Company: GRPS
Filing Date: 2025-10-15
Form Type: 10-Q
Source: 0001683168-25-007573
Chunk: 45

Company: Trans American Aquaculture, Inc
Filing Date: 2025-10-15
Form: 10-Q
Item: Part I, Item 2
Chunk 45
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 Discussion and Analysis contains
information based on management’s beliefs and forward-looking statements that involve several risks, uncertainties, and assumptions.
There can be no assurance that actual results will not differ materially from the forward-looking statements as a result of various factors,
including but not limited to, our ability to obtain the equity/debt funding or borrowings necessary to produce, market and launch our
products, our ability to successfully serially produce and market our products; our success establishing and maintaining production lines;
the acceptance of our products by customers; our continued ability to pay operating costs; our ability to meet demand for our products;
the amount and nature of competition from our competitors; the effects of technological changes on 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.

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Recent Accounting Pronouncements

We have provided a discussion of recent accounting
pronouncements in NOTE 2 to the Quarterly Consolidated Financial Statements for June 30, 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 June 30, 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 June 30, 202