Company: GRPS
Filing Date: 2025-10-16
Form Type: 10-Q/A
Source: 0001683168-25-007611
Chunk: 16

Company: Trans American Aquaculture, Inc
Filing Date: 2025-10-16
Form: 10-Q/A
Chunk 16
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 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 June 30, 2025 and June 30, 2024, consisted
of the following:

| Schedule of provision for income taxes 
 Deferred tax assets related to:        |     | June 30, 
 2025     |          |   |     | June 30, 
 2024     |          |   |
|:---------------------------------------|:----|:---------|---------:|:--|:----|:---------|---------:|:--|
| NOL Carryover                          |     | $        |  589,868 |   |     | $        |  403,605 |   |
| Deferred tax liability related to:     |     |          |          |   |     |          |          |   |
| Property and equipment                 |     |          |  (18,050 | ) |     |          |   (8,715 | ) |
| Deferred tax assets, gross             |     |          |  571,818 |   |     |          |  394,890 |   |
| Less: allowance                        |     |          | (394,890 | ) |     |          | (394,890 | ) |
| Net deferred tax asset (liability)     |     | $        |  176,928 |   |     | $        |        – |   |
| Current expense                        |     |          |          |   |     |          |          |   |
| Federal