 
      
Net loss from operations   (3,216,332)
      
Other income (expense):     
Interest expense   (20,979)
Interest expense - related parties   (20,496)
Change in fair value of warrant liability   24,000 
Change in fair value of restructured notes   (720,000)
Extension fee   - 
Gain on sale of machinery and equipment   39,330 
      
Total other income (expense), net   (698,145)
      
Income (loss) before income taxes   (3,914,477)
      
Provision for income taxes   - 
      
Net loss   (3,914,477)
      
Less net loss attributable to non-controlling interest   - 
      
Net loss attributable to NaturalShrimp Inc.   (3,914,477)
      
Accretion on Preferred shares   (97,300)
Dividends   (149,533)
      
Net loss available for common stockholders   (4,161,310)
      
Loss per share (Basic and Diluted)   (0.00)
      
Loss per share (Diluted)   (0.00)
      
WEIGHTED AVERAGE SHARES OUTSTANDING (Basic and Diluted)   1,200,205,922 
      
WEIGHTED AVERAGE SHARES OUTSTANDING (Diluted)   1,200,205,922 

 

The accompanying notes are an integral part of these Condensed Consolidated financial statements.

 

5

 

 

NATURALSHRIMP INCORPORATED

CONDENSED CONSOLIDATED   STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT

For the six months ended September 30, 2024

(Going Concern Basis)

(Unaudited )

 

   Shares   Amount   Shares   Amount   Capital   issued   receivable   deficit   deficit 
   Series A
Preferred stock
   Common stock   Additional paid in   Stock
to be
   Subscription   Accumulated   Total stockholders’ 
   Shares   Amount   Shares   Amount   Capital   issued   receivable   deficit   deficit 
                                     
Balance March 31, 2024   5,000,000   $500    1,116,482,063   $111,712   $126,468,749   $390,024   $(56,250)  $(183,791,156)   (56,876,421)
                                              
Issuance of common shares under financing agreement   -    -    66,392,019    6,639    479,200    -    -    -    485,839 
Shares issued upon exchange of Partitioned Note   -    -    10,000,000    1,000    99,000    -    -    -    100,000 
Accretion of Series E Preferred stock   -    -    -    -    -    -    -    (9,300)   (9,300)
Accretion on Series G Preferred stock   -    -    -    -    -    -    -    (39,000)   (39,000)
Dividends payable on Preferred stock   -    -    -    -    -    -    -    (75,097)   (75,097)
                                              
Net loss   -    -    -    -    -    -    -    (2,802,548)   (2,802,548)
                                              
Balance June 30, 2024   5,000,000   $500    1,192,874,082   $119,351   $127,046,949   $390,024   $(56,250)  $(186,717,101)   (59,216,527)
                                              
Issuance of common shares under financing agreement   -    -    42,383,507    4,238    163,641    -    -    -    167,879 
Conversion of Series E Preferred Stock             12,289,157    1,229    99,746                   100,975 
Shares issued upon exchange of Partitioned Note   -    -    10,000,000    1,000    89,000    -    -    -    90,000 
Accretion on Series G Preferred stock   -    -    -    -    -    -    -    (49,000)   (49,000)
Dividends payable on Preferred stock   -    -    -    -    -    -    -    (74,436)   (74,436)
                                              
Net loss   -    -    -    -    -    -    -    (1,111,929)   (1,111,929)
                                              
Balance September 30, 2024   5,000,000   $500    1,257,546,746   $125,818   $127,399,336   $390,024   $(56,250)  $(187,952,466)   (60,093,038)

 

The accompanying notes are an integral part of these Condensed Consolidated financial statements.

 

6

 

 

NATURALSHRIMP INCORPORATED

CONDENSED Consolidated STATEMENTS OF CASH FLOWS

(Going Concern Basis)

(Unaudited)

 

   For the six months
ended September 30, 2024
 
CASH FLOWS FROM OPERATING ACTIVITIES     
Net loss  $(3,914,477)
      
Adjustments to reconcile net loss to net cash used in operating activities     
      
Depreciation expense   865,099 
Amortization expense   735,000 
Change in fair value of warrant liability   (24,000)
Change in fair value of restructured notes payable   720,000 
Financing costs   7,300 
Gain on sale of machinery and equipment   39,330 
Shares issued for services   - 
Amortization of operating lease right-of-use assets   68,690 
      
Changes in operating assets and liabilities:     
Accounts receivable   (7,010)
Inventory   20,034 
Prepaid expenses and other current assets   40,496 
Deferred offering costs   - 
Accounts payable   (347,695)
Other accrued expenses   10,063 
Accrued expenses - related parties   314,340 
Accrued interest   12,282 
Accrued interest - related parties   20,495 
Contract liability   - 
Other current asset-related party   (45,938)
Operating lease liabilities   (70,774)
      
Cash used in operating activities   (1,556,765)
      
CASH FLOWS FROM INVESTING ACTIVITIES     
      
Cash paid for fixed assets   - 
Cash received for sale of machinery and equipment   117,712 
      
Cash used in investing activities   117,712 
      
CASH FLOWS FROM FINANCING ACTIVITIES     
      
Payments of notes payable   - 
Proceeds from line of credit   373,139 
Proceeds from sale of stock   653,719 
Proceeds from promissory note, related parties   40,000 
Proceeds from sale of Series E Preferred Shares   - 
Proceeds from sale of Series G Preferred Shares   300,000 
      
Cash provided by financing activities   1,366,858 
      
NET CHANGE IN CASH   (72,195)
      
CASH AT BEGINNING OF PERIOD   115,525 
      
CASH AT END OF PERIOD  $43,330 
      
INTEREST PAID  $8,689 
      
Supplemental Disclosure of Non-Cash Investing and Financing Activities:     
Shares issued upon conversion of Preferred stock  $- 
Shares issued upon exchange of Partitioned Note   90,000 
Dividends on Series E Preferred stock  $- 
Dividends in kind issued  $149,533 
Shares issued/to be issued, for legal settlement  $- 

 

The accompanying footnotes are an integral part of these condensed consolidated financial statements.

 

7

 

 

NATURALSHRIMP INCORPORATED

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2025

(Unaudited)

 

NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS

 

NaturalShrimp Incorporated (“NaturalShrimp” or the “Company”), a Nevada corporation, is a former biotechnology company that was focused on growing Pacific White shrimp (Litopenaeus vannamei, formerly Penaeus vannamei) in an ecologically controlled, high-density, low-cost environment, and in fully contained and independent production facilities.

 

Receivership and Liquidation

 

On September 4, 2024, Streeterville Capital, LLC, a Utah limited liability company, and Bucktown Capital, LLC, a Utah limited liability company (collectively, “Lenders”), filed a Verified Emergency Motion for Appointment of Receiver (the “Motion”) under Civil Case No. 240907138, in the District Court of Salt Lake County, Utah, against NaturalShrimp, Inc. (“NaturalShrimp”).

 

The Motion alleged, among other things, that NaturalShrimp had defaulted under the terms of its loan agreements with the Lenders. The Motion sought the appointment of a Receiver to immediately take control of NaturalShrimp’s assets.

 

An order was entered ex parte by the Utah State Court in the Receivership Case on September 9, 2024 granting the relief requested by Lenders. The Utah State Court duly appointed Amplēo Turnaround and Restructuring, LLC (the “Receiver”) as the receiver over NaturalShrimp’s assets. The Utah State Court’s order further scheduled a hearing to be held on September 17, 2024, on a preliminary injunction to address issues raised in the Motion.

 

On November 20, 2024, the Lenders and NaturalShrimp filed a Verified Amended and Stipulated Emergency Motion for Immediate Appointment of a Receiver in the Receivership Case.

 

On November 22, 2024, the Utah State Court entered an order granting the Stipulated Motion and appointed Receiver as the receiver over the assets of NaturalShrimp.

