Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 740

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 9C
Chunk 740
---
31, 2024,
and December 31, 2023, respectively.

     F-15 

NOTE 8 – INCOME TAX

Income taxes are accounted for under the asset and
liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between
the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating
loss and tax credit carry forwards.

Deferred tax assets and liabilities are measured using
enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be covered or
settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes
the enactment date. An allowance has been recorded as of December 31, 2024 due to uncertainty of the realization of deferred tax asset
in future periods.

Current tax is the expected tax payable or receivable
on the taxable income or loss for the year, using tax rates enacted or substantively enacted by the end of the reporting period, and any
adjustment to tax payable in respect of previous years.

In accordance with FASB Interpretation
No. 48, Accounting for Uncertainty in Income Taxes, included in ASC Topic 740, Income Taxes, the Company recognizes the effect of income
tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the
largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in
which the change in judgment occurs. There were no uncertain tax positions that required recognition by the Company. As of the date of
these consolidated financial statements, the Company’s federal and various state tax returns will generally remain open for the
last three years.

The Company’s provision
for income taxes attributable to income before income taxes for the periods ended December 31, 2024 and December 31, 2023, consisted of
the following:

    Schedule of provision for income taxes 

    December 31,  
    December 31,  
    December 31, 

    2024  
    2023  
    2022 
  
    Deferred tax assets related to: 

    NOL Carryover 
    $589,868  
    $403,605  
    $59,323 
  
    Deferred tax liability related to: 

    Property