Company: GRPS
Filing Date: 2025-07-17
Form Type: 10-K
Source: 0001683168-25-005173
Chunk: 428

Company: Trans American Aquaculture, Inc
Filing Date: 2025-07-17
Form: 10-K
Item: Item 6
Chunk 428
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 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.

Recent Accounting Pronouncements

We have provided a discussion of recent accounting
pronouncements in NOTE 2 to the Audited Annual Consolidated Financial Statements for 2024.

 17 

    ITEM 7A.
    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

    ITEM 8.
    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

The financial statements of the Company are included
beginning on page F-1 immediately following the signature page to this Form 10-K.

    ITEM 9.
    CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

    ITEM 9A.
    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 who also serves as our
Chief Financial Officer, Adam Thomas, who serves as our principal executive officer and principal financial officer, 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 December 31, 2024. Based on his evaluation, Mr. Thomas concluded that, due to
a material weakness in our internal control over financial reporting as described below, our disclosure controls and procedures were not
effective as of December 31, 2024. In light of the material weakness in internal control