 

On February 11, 2025, the Receiver filed a Motion for Approval to Sell Substantially all of the Receivership Entities’ Assets to Streeterville Captial, LLC and Bucktown Captial, LLC (or Their Designees) or Any Other Party With a Higher and Better Offer Free and Clear of All Liens, Interests, Claims, and Encumbrances (the “Sale Motion”) in the Receivership Case. The Sale Motion sought the Utah State Court’s approval for the Receiver to sell substantially all of the Receivership Entities’ assets free and clear of all liens, interests, claims, and encumbrances to Streeterville and Bucktown Capital, through their designated entities, NaturalShrimp Farms, Inc. (“NV Purchaser”), a Nevada corporation, Iowa Shrimp Holdings, LLC (“IA Purchaser”), an Iowa limited liability company, Texas Shrimp Holdings, LLC (“TX Purchaser” or together with NV Purchaser and IA Purchaser, the “Purchasers”), a Texas limited liability company, for a roughly $35,703,789.87 credit bid (based on a secured and administrative claim basis) and $100,000 cash, pursuant to the terms and conditions set forth in that certain Asset Purchase Agreement (“APA”) between Trustee and Purchasers. The order to sell the assets was approved on March 30, 2025 and the title to the assets was transferred to the lenders on May 14, 2025.

 

8

 

 

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Condensed Consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”). As the Company’s liquidation became imminent as of March 30, 2025, the Company has presented its financial statements under the liquidation basis of accounting as of both September 30, 2025 and March 31, 2025. To comply with ASC 205-30, Liquidation Basis of Accounting, the Company has presented a condensed consolidated statement of net liabilities in liquidation as of September 30, 2025 and March 31, 2025 and a condensed consolidated statement of changes of net liabilities in liquidation for the six months ended September 30, 2025. In addition, to comply with the financial statement requirements of Article 8 of Regulation S-X, the Company has also presented a condensed consolidated statement of operations, a condensed consolidated statement of changes in shareholders equity and a condensed consolidated statement of cash flows for six months ended September 30, 2024 under the going concern basis of accounting. The going concern financial statements have been presented separately from the liquidation basis financial statements as the results should not be considered comparable under the two presentation methods. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in our 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission on November 5, 2025.

 

Use of Estimates

 

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Liquidation Basis of Accounting

 

In accordance with ASC 205-30, Liquidation Basis of Accounting, the Company prepares its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is considered imminent when either of the following occurs-i) A plan for liquidation has been approved by the person or persons with the authority to make such a plan effective, and the likelihood is remote that either execution of the plan will be blocked by other parties or the entity will return from liquidation and ii) A plan for liquidation is imposed by other forces, and the likelihood is remote that the entity will return from liquidation.

 

When using the liquidation basis of accounting, the Company will i) recognize other items that it previously had not recognized but it expects to sell in liquidation or use to settle liabilities ii) accrue costs and income that it expects to incur or earn through the end of its liquidation if and when it has a reasonable basis for estimation iii) measure its assets to reflect the estimated amount of cash or other consideration that it expects to collect in settling or disposing of those assets in carrying out its plan for liquidation and iv) measure its liabilities in accordance with the measurement provision of other topics that it would otherwise apply to those liabilities.

 

Financial Instruments

 

The Company’s financial instruments include cash, payables and debt and are accounted for under the provisions of ASC Topic 825, “Financial Instruments”. The carrying amount of these financial instruments in the condensed consolidated balance sheets approximates fair value.

 

9

 

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. There were no cash equivalents as of September 30, 2025 and March 31, 2025.

 

Recently Issued Accounting Standards

 

As the Company is currently reporting under the liquidation basis of accounting, it does not believe that there are any recently issued accounting standards that would be material to its financial statements.

 

NOTE 3 – LIQUIDATION BASIS OF ACCOUNTING

 

During September of 2024, Ampleo Turnaround and Restructuring, LLC was placed as the receiver over the Company’s assets due to its significant outstanding debt. Subsequently, during February of 2025, the receiver filed a motion to sell all of the Company’s assets to Streeterville and Bucktown Capital for an approximate credit bid of $35.7 million and $0.1 million in cash. The motion was approved by the court (overseeing the motion) on March 30, 2025 with title to the assets being transferred to the creditor on May 14, 2025. The Company believes that it continued to function as a going concern until the date the motion to sell its assets was approved by the court at which time its liquidation became imminent. As such, in accordance with the ASC 205-30, the Company has presented i) a condensed consolidated statement of net liabilities in liquidation as of both September 30, 2025 and March 31, 2025 and ii) a condensed consolidated statement of changes in net liabilities in liquidation for the six months ended September 30, 2025. The condensed consolidated statements of net liabilities in liquidation and statement of changes of net liabilities in liquidation have been prepared using the liquidation basis of accounting.

 

As part of the liquidation, the Company transferred ownership of its revenue generating fixed assets and intangible assets on May 14, 2025 to two of its creditors (Streeterville and Buckstown) in exchange for the extinguishment of i) the restructured August and Senior notes and Buckstown line of credit. As of the date of this filing, the Company had limited assets available and was therefore uncertain as to the manner by which it expects to settle its remaining outstanding liabilities. Furthermore, we are also uncertain about the date by which we expect to complete the liquidation.

 

Our condensed consolidated statement of net liabilities in liquidation as of September 30, 2025 and March 31, 2025 reflects the following:

 

  No additional items were recognized, such as trademarks, that the Company might either sell in liquidation or use to settle its liabilities
  Liabilities have been recognized in accordance with the recognition provisions of other topics that otherwise would apply to those liabilities. As of September 30, 2025, our remaining liabilities were primarily comprised of i) accounts payable and accrued expenses to finance and legal service providers and ii) remaining outstanding debt. Of the approximately $8.9 million in outstanding liabilities as of September 30, 2025 approximately $3.0 million was to related parties
  As of March 31, 2025, the intangible assets and fixed assets were recognized based on a settlement amount equal to the credit bid of approximately $35,800,000. As of September 30, 2025, intangible assets and fixed assets were fully de-recognized due to ownership of the assets being transferred to our creditors as of May 14, 2025.
  No additional costs expected to be incurred through the end of our liquidation were accrued as of March 31, 2025 as the Company did not have a reasonable basis for estimation at that time. However, as of September 30, 2025 costs expected to be incurred were accrued through December 31, 2025. The amounts accrued subsequent to the balance sheet date were primarily comprised of legal and accounting fees and were not material. We do not expect to earn any additional income through the end of the liquidation period.

 

NOTE 4 – SUBSEQUENT EVENTS

 

In accordance with ASC 855, Subsequent Events, the Company evaluated all events or transactions that occurred after the balance sheet date but before the financial statements were issued. To that extent, the Company noted the following:

 

During March of 2026, NaturalShrimp Incorporated entered into an Intellectual Property Acquisition and Management Transition Agreement (the “Agreement”) with Hydrenesis, Inc., a Florida corporation (“Hydrenesis”), and David Antelo. Pursuant to the agreement:

 

The Company will transition its operations toward the commercialization of aquaculture and water treatment technologies; and
   
Governance and control of the Company has been transferred in accordance with the Agreement.
   
Hydrenesis will transfer certain intellectual property and related technology assets to the Company (the “Transferred IP”);
   
The Company’s outstanding obligation to Hydrenesis in the amount of approximately $1,034,112 will be converted into equity at Closing;
   
The Company has approved and executed Certificates of Designation for Series P, Series P-2, and Series L Preferred Stock, which are expected to be filed with the Nevada Secretary of State;
   
Existing liabilities, obligations, and legacy securities, including Series A Preferred Stock and Series F Preferred Stock, will be restructured, amended, cancelled, or exchanged into Series L Preferred Stock;

 

The agreement with Hydrenesis was not yet consummated as of the date of this filing.

