Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 283

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 3
Chunk 283
---
.

 18 

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 management and the Board of Directors; and

    ·
    Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements.

Despite the material weaknesses in financial reporting
noted above, we believe that our financial statements included in this report fairly present our financial position, results of operations
and cash flows as of and for the years presented in all material respects.

Changes in Internal Controls

There were no changes in our internal control over
financial reporting that occurred during the quarter ended December 31, 2024 that have materially affected, or are reasonably likely to
materially affect, our internal control over financial reporting.

We have taken limited steps to meet our Sarbanes-Oxley
(SOX) Section 404 compliance requirements and implement procedures to assure financial reports are prepared in accordance with generally
accepted accounting principles (GAAP) and therefore fairly represent the results and condition of the Company. We are not materially compliant
with the Section 404 requirements due to economic constraints.

    ITEM 9B.
    OTHER INFORMATION