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Trans American Aquaculture, Inc. announced that its previously issued audited consolidated financial statements for…
GRPSTrans American Aquaculture, Inc
Trans American Aquaculture, Inc. announced that its previously issued audited consolidated financial statements for the fiscal year ended December 31, 2024, should no longer be relied upon. The restatement stems from misclassifications of accrued interest, related-party notes payable, and accumulated depreciation, alongside the failure to account for a December 2, 2024, deed in lieu of foreclosure by Kings Aqua Farm, LLC. This event included a farm property write-off, note payable extinguishment, and broodstock inventory write-down. Management identified material weaknesses in internal control over financial reporting, citing the absence of a functioning audit committee and insufficient documentation. The company intends to file an amended Form 10-K/A. Trans American Aquaculture, Inc. operates in the aquaculture industry.