What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-06-01 compared with 2026-02-17 · 23 added, 11 removed, 71 unchanged (32% of the section changed)

18 unchanged sentences

low-cost environment, and in fully contained and independent production facilities.

Company has three wholly-owned subsidiaries including NaturalShrimp USA Corporation (“NSC”) and NaturalShrimp Global, Inc.

(“NS Global”) and Natural Aquatic Systems, Inc.

(“NAS”), and owns 51% of NaturalShrimp/Hydrenesis LLC, a Texas

limited liability company.

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:

Company will transition its operations toward the commercialization of aquaculture and water

treatment technologies;

and control of the Company has been transferred in accordance with the Agreement.

will transfer certain intellectual property and related technology assets to the Company

(the “Transferred IP”);

Company’s outstanding obligation to Hydrenesis in the amount of approximately $1,034,112

will be converted into equity at Closing;

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;

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

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

and Liquidation

30 unchanged sentences

and Capital Resources

Company had limited liquidity as of June 30, 2025 and is currently working on a plan with its existing creditors on how to settle

its remaining outstanding obligations, which were primarily comprised of i) payables to finance and legal service providers ii)

accrued salaries and iii) loans and the corresponding accrued interest.

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.

of Operations

the three months ended June 30, 2025, the Company settled its outstanding liabilities to both Streeterville and Buckstown (approximately

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.

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 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.

Accounting Estimates

17 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis