Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 492

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 7
Chunk 492
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, 2023, and related notes to the consolidated financial statements (collectively
referred to as the consolidated financial statements). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2023 and 2021 and the results of its operations and its cash flows for each of
the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States
of America.

Substantial Doubt about the Company’s Ability to Continue as a
Going Concern

The accompanying consolidated financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 11 to the consolidated financial statements,
the Company is a development stage company because its principal operations have commenced, but there has been no significant revenue
therefrom which raises substantial doubt about its ability to continue as a going concern. In addition, the Company’s current liabilities
exceed its current assets by $3,478,423 and has an accumulated deficit of $2,866,673 and is highly dependent on external financing to
continue operations. Management's plans in regard to these matters are also described in Note 10. The consolidated financial statements
do not include any adjustments that might result from the outcome of this uncertainty. See Critical Audit Matters section of this report.

Basis for Opinion

These consolidated financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements
based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards
of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated
financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we
engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding
of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our