Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-Q
Source: 0001683168-25-005208
Chunk: 26

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 products and product demand; and our
ability to successfully adapt to market forces and technological demands of our customers.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements
that have or are reasonably likely to have a current or future material effect on our consolidated financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity capital expenditures or capital resources.

Recent Accounting Pronouncements

We have provided a discussion of recent accounting
pronouncements in NOTE 2 to the Quarterly Consolidated Financial Statements for March 31, 2025 and 2024.

Item 3. Quantitative and Qualitative Disclosures
About Market Risk

As a smaller reporting company, the Company has
elected not to provide the disclosure required by this item.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures 

We have established disclosure controls and procedures
that are designed to ensure that information required to be disclosed in reports filed or submitted under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified
in the rules and forms of the SEC and, as such, is accumulated and communicated to our Chief Executive Officer and Chief Financial Officer,
Adam Thomas who serves as our principal executive officer and principal financial officers, as appropriate, to allow timely decisions
regarding required disclosure. Mr. Thomas has evaluated the effectiveness of our disclosure controls and procedures, as defined in Rule
13a-15(e) of the Exchange Act, as of March 31, 2025. Based on his evaluation, Mr. Thomas concluded that, due to a material weakness in
our internal control over financial reporting, our disclosure controls and procedures were not effective as of March 31, 2025. In light
of the material weakness in internal control over financial reporting, we completed substantive procedures, including validating the completeness
and accuracy of the underlying data used for accounting prior to filing this Form 10-Q.

These additional procedures have allowed us to
conclude that, notwithstanding the material weakness in our internal control over financial reporting, the consolidated financial statements
included in this Form 10-Q fairly present, in all material respects, our financial position, results of operations and cash flows for
the periods presented in conformity with accounting principles generally accepted in the United States of America.

Changes in Internal Control Over Financial
Reporting

There has been no change in the Company’s
internal control over financial reporting, as defined