 

10

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

As used in this Quarterly Report on Form 10-Q and unless otherwise indicated, the terms “Company,” “we,” “us,” and “our” refer to NaturalShrimp Incorporated and its wholly-owned subsidiaries NSC, NS Global and NAS. The Company also owns 51% of NaturalShrimp/Hydrenesis LLC, a Texas limited liability company. Unless otherwise specified, all dollar amounts are expressed in United States Dollars.

 

Use of Generally Accepted Accounting Principles (“GAAP”) Financial Measures

 

We use United States GAAP financial measures, unless otherwise noted. All of the GAAP financial measures used by us in this report relate to the inclusion of financial information. This discussion and analysis should be read in conjunction with our financial statements and the notes thereto included elsewhere in this quarterly report. All references to dollar amounts in this section are in United States dollars, unless expressly stated otherwise.

 

Overview

 

NaturalShrimp Incorporated (“NaturalShrimp” or the “Company”), a Nevada corporation, is a former biotechnology company that was focused on growing Pacific White shrimp (Litopenaeus vannamei, formerly Penaeus vannamei) in an ecologically controlled, high-density, low-cost environment, and in fully contained and independent production facilities.

 

During March of 2026, NaturalShrimp Incorporated entered into an Intellectual Property Acquisition and Management Transition Agreement (the “Agreement”) with Hydrenesis, Inc., a Florida corporation (“Hydrenesis”), and David Antelo. Pursuant to the agreement:

 

The Company will transition its operations toward the commercialization of aquaculture and water treatment technologies; and
   
Governance and control of the Company has been transferred in accordance with the Agreement.
   
Hydrenesis will transfer certain intellectual property and related technology assets to the Company (the “Transferred IP”);
   
The Company’s outstanding obligation to Hydrenesis in the amount of approximately $1,034,112 will be converted into equity at Closing;
   
The Company has approved and executed Certificates of Designation for Series P, Series P-2, and Series L Preferred Stock, which are expected to be filed with the Nevada Secretary of State;
   
Existing liabilities, obligations, and legacy securities, including Series A Preferred Stock and Series F Preferred Stock, will be restructured, amended, cancelled, or exchanged into Series L Preferred Stock;

 

The agreement with Hydrenesis was not yet consummated as of the date of this filing.

 

Receivership and Liquidation

 

On September 4, 2024, Streeterville Capital, LLC, a Utah limited liability company, and Bucktown Capital, LLC, a Utah limited liability company (collectively, “Lenders”), filed a Verified Emergency Motion for Appointment of Receiver (the “Motion”) under Civil Case No. 240907138, in the District Court of Salt Lake County, Utah, against NaturalShrimp, Inc. (“NaturalShrimp”).

 

The Motion alleged, among other things, that NaturalShrimp had defaulted under the terms of its loan agreements with the Lenders. The Motion sought the appointment of a Receiver to immediately take control of NaturalShrimp’s assets to preserve the same.

 

An order was entered ex parte by the Utah State Court in the Receivership Case on September 9, 2024 granting the relief requested by Lenders. The Utah State Court duly appointed Amplēo Turnaround and Restructuring, LLC (the “Receiver”) as the receiver over NaturalShrimp’s assets. The Utah State Court’s order further scheduled a hearing to be held on September 17, 2024, on a preliminary injunction to address issues raised in the Motion.

 

On November 20, 2024, the Lenders and NaturalShrimp filed a Verified Amended and Stipulated Emergency Motion for Immediate Appointment of a Receiver in the Receivership Case.

 

On November 22, 2024, the Utah State Court entered an order granting the Stipulated Motion and appointed Receiver as the receiver over the assets of NaturalShrimp.

 

On February 11, 2025, the Receiver filed a Motion for Approval to Sell Substantially all of the Receivership Entities’ Assets to Streeterville Captial, LLC and Bucktown Captial, LLC (or Their Designees) or Any Other Party With a Higher and Better Offer Free and Clear of All Liens, Interests, Claims, and Encumbrances (the “Sale Motion”) in the Receivership Case. The Sale Motion sought the Utah State Court’s approval for the Receiver to sell substantially all of the Receivership Entities’ assets free and clear of all liens, interests, claims, and encumbrances to Streeterville and Bucktown Capital, through their designated entities, NaturalShrimp Farms, Inc. (“NV Purchaser”), a Nevada corporation, Iowa Shrimp Holdings, LLC (“IA Purchaser”), an Iowa limited liability company, Texas Shrimp Holdings, LLC (“TX Purchaser” or together with NV Purchaser and IA Purchaser, the “Purchasers”), a Texas limited liability company, for a roughly $35,703,789.87 credit bid (based on a secured and administrative claim basis) and $100,000 cash, pursuant to the terms and conditions set forth in that certain Asset Purchase Agreement (“APA”) between Trustee and Purchasers. The order to sell the assets was approved on March 30, 2025 and the title to the assets was transferred to the lenders on May 14, 2025.

 

11

 

 

Liquidity and Capital Resources

 

The Company had limited liquidity as of September 30, 2025 and is currently working on a plan with its existing creditors on how to settle its remaining outstanding balances, which were primarily comprised of i) payables to finance and legal service providers and ii) loans and the corresponding accrued interest.

 

Results of Operations

 

During the six months ended September 30, 2025, the Company settled its outstanding liabilities to both Streeterville and Buckstown (approximately $36 million as of March 31, 2025) through the transfer of ownership rights to its fixed assets and intangible assets. As of the date of the transfer, i) the outstanding debt to those entities was considered extinguished and ii) the fixed assets and intangible assets were derecognized. The Company had limited other activity during the period, as reflected in the Statement of Change in Net Assets.

 

Critical Accounting Estimates

 

Liquidation Basis of Accounting

 

In accordance with ASC 205-30, Liquidation Basis of Accounting, the Company prepares its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is considered imminent when either of the following occurs-i) A plan for liquidation has been approved by the person or persons with the authority to make such a plan effective, and the likelihood is remote that either execution of the plan will be blocked by other parties or the entity will return from liquidation and ii) A plan for liquidation is imposed by other forces, and the likelihood is remote that the entity will return from liquidation.

 

When using the liquidation basis of accounting, the Company will i) recognize other items that is previously had not recognized but it expects to sell in liquidation or use to settle liabilities ii) accrue costs and income that it expects to incur or earn through the end of its liquidation if and when it has a reasonable basis for estimation iii) measure its assets to reflect the estimated amount of cash or other consideration that it expects to collect in settling or disposing of those assets in carrying out its plan for liquidation and iv) measure its liabilities in accordance with the measurement provision of other topics that it would otherwise apply to those liabilities.

 

Recently Issued Accounting Standards

 

As the Company is currently reporting under the liquidation basis of accounting, it does not believe that there are any recently issued accounting standards that would be material to its financial statements.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

Not Applicable. As a smaller reporting company, we are not required to provide the information required by this Item.

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

We maintain a system of disclosure controls and procedures (as that term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that are designed to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosures.

 

12

 

 

In designing and evaluating our disclosure controls and procedures, management recognizes that any disclosure controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

 

The Company’s management, with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act, as of the end of the period covered by this Report.

 

Based upon that evaluation , our principal executive officer and principal financial officer concluded that, as of September 30, 2025, our disclosure controls and procedures were not effective due to the material weaknesses in internal control over financial reporting described below. Thus, there remains a reasonable possibility that a material misstatement of the Company’s interim financial statements will not be prevented or detected on a timely basis. This does not include an evaluation by the Company’s registered public accounting firm regarding the Company’s internal control over financial reporting. Accordingly, we cannot provide reasonable assurance that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, to allow our principal financial and executive officers to make timely decisions regarding required disclosures as of September 30, 2025.

