Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 226

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 2
Chunk 226
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 one million lbs. of shrimp for consumption.

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14 https://www.bapcertification.org/Downloadables/pdf/BAP%20-%20BAP%20Farm%20Standard%20-%20Issue%203.1%20-%2007-February-2023.pdf

15 https://www.bapcertification.org/Downloadables/pdf/BAP%20-%20BAP%20Farm%20Standard%20-%20Issue%203.1%20-%2007-February-2023.pdf

 14 

Recent trends in the shrimp industry, including that,
according to preliminary 2023 data from the National Marine Fisheries Service, shrimp prices have dropped as much as 44% since 2022.16
Our business, prospects, revenues, profitability, and future growth are highly dependent upon the prices of and demand for shrimp. Our
ability to borrow and to obtain additional capital on attractive terms is also substantially dependent upon shrimp prices. These prices
have been and are likely to continue to be extremely volatile for seasonal, cyclical, and other reasons. Any substantial or extended decline
in the price of shrimp will have a material adverse effect on our financing capacity and our prospects for commencing and sustaining any
economic commercial production. In addition, increased availability of imported shrimp can affect our business by lowering commodity prices.
This could reduce the value of inventories, held both by us and by our customers, and cause many of our customers to reduce their orders
for new products until they can dispose of their higher-cost inventories.

Going Concern Uncertainty

As shown in the accompanying financial statements,
during the year ended December 31, 2024, we reported a net loss of $2,808,894. As of December 31, 2024, our current liabilities exceeded
its current assets by $3,351,602. As of December 31, 2024, we had $0 of cash. As shown in the accompanying financial statements, during
the year ended December 31, 2023, we reported a net loss of $1,894,993. As of December 31, 2023, our current liabilities exceeded its
current assets by $3,478,423. As of December 31, 2023, we had $6,600 of cash.

We will require additional funding to finance the
growth of our operations and achieve our strategic objectives. These factors, as relative to capital raising activities, create doubt
as to our