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

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 1
Chunk 25
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 with accounting principles generally accepted in the United States of America.

Internal Control Over Financial Reporting 

Our management is responsible for establishing and
maintaining adequate internal controls over financial reporting for the Company. Due to limited resources, management conducted an evaluation
of internal controls based on criteria established in 2013 Internal Control - Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (“COSO”). The results of this evaluation determined that our internal control
over financial reporting was ineffective as of December 31, 2024, due to material weaknesses. A material weakness in internal control
over financial reporting is defined as a deficiency, or a combination of deficiencies, in internal control over financial reporting, such
that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented
or detected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial
reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of
our financial reporting.

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Management’s assessment identified the following
material weaknesses in internal control over financial reporting:

    ·
    We do not have a functioning audit committee.

    ·
    We have not achieved the desired level of documentation of our internal controls and procedures. This documentation will be strengthened through utilizing a third-party consulting firm to assist management with its internal control documentation and further help to limit the possibility of any lapse in controls occurring.

    ·
    We have not achieved the desired level of corporate governance to ensure that our accounting for all of our contractual and other agreements is in accordance with all of the relevant terms and conditions. 

As a result of the material weaknesses in internal
control over financial reporting described above, our management has concluded that, as of December 31, 2024, our internal control over
financial reporting was not effective based on the criteria in Internal Control - Integrated Framework issued by the COSO.

We will continue to follow the standards for the Public
Company Accounting Oversight Board (United States) for internal control over financial reporting to include procedures that:

    ·
    Pertain to the maintenance of records in reasonable detail accurately that fairly reflect the transactions and dispositions of our assets;

    ·
    Provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of