 

Management’s evaluation was based on the following material weaknesses in our internal control over financial reporting which existed as of March 31, 2025, and which continue to exist, as discussed in the Company’s Annual Report on Form 10-K:

 

Inadequate segregation of duties consistent with control objectives;
Lack of independent board of directors (as of the balance sheet date) and absence of an audit committee to exercise oversight responsibility related to financial reporting and internal control;
Lack of risk assessment procedures on internal controls to detect financial reporting risks in a timely manner; and
Lack of documentation on policies and procedures that are critical to the accomplishment of financial reporting objectives.

 

Our management will continue to monitor and evaluate the relevance of our risk-based approach and the effectiveness of our internal controls and procedures over financial reporting on an ongoing basis and is committed to taking further action and implementing additional enhancements or improvements, as necessary and as funds allow.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) during the six months ended September 30, 2025 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

While the company is currently in the process of trying to settle its remaining outstanding debts it was not involved in any legal proceedings as of the date of the filing. Further, the outstanding legal proceeding with Streeterville and Buckstown was considered settled upon the transfer of its assets to those entities in settlement of its outstanding debt.

 

13

 

 

Item 1A. Risk Factors

 

As a smaller reporting Company (“SRC”) we are not required to provide this information.

 

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

 

Not applicable

 

Item 3. Defaults upon Senior Securities

 

Not applicable

 

Item 4. Mine Safety Disclosures

 

Not Applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

EXHIBIT INDEX

 

        Incorporated by Reference
Exhibit Number   Exhibit Description   Form   Exhibit
31.1*   Rule 13a-14(a) / 15d-14(a) Certification of Chief Executive Officer.        
32.1**   Section 1350 Certification of Chief Executive Officer.        
             
101.INS*   Inline XBRL Instance Document        
101.SCH*   Inline XBRL Taxonomy Extension Schema Document        
101.CAL*   Inline XBRL Taxonomy Extension Calculation Linkbase Document        
101.DEF*   Inline XBRL Taxonomy Extension Definition Linkbase Document        
101.LAB*   Inline XBRL Taxonomy Extension Label Linkbase Document        
101.PRE*   Inline XBRL Taxonomy Extension Presentation Linkbase Document        

 

* Filed herewith.

** Furnished herewith.

 

14

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

NATURALSHRIMP INCORPORATED

 

By: /s/ David Antelo  
  David Antelo  
  Chief Executive Officer and Interim Chief Financial Officer  
Date: June 1, 2026  

 

15

 

EX-31.1 2 ex31-1.htm EX-31.1

 

Exhibit 31.1

 

NATURALSHRIMP INCORPORATED

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, David Antelo, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of NaturalShrimp Incorporated;
     
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
     
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
     
4. As the registrant’s sole certifying officer, I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:
   
  (a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
  (b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
  (c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
  (d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
     
5. As the registrant’s sole certifying officer I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
   
  (a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
  (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

By: /s/ David Antelo  
  David Antelo  
  Chief Executive Officer and Interim Chief Financial Officer  
Date: June 1, 2026  

 

 

 

EX-32.1 3 ex32-1.htm EX-32.1

 

Exhibit 32.1

 

NATURALSHRIMP INCORPORATED

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with this Quarterly Report on Form 10-Q of NaturalShrimp Incorporated (the “Company”) as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in the capacity and on the date indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

  1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

 

By: /s/ David Antelo  
  David Antelo  
  Chief Executive Officer and Interim Chief Financial Officer  
Date: June 1, 2026  

 

 

 

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Cash (52,163)
Write-off of assets (280,195)
Transfer of fixed assets and intangibles assets to creditor (35,800,000)
Settlement of accounts payable and accrued expenses (2,147)
Extinguishment of notes payable and lines of credit 36,021,019
Extinguishment of other liabilities 28,560
Net changes (increase) in liabilities in liquidation (84,926)
Net liabilities in liquidation, ending $ (8,875,938)
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.26.1
Condensed Consolidated Statements of Operations (Unaudited)
6 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
shares
Defined Benefit Plan Disclosure [Line Items]  
Sales $ 106,991
Cost of sales 85,490
Net revenue 21,501
Operating expenses:  
General and administrative 1,352,188
Facility operations 285,546
Depreciation 865,099
Amortization 735,000
Total operating expenses 3,237,833
Net loss from operations (3,216,332)
Other income (expense):  
Change in fair value of warrant liability 24,000
Change in fair value of restructured notes (720,000)
Extension fee
Gain on sale of machinery and equipment 39,330
Total other income (expense), net (698,145)
Income (loss) before income taxes (3,914,477)
Provision for income taxes
Net loss (3,914,477)
Less net loss attributable to non-controlling interest
Net loss attributable to NaturalShrimp Inc. (3,914,477)
Accretion on Preferred shares (97,300)
Dividends (149,533)
Net loss available for common stockholders $ (4,161,310)
Loss per share (Basic) | $ / shares $ (0.00)
Loss per share (Diluted) | $ / shares $ (0.00)
WEIGHTED AVERAGE SHARES OUTSTANDING (Basic) | shares 1,200,205,922
WEIGHTED AVERAGE SHARES OUTSTANDING (Diluted) | shares 1,200,205,922
Nonrelated Party [Member]  
Other income (expense):  
Interest expense $ (20,979)
Related Party [Member]  
Other income (expense):  
Interest expense $ (20,496)
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.26.1
Condensed Consolidated Statement of Changes in Shareholders' Deficit (Unaudited) - USD ($)
Preferred Stock [Member]
Series A Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Stock To Be Issued [Member]
Subscription Receivable [Member]
Retained Earnings [Member]
Total
Balance at Mar. 31, 2024 $ 500 $ 111,712 $ 126,468,749 $ 390,024 $ (56,250) $ (183,791,156) $ (56,876,421)
Balance, shares at Mar. 31, 2024 5,000,000 1,116,482,063          
Issuance of common shares under financing agreement $ 6,639 479,200 485,839
Issuance of common shares under financing agreement, shares   66,392,019          
Shares issued upon exchange of Partitioned Note $ 1,000 99,000 100,000
Shares issued upon exchange of Partitioned Note, shares   10,000,000          
Accretion of Series E Preferred stock (9,300) (9,300)
Accretion on Series G Preferred stock (39,000) (39,000)
Dividends payable on Preferred stock (75,097) (75,097)
Net loss (2,802,548) (2,802,548)
Balance at Jun. 30, 2024 $ 500 $ 119,351 127,046,949 390,024 (56,250) (186,717,101) (59,216,527)
Balance, shares at Jun. 30, 2024 5,000,000 1,192,874,082          
Balance at Mar. 31, 2024 $ 500 $ 111,712 126,468,749 390,024 (56,250) (183,791,156) (56,876,421)
Balance, shares at Mar. 31, 2024 5,000,000 1,116,482,063          
Conversion of Series E Preferred Shares   12,289,157          
Balance at Sep. 30, 2024 $ 500 $ 125,818 127,399,336 390,024 (56,250) (187,952,466) (60,093,038)
Balance, shares at Sep. 30, 2024 5,000,000 1,257,546,746          
Balance at Jun. 30, 2024 $ 500 $ 119,351 127,046,949 390,024 (56,250) (186,717,101) (59,216,527)
Balance, shares at Jun. 30, 2024 5,000,000 1,192,874,082          
Issuance of common shares under financing agreement $ 4,238 163,641 167,879
Issuance of common shares under financing agreement, shares   42,383,507          
Shares issued upon exchange of Partitioned Note $ 1,000 89,000 90,000
Shares issued upon exchange of Partitioned Note, shares   10,000,000          
Accretion on Series G Preferred stock (49,000) (49,000)
Dividends payable on Preferred stock (74,436) (74,436)
Net loss (1,111,929) (1,111,929)
Conversion of Series E Preferred Stock   1,229 99,746       100,975
Balance at Sep. 30, 2024 $ 500 $ 125,818 $ 127,399,336 $ 390,024 $ (56,250) $ (187,952,466) $ (60,093,038)
Balance, shares at Sep. 30, 2024 5,000,000 1,257,546,746          
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited)
6 Months Ended
Sep. 30, 2025
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES  
Net loss $ (3,914,477)
Adjustments to reconcile net loss to net cash used in operating activities  
Depreciation expense 865,099
Amortization expense 735,000
Change in fair value of warrant liability (24,000)
Change in fair value of restructured notes payable 720,000
Financing costs 7,300
Gain on sale of machinery and equipment 39,330
Shares issued for services
Amortization of operating lease right-of-use assets 68,690
Changes in operating assets and liabilities:  
Accounts receivable (7,010)
Inventory 20,034
Prepaid expenses and other current assets 40,496
Deferred offering costs
Accounts payable (347,695)
Other accrued expenses 10,063
Accrued expenses - related parties 314,340
Accrued interest 12,282
Accrued interest - related parties 20,495
Contract liability
Other current asset-related party (45,938)
Operating lease liabilities (70,774)
Cash used in operating activities (1,556,765)
CASH FLOWS FROM INVESTING ACTIVITIES  
Cash paid for fixed assets
Cash received for sale of machinery and equipment 117,712
Cash used in investing activities 117,712
CASH FLOWS FROM FINANCING ACTIVITIES  
Payments of notes payable
Proceeds from line of credit 373,139
Proceeds from sale of stock 653,719
Proceeds from promissory note, related parties 40,000
Proceeds from sale of Series E Preferred Shares
Proceeds from sale of Series G Preferred Shares 300,000
Cash provided by financing activities 1,366,858
NET CHANGE IN CASH (72,195)
CASH AT BEGINNING OF PERIOD 115,525
CASH AT END OF PERIOD 43,330
INTEREST PAID 8,689
Supplemental Disclosure of Non-Cash Investing and Financing Activities:  
Shares issued upon conversion of Preferred stock
Shares issued upon exchange of Partitioned Note 90,000
Dividends on Series E Preferred stock
Dividends in kind issued 149,533
Shares issued/to be issued, for legal settlement
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.26.1
NATURE OF THE ORGANIZATION AND BUSINESS
6 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF THE ORGANIZATION AND BUSINESS

