What changed in this filing

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Item 1. Legal Proceedings

2025-08-21 compared with 2024-08-14 · 37 added, 8 removed, 1 unchanged (98% of the section changed)

Legal Proceedings

are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results

of operations.

There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency,

self-regulatory organization or body pending or, to the knowledge of the executive officers of our Company or any of our subsidiaries,

threatened against or affecting our company, our common stock, any of our subsidiaries or of our companies or our subsidiaries’

officers or directors in their capacities as such, in which an adverse decision could have a material adverse effect.

The Company has

resolved all outstanding litigation involving the Company and there are no suits or cases pending in which the Company is a party.

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 (the “Receivership Case”), in the District Court of Salt Lake County, Utah (the “Utah

State Court”), against NaturalShrimp, Inc.

(“NaturalShrimp”), a Nevada corporation.

Motion alleges, among other things, that NaturalShrimp has defaulted under the terms of its loan agreements with Lenders.

sought the appointment of a Receiver to immediately take control of NaturalShrimp’s assets to preserve same.

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 NaturalShrip’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, Lenders, NaturalShrimp, NaturalShrimp USA Corporation (“NaturalShrimp USA”), NaturalShrimp Global, Inc.

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

(“Natural Aquatic”) (collectively, the “Receivership

Entities”) filed a Verified Amended and Stipulated Emergency Motion for Immediate Appointment of a Receiver (the “Stipulated

Motion”) in the Receivership Case.

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 USA NaturalShrimp Global, and Natural Aquatic Systems pursuant to an amended receivership order (the “Amended

Receivership Order”).

Under the Amended Receivership Order, the Receiver is the receiver over the Receivership Entities’

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 seeks 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

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.

As part of the sale, the Company transferred its ownership rights to its fixed assets, patents and license agreements (total

balance of $25.5 million as of September 30, 2024) in exchange for the extinguishment of its outstanding debt to Streeterville and Buckstown

Capital ($30.8 million as of September 30, 2024).

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

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 1. Legal Proceedings