Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 299

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 3
Chunk 299
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from 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. The Company is in the process of raising additional capital to support the completion of the developmental stage
activities and ramp up ongoing full shrimp harvest cycles and establish its customer base.

The Company's activities are subject to significant
risks and uncertainties, including failing to secure additional funding to operationalize the Company's current technology. Accordingly,
the Company's ability to continue as a going concern is highly dependent on its ability to raise additional capital and implement its
business plan as well as continuing to develop its brood stock in order to realize revenue. See Substantial Doubt about the Company’s
Ability to Continue as a Going Concern section of this report.

We have served as the Company’s auditor since 2021.

/s/ Burton, McCumber & Longoria, LLP

Brownsville, Texas

July 2, 2024

 F-4 

    Trans American Aquaculture, Inc.
  
    (Formerly Gold River Productions, Inc.)

    Consolidated Balance Sheets

    December 31,  
    December 31,  
    December 31, 

    2024  
    2023  
    2022 
  
    ASSETS 

    CURRENT ASSETS 

    Cash and cash equivalents 
    $–  
    $6,600  
    $– 
  
    Other receivable 
     26,480  
     –  
     46,038 
  
    Inventory 
     230,830  
     247,393  
     161,560 
  
    TOTAL CURRENT ASSETS 
     257,310  
     253,993  
     207,598 

    PROPERTY AND EQUIPMENT 
     1,237,992  
     7,935,824  
     7,920,692 
  
    Less accumulated depreciation 
     (547,287) 
     (527,827) 
     (457,920)
  
    NET PROPERTY AND EQUIPMENT 
     690,705  
     7,407,997  
     7,462,772 

    TOTAL ASSETS 
    $948,015