NOTE 1 – NATURE OF THE ORGANIZATION AND BUSINESS

 

NaturalShrimp Incorporated (“NaturalShrimp” or the “Company”), a Nevada corporation, is a former biotechnology company that was focused on growing Pacific White shrimp (Litopenaeus vannamei, formerly Penaeus vannamei) in an ecologically controlled, high-density, low-cost environment, and in fully contained and independent production facilities.

 

Receivership and Liquidation

 

On September 4, 2024, Streeterville Capital, LLC, a Utah limited liability company, and Bucktown Capital, LLC, a Utah limited liability company (collectively, “Lenders”), filed a Verified Emergency Motion for Appointment of Receiver (the “Motion”) under Civil Case No. 240907138, in the District Court of Salt Lake County, Utah, against NaturalShrimp, Inc. (“NaturalShrimp”).

 

The Motion alleged, among other things, that NaturalShrimp had defaulted under the terms of its loan agreements with the Lenders. The Motion sought the appointment of a Receiver to immediately take control of NaturalShrimp’s assets.

 

An order was entered ex parte by the Utah State Court in the Receivership Case on September 9, 2024 granting the relief requested by Lenders. The Utah State Court duly appointed Amplēo Turnaround and Restructuring, LLC (the “Receiver”) as the receiver over NaturalShrimp’s assets. The Utah State Court’s order further scheduled a hearing to be held on September 17, 2024, on a preliminary injunction to address issues raised in the Motion.

 

On November 20, 2024, the Lenders and NaturalShrimp filed a Verified Amended and Stipulated Emergency Motion for Immediate Appointment of a Receiver in the Receivership Case.

 

On November 22, 2024, the Utah State Court entered an order granting the Stipulated Motion and appointed Receiver as the receiver over the assets of NaturalShrimp.

 

On February 11, 2025, the Receiver filed a Motion for Approval to Sell Substantially all of the Receivership Entities’ Assets to Streeterville Captial, LLC and Bucktown Captial, LLC (or Their Designees) or Any Other Party With a Higher and Better Offer Free and Clear of All Liens, Interests, Claims, and Encumbrances (the “Sale Motion”) in the Receivership Case. The Sale Motion sought the Utah State Court’s approval for the Receiver to sell substantially all of the Receivership Entities’ assets free and clear of all liens, interests, claims, and encumbrances to Streeterville and Bucktown Capital, through their designated entities, NaturalShrimp Farms, Inc. (“NV Purchaser”), a Nevada corporation, Iowa Shrimp Holdings, LLC (“IA Purchaser”), an Iowa limited liability company, Texas Shrimp Holdings, LLC (“TX Purchaser” or together with NV Purchaser and IA Purchaser, the “Purchasers”), a Texas limited liability company, for a roughly $35,703,789.87 credit bid (based on a secured and administrative claim basis) and $100,000 cash, pursuant to the terms and conditions set forth in that certain Asset Purchase Agreement (“APA”) between Trustee and Purchasers. The order to sell the assets was approved on March 30, 2025 and the title to the assets was transferred to the lenders on May 14, 2025.

 

 

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Condensed Consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”). As the Company’s liquidation became imminent as of March 30, 2025, the Company has presented its financial statements under the liquidation basis of accounting as of both September 30, 2025 and March 31, 2025. To comply with ASC 205-30, Liquidation Basis of Accounting, the Company has presented a condensed consolidated statement of net liabilities in liquidation as of September 30, 2025 and March 31, 2025 and a condensed consolidated statement of changes of net liabilities in liquidation for the six months ended September 30, 2025. In addition, to comply with the financial statement requirements of Article 8 of Regulation S-X, the Company has also presented a condensed consolidated statement of operations, a condensed consolidated statement of changes in shareholders equity and a condensed consolidated statement of cash flows for six months ended September 30, 2024 under the going concern basis of accounting. The going concern financial statements have been presented separately from the liquidation basis financial statements as the results should not be considered comparable under the two presentation methods. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in our 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission on November 5, 2025.

 

Use of Estimates

 

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Liquidation Basis of Accounting

 

In accordance with ASC 205-30, Liquidation Basis of Accounting, the Company prepares its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is considered imminent when either of the following occurs-i) A plan for liquidation has been approved by the person or persons with the authority to make such a plan effective, and the likelihood is remote that either execution of the plan will be blocked by other parties or the entity will return from liquidation and ii) A plan for liquidation is imposed by other forces, and the likelihood is remote that the entity will return from liquidation.

 

When using the liquidation basis of accounting, the Company will i) recognize other items that it previously had not recognized but it expects to sell in liquidation or use to settle liabilities ii) accrue costs and income that it expects to incur or earn through the end of its liquidation if and when it has a reasonable basis for estimation iii) measure its assets to reflect the estimated amount of cash or other consideration that it expects to collect in settling or disposing of those assets in carrying out its plan for liquidation and iv) measure its liabilities in accordance with the measurement provision of other topics that it would otherwise apply to those liabilities.

 

Financial Instruments

 

The Company’s financial instruments include cash, payables and debt and are accounted for under the provisions of ASC Topic 825, “Financial Instruments”. The carrying amount of these financial instruments in the condensed consolidated balance sheets approximates fair value.

 

 

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. There were no cash equivalents as of September 30, 2025 and March 31, 2025.

 

Recently Issued Accounting Standards

 

As the Company is currently reporting under the liquidation basis of accounting, it does not believe that there are any recently issued accounting standards that would be material to its financial statements.

