What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-06-26 compared with 2026-06-01 · 28 added, 31 removed, 63 unchanged (48% of the section changed)

1 unchanged sentence

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.

and “our” refer to NaturalShrimp Incorporated and its wholly-owned subsidiaries.

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

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

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.

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:

1 unchanged sentence

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”);

● Certain governance and control rights have been transferred pursuant to the Agreement,

although the Agreement had not been fully consummated as of the date of this filing.

● Hydrenesis will grant the Company a perpetual license to certain intellectual property,

technology rights, know-how, and related commercialization rights, subject to the terms and conditions of the agreement

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

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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.

The agreement with Hydrenesis was not yet

consummated as of the date of this filing.

and Liquidation

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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.

The Utah State Court duly appointed Amplēo Turnaround and Restructuring, LLC (the “Receiver”) as the receiver over NaturalShrimp’s

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.

November 20, 2024, the Lenders and NaturalShrimp filed a Verified Amended and Stipulated Emergency Motion for Immediate Appointment

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assets of NaturalShrimp.

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.

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.

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.

and Capital Resources

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

Company had limited liquidity as of December 31, 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

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of Operations

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

the nine months ended December 31, 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.

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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