 

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.26.1
LIQUIDATION BASIS OF ACCOUNTING
6 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
LIQUIDATION BASIS OF ACCOUNTING

NOTE 3 – LIQUIDATION BASIS OF ACCOUNTING

 

During September of 2024, Ampleo Turnaround and Restructuring, LLC was placed as the receiver over the Company’s assets due to its significant outstanding debt. Subsequently, during February of 2025, the receiver filed a motion to sell all of the Company’s assets to Streeterville and Bucktown Capital for an approximate credit bid of $35.7 million and $0.1 million in cash. The motion was approved by the court (overseeing the motion) on March 30, 2025 with title to the assets being transferred to the creditor on May 14, 2025. The Company believes that it continued to function as a going concern until the date the motion to sell its assets was approved by the court at which time its liquidation became imminent. As such, in accordance with the ASC 205-30, the Company has presented i) a condensed consolidated statement of net liabilities in liquidation as of both September 30, 2025 and March 31, 2025 and ii) a condensed consolidated statement of changes in net liabilities in liquidation for the six months ended September 30, 2025. The condensed consolidated statements of net liabilities in liquidation and statement of changes of net liabilities in liquidation have been prepared using the liquidation basis of accounting.

 

As part of the liquidation, the Company transferred ownership of its revenue generating fixed assets and intangible assets on May 14, 2025 to two of its creditors (Streeterville and Buckstown) in exchange for the extinguishment of i) the restructured August and Senior notes and Buckstown line of credit. As of the date of this filing, the Company had limited assets available and was therefore uncertain as to the manner by which it expects to settle its remaining outstanding liabilities. Furthermore, we are also uncertain about the date by which we expect to complete the liquidation.

 

Our condensed consolidated statement of net liabilities in liquidation as of September 30, 2025 and March 31, 2025 reflects the following:

 

  No additional items were recognized, such as trademarks, that the Company might either sell in liquidation or use to settle its liabilities
  Liabilities have been recognized in accordance with the recognition provisions of other topics that otherwise would apply to those liabilities. As of September 30, 2025, our remaining liabilities were primarily comprised of i) accounts payable and accrued expenses to finance and legal service providers and ii) remaining outstanding debt. Of the approximately $8.9 million in outstanding liabilities as of September 30, 2025 approximately $3.0 million was to related parties
  As of March 31, 2025, the intangible assets and fixed assets were recognized based on a settlement amount equal to the credit bid of approximately $35,800,000. As of September 30, 2025, intangible assets and fixed assets were fully de-recognized due to ownership of the assets being transferred to our creditors as of May 14, 2025.
  No additional costs expected to be incurred through the end of our liquidation were accrued as of March 31, 2025 as the Company did not have a reasonable basis for estimation at that time. However, as of September 30, 2025 costs expected to be incurred were accrued through December 31, 2025. The amounts accrued subsequent to the balance sheet date were primarily comprised of legal and accounting fees and were not material. We do not expect to earn any additional income through the end of the liquidation period.

 

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.26.1
SUBSEQUENT EVENTS
6 Months Ended
Sep. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 4 – SUBSEQUENT EVENTS

 

In accordance with ASC 855, Subsequent Events, the Company evaluated all events or transactions that occurred after the balance sheet date but before the financial statements were issued. To that extent, the Company noted the following:

 

During March of 2026, NaturalShrimp Incorporated entered into an Intellectual Property Acquisition and Management Transition Agreement (the “Agreement”) with Hydrenesis, Inc., a Florida corporation (“Hydrenesis”), and David Antelo. Pursuant to the agreement:

 

The Company will transition its operations toward the commercialization of aquaculture and water treatment technologies; and
   
Governance and control of the Company has been transferred in accordance with the Agreement.
   
Hydrenesis will transfer certain intellectual property and related technology assets to the Company (the “Transferred IP”);
   
The Company’s outstanding obligation to Hydrenesis in the amount of approximately $1,034,112 will be converted into equity at Closing;
   
The Company has approved and executed Certificates of Designation for Series P, Series P-2, and Series L Preferred Stock, which are expected to be filed with the Nevada Secretary of State;
   
Existing liabilities, obligations, and legacy securities, including Series A Preferred Stock and Series F Preferred Stock, will be restructured, amended, cancelled, or exchanged into Series L Preferred Stock;

 

The agreement with Hydrenesis was not yet consummated as of the date of this filing.

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The Condensed Consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”). As the Company’s liquidation became imminent as of March 30, 2025, the Company has presented its financial statements under the liquidation basis of accounting as of both September 30, 2025 and March 31, 2025. To comply with ASC 205-30, Liquidation Basis of Accounting, the Company has presented a condensed consolidated statement of net liabilities in liquidation as of September 30, 2025 and March 31, 2025 and a condensed consolidated statement of changes of net liabilities in liquidation for the six months ended September 30, 2025. In addition, to comply with the financial statement requirements of Article 8 of Regulation S-X, the Company has also presented a condensed consolidated statement of operations, a condensed consolidated statement of changes in shareholders equity and a condensed consolidated statement of cash flows for six months ended September 30, 2024 under the going concern basis of accounting. The going concern financial statements have been presented separately from the liquidation basis financial statements as the results should not be considered comparable under the two presentation methods. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in our 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission on November 5, 2025.

 

Use of Estimates

Use of Estimates

 

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Liquidation Basis of Accounting

Liquidation Basis of Accounting

 

In accordance with ASC 205-30, Liquidation Basis of Accounting, the Company prepares its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is considered imminent when either of the following occurs-i) A plan for liquidation has been approved by the person or persons with the authority to make such a plan effective, and the likelihood is remote that either execution of the plan will be blocked by other parties or the entity will return from liquidation and ii) A plan for liquidation is imposed by other forces, and the likelihood is remote that the entity will return from liquidation.

 

When using the liquidation basis of accounting, the Company will i) recognize other items that it previously had not recognized but it expects to sell in liquidation or use to settle liabilities ii) accrue costs and income that it expects to incur or earn through the end of its liquidation if and when it has a reasonable basis for estimation iii) measure its assets to reflect the estimated amount of cash or other consideration that it expects to collect in settling or disposing of those assets in carrying out its plan for liquidation and iv) measure its liabilities in accordance with the measurement provision of other topics that it would otherwise apply to those liabilities.

 

Financial Instruments

Financial Instruments

 

The Company’s financial instruments include cash, payables and debt and are accounted for under the provisions of ASC Topic 825, “Financial Instruments”. The carrying amount of these financial instruments in the condensed consolidated balance sheets approximates fair value.

 

 

Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. There were no cash equivalents as of September 30, 2025 and March 31, 2025.

 

Recently Issued Accounting Standards

Recently Issued Accounting Standards

 

As the Company is currently reporting under the liquidation basis of accounting, it does not believe that there are any recently issued accounting standards that would be material to its financial statements.

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.26.1
NATURE OF THE ORGANIZATION AND BUSINESS (Details Narrative)
Feb. 11, 2025
USD ($)
Streeterville [Member]  
DisclosureOfNatureOfTheOrganizationAndBusinessLineItems [Line Items]  
Assets $ 35,703,789.87
Bucktown Capital [Member]  
DisclosureOfNatureOfTheOrganizationAndBusinessLineItems [Line Items]  
Cash $ 100,000
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.26.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)
Sep. 30, 2025
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Cash equivalents $ 0 $ 0
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.26.1
LIQUIDATION BASIS OF ACCOUNTING (Details Narrative) - USD ($)
Sep. 30, 2025
Mar. 31, 2025
Feb. 28, 2025
DisclosureOfLiquidationBasisOfAccountingLineItems [Line Items]      
Outstanding liabilities $ 8,900,000    
Fixed assets   $ 35,800,000  
Related Party [Member]      
DisclosureOfLiquidationBasisOfAccountingLineItems [Line Items]      
Outstanding liabilities $ 3,000,000.0    
Streeterville and Buckstown Capital [Member]      
DisclosureOfLiquidationBasisOfAccountingLineItems [Line Items]      
Sale of assets for an approximate credit bid     $ 35,700,000
Sale of assets paid in cash     $ 100,000
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.26.1
SUBSEQUENT EVENTS (Details Narrative)
1 Months Ended
Mar. 31, 2026
USD ($)
Subsequent Event [Member]  
Subsequent Event [Line Items]  
Conversion of equity value $ 1,034,112
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(“NaturalShrimp”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Motion alleged, among other things, that NaturalShrimp had defaulted under the terms of its loan agreements with the Lenders. The Motion sought the appointment of a Receiver to immediately take control of NaturalShrimp’s assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An order was entered ex parte by the Utah State Court in the Receivership Case on September 9, 2024 granting the relief requested by Lenders. The Utah State Court duly appointed Amplēo Turnaround and Restructuring, LLC (the “Receiver”) as the receiver over NaturalShrimp’s assets. The Utah State Court’s order further scheduled a hearing to be held on September 17, 2024, on a preliminary injunction to address issues raised in the Motion.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 20, 2024, the Lenders and NaturalShrimp filed a <i>Verified Amended and Stipulated Emergency Motion for Immediate Appointment of a Receiver</i> in the Receivership Case.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 22, 2024, the Utah State Court entered an order granting the Stipulated Motion and appointed Receiver as the receiver over the assets of NaturalShrimp.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 11, 2025, the Receiver filed a <i>Motion for Approval to Sell Substantially all of the Receivership Entities’ Assets to Streeterville Captial, LLC and Bucktown Captial, LLC (or Their Designees) or Any Other Party With a Higher and Better Offer Free and Clear of All Liens, Interests, Claims, and Encumbrances </i>(the “Sale Motion”) in the Receivership Case. The Sale Motion sought the Utah State Court’s approval for the Receiver to sell substantially all of the Receivership Entities’ assets free and clear of all liens, interests, claims, and encumbrances to Streeterville and Bucktown Capital, through their designated entities, NaturalShrimp Farms, Inc. (“NV Purchaser”), a Nevada corporation, Iowa Shrimp Holdings, LLC (“IA Purchaser”), an Iowa limited liability company, Texas Shrimp Holdings, LLC (“TX Purchaser” or together with NV Purchaser and IA Purchaser, the “Purchasers”), a Texas limited liability company, for a roughly $<span id="xdx_907_eus-gaap--Assets_iI_pp2d_c20250211__dei--LegalEntityAxis__custom--StreetervilleMember_z0zXXNKEWTn3" title="Assets">35,703,789.87</span> credit bid (based on a secured and administrative claim basis) and $<span id="xdx_905_eus-gaap--Cash_iI_c20250211__dei--LegalEntityAxis__custom--BucktownCapitalMember_zLdCZLJJoAnk" title="Cash">100,000</span> cash, pursuant to the terms and conditions set forth in that certain Asset Purchase Agreement (“APA”) between Trustee and Purchasers. The order to sell the assets was approved on March 30, 2025 and the title to the assets was transferred to the lenders on May 14, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 35703789.87 100000 <p id="xdx_80E_eus-gaap--SignificantAccountingPoliciesTextBlock_zHxFOSSHQt3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 – <span id="xdx_82E_zhlLHkErHKvh">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zUIky1xlVHi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86C_zJQ3scVUuhze">Basis of Presentation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Condensed Consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”). As the Company’s liquidation became imminent as of March 30, 2025, the Company has presented its financial statements under the liquidation basis of accounting as of both September 30, 2025 and March 31, 2025. To comply with ASC 205-30, <i>Liquidation Basis of Accounting</i>, the Company has presented a condensed consolidated statement of net liabilities in liquidation as of September 30, 2025 and March 31, 2025 and a condensed consolidated statement of changes of net liabilities in liquidation for the six months ended September 30, 2025. In addition, to comply with the financial statement requirements of Article 8 of Regulation S-X, the Company has also presented a condensed consolidated statement of operations, a condensed consolidated statement of changes in shareholders equity and a condensed consolidated statement of cash flows for six months ended September 30, 2024 under the going concern basis of accounting. The going concern financial statements have been presented separately from the liquidation basis financial statements as the results should not be considered comparable under the two presentation methods. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in our 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission on November 5, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--UseOfEstimates_zvIxFdYRmfAk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zGpwT8KrzYIi">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--LiquidationBasisOfAccountingAdoptionPolicyTextBlock_z2s0gTBXqdW9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zUJQsc8HhEv6">Liquidation Basis of Accounting</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with <i>ASC 205-30, Liquidation Basis of Accounting</i>, the Company prepares its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is considered imminent when either of the following occurs-i) A plan for liquidation has been approved by the person or persons with the authority to make such a plan effective, and the likelihood is remote that either execution of the plan will be blocked by other parties or the entity will return from liquidation and ii) A plan for liquidation is imposed by other forces, and the likelihood is remote that the entity will return from liquidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When using the liquidation basis of accounting, the Company will i) recognize other items that it previously had not recognized but it expects to sell in liquidation or use to settle liabilities ii) accrue costs and income that it expects to incur or earn through the end of its liquidation if and when it has a reasonable basis for estimation iii) measure its assets to reflect the estimated amount of cash or other consideration that it expects to collect in settling or disposing of those assets in carrying out its plan for liquidation and iv) measure its liabilities in accordance with the measurement provision of other topics that it would otherwise apply to those liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--FairValueOfFinancialInstrumentsPolicy_z68T1prLiG83" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zqbLAJ0f77N6">Financial Instruments</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s financial instruments include cash, payables and debt and are accounted for under the provisions of ASC Topic 825, “<i>Financial Instruments”</i>. The carrying amount of these financial instruments in the condensed consolidated balance sheets approximates fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zn8PAsZJCb0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zEaA4UJITSQ2">Cash and Cash Equivalents</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. There were <span id="xdx_906_eus-gaap--CashEquivalentsAtCarryingValue_iI_do_c20250930_znf97AYzvBa9" title="Cash equivalents"><span id="xdx_908_eus-gaap--CashEquivalentsAtCarryingValue_iI_do_c20250331_zDUtEPGNfg8d" title="Cash equivalents">no</span></span> cash equivalents as of September 30, 2025 and March 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zEmdzibLfbR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zQRq80Xzuyul">Recently Issued Accounting Standards</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As the Company is currently reporting under the liquidation basis of accounting, it does not believe that there are any recently issued accounting standards that would be material to its financial statements.</span></p> <p id="xdx_85A_z7QUuQ6IlcOe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_840_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zUIky1xlVHi6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86C_zJQ3scVUuhze">Basis of Presentation</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Condensed Consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“US GAAP”). As the Company’s liquidation became imminent as of March 30, 2025, the Company has presented its financial statements under the liquidation basis of accounting as of both September 30, 2025 and March 31, 2025. To comply with ASC 205-30, <i>Liquidation Basis of Accounting</i>, the Company has presented a condensed consolidated statement of net liabilities in liquidation as of September 30, 2025 and March 31, 2025 and a condensed consolidated statement of changes of net liabilities in liquidation for the six months ended September 30, 2025. In addition, to comply with the financial statement requirements of Article 8 of Regulation S-X, the Company has also presented a condensed consolidated statement of operations, a condensed consolidated statement of changes in shareholders equity and a condensed consolidated statement of cash flows for six months ended September 30, 2024 under the going concern basis of accounting. The going concern financial statements have been presented separately from the liquidation basis financial statements as the results should not be considered comparable under the two presentation methods. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in our 2025 Annual Report on Form 10-K filed with the Securities and Exchange Commission on November 5, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_842_eus-gaap--UseOfEstimates_zvIxFdYRmfAk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_864_zGpwT8KrzYIi">Use of Estimates</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84C_ecustom--LiquidationBasisOfAccountingAdoptionPolicyTextBlock_z2s0gTBXqdW9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_861_zUJQsc8HhEv6">Liquidation Basis of Accounting</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with <i>ASC 205-30, Liquidation Basis of Accounting</i>, the Company prepares its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is considered imminent when either of the following occurs-i) A plan for liquidation has been approved by the person or persons with the authority to make such a plan effective, and the likelihood is remote that either execution of the plan will be blocked by other parties or the entity will return from liquidation and ii) A plan for liquidation is imposed by other forces, and the likelihood is remote that the entity will return from liquidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When using the liquidation basis of accounting, the Company will i) recognize other items that it previously had not recognized but it expects to sell in liquidation or use to settle liabilities ii) accrue costs and income that it expects to incur or earn through the end of its liquidation if and when it has a reasonable basis for estimation iii) measure its assets to reflect the estimated amount of cash or other consideration that it expects to collect in settling or disposing of those assets in carrying out its plan for liquidation and iv) measure its liabilities in accordance with the measurement provision of other topics that it would otherwise apply to those liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_84E_eus-gaap--FairValueOfFinancialInstrumentsPolicy_z68T1prLiG83" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_866_zqbLAJ0f77N6">Financial Instruments</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s financial instruments include cash, payables and debt and are accounted for under the provisions of ASC Topic 825, “<i>Financial Instruments”</i>. The carrying amount of these financial instruments in the condensed consolidated balance sheets approximates fair value.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p id="xdx_844_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zn8PAsZJCb0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_869_zEaA4UJITSQ2">Cash and Cash Equivalents</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents. There were <span id="xdx_906_eus-gaap--CashEquivalentsAtCarryingValue_iI_do_c20250930_znf97AYzvBa9" title="Cash equivalents"><span id="xdx_908_eus-gaap--CashEquivalentsAtCarryingValue_iI_do_c20250331_zDUtEPGNfg8d" title="Cash equivalents">no</span></span> cash equivalents as of September 30, 2025 and March 31, 2025.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 0 0 <p id="xdx_842_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zEmdzibLfbR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_86B_zQRq80Xzuyul">Recently Issued Accounting Standards</span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As the Company is currently reporting under the liquidation basis of accounting, it does not believe that there are any recently issued accounting standards that would be material to its financial statements.</span></p> <p id="xdx_801_eus-gaap--LiquidationBasisOfAccountingTextBlock_zSrlx2qwXstl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 3 – <span id="xdx_829_zmlwrdpU7fSf">LIQUIDATION BASIS OF ACCOUNTING</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During September of 2024, Ampleo Turnaround and Restructuring, LLC was placed as the receiver over the Company’s assets due to its significant outstanding debt. Subsequently, during February of 2025, the receiver filed a motion to sell all of the Company’s assets to Streeterville and Bucktown Capital for an approximate credit bid of $<span id="xdx_90B_eus-gaap--Assets_iI_pn5n6_c20250228__dei--LegalEntityAxis__custom--StreetervilleAndBuckstownCapitalMember_z9kyPsOOkWSf" title="Sale of assets for an approximate credit bid">35.7</span> million and $<span id="xdx_902_eus-gaap--Cash_iI_pn5n6_c20250228__dei--LegalEntityAxis__custom--StreetervilleAndBuckstownCapitalMember_zg7LQKZm7Kbh" title="Sale of assets paid in cash">0.1</span> million in cash. The motion was approved by the court (overseeing the motion) on March 30, 2025 with title to the assets being transferred to the creditor on May 14, 2025. The Company believes that it continued to function as a going concern until the date the motion to sell its assets was approved by the court at which time its liquidation became imminent. As such, in accordance with the ASC 205-30, the Company has presented i) a condensed consolidated statement of net liabilities in liquidation as of both September 30, 2025 and March 31, 2025 and ii) a condensed consolidated statement of changes in net liabilities in liquidation for the six months ended September 30, 2025. The condensed consolidated statements of net liabilities in liquidation and statement of changes of net liabilities in liquidation have been prepared using the liquidation basis of accounting.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the liquidation, the Company transferred ownership of its revenue generating fixed assets and intangible assets on May 14, 2025 to two of its creditors (Streeterville and Buckstown) in exchange for the extinguishment of i) the restructured August and Senior notes and Buckstown line of credit. As of the date of this filing, the Company had limited assets available and was therefore uncertain as to the manner by which it expects to settle its remaining outstanding liabilities. Furthermore, we are also uncertain about the date by which we expect to complete the liquidation.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our condensed consolidated statement of net liabilities in liquidation as of September 30, 2025 and March 31, 2025 reflects the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No additional items were recognized, such as trademarks, that the Company might either sell in liquidation or use to settle its liabilities</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities have been recognized in accordance with the recognition provisions of other topics that otherwise would apply to those liabilities. As of September 30, 2025, our remaining liabilities were primarily comprised of i) accounts payable and accrued expenses to finance and legal service providers and ii) remaining outstanding debt. Of the approximately $<span id="xdx_905_eus-gaap--OtherLiabilitiesCurrent_iI_pn5n6_c20250930_z7xRVi4yPE92" title="Outstanding liabilities">8.9</span> million in outstanding liabilities as of September 30, 2025 approximately $<span id="xdx_905_eus-gaap--OtherLiabilitiesCurrent_iI_pn5n6_c20250930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--RelatedPartyMember_zFrPYyqNuBDd" title="Outstanding liabilities">3.0</span> million was to related parties</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2025, the intangible assets and fixed assets were recognized based on a settlement amount equal to the credit bid of approximately $<span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentNet_iI_c20250331_zV5xo1mcoCnb" title="Fixed assets">35,800,000</span>. As of September 30, 2025, intangible assets and fixed assets were fully de-recognized due to ownership of the assets being transferred to our creditors as of May 14, 2025.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No additional costs expected to be incurred through the end of our liquidation were accrued as of March 31, 2025 as the Company did not have a reasonable basis for estimation at that time. However, as of September 30, 2025 costs expected to be incurred were accrued through December 31, 2025. The amounts accrued subsequent to the balance sheet date were primarily comprised of legal and accounting fees and were not material. We do not expect to earn any additional income through the end of the liquidation period. </span></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> 35700000 100000 8900000 3000000.0 35800000 <p id="xdx_803_eus-gaap--SubsequentEventsTextBlock_zDBvPICa1k2j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 4 – <span id="xdx_823_zyiLd6mk1QOl">SUBSEQUENT EVENTS</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In accordance with ASC 855, <i>Subsequent Events, </i>the Company evaluated all events or transactions that occurred after the balance sheet date but before the financial statements were issued. To that extent, the Company noted the following:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During March of 2026, NaturalShrimp Incorporated entered into an Intellectual Property Acquisition and Management Transition Agreement (the “Agreement”) with Hydrenesis, Inc., a Florida corporation (“Hydrenesis”), and David Antelo. Pursuant to the agreement:</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company will transition its operations toward the commercialization of aquaculture and water treatment technologies; and</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governance and control of the Company has been transferred in accordance with the Agreement.</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hydrenesis will transfer certain intellectual property and related technology assets to the Company (the “Transferred IP”);</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s outstanding obligation to Hydrenesis in the amount of approximately $<span id="xdx_907_eus-gaap--ConversionOfStockAmountConverted1_c20260301__20260331__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zhsYzWZFcWel" title="Conversion of equity value">1,034,112</span> will be converted into equity at Closing;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has approved and executed Certificates of Designation for Series P, Series P-2, and Series L Preferred Stock, which are expected to be filed with the Nevada Secretary of State;</span></td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Existing liabilities, obligations, and legacy securities, including Series A Preferred Stock and Series F Preferred Stock, will be restructured, amended, cancelled, or exchanged into Series L Preferred Stock;</span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.25in; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The agreement with Hydrenesis was not yet consummated as of the date of this filing.</span></p> 1034112