Trans American Aquaculture, Inc 8-K

What Happened
Trans American Aquaculture, Inc. announced on July 13, 2026 that its independent auditor, Boladale Lawal & CO (PCAOB ID 6993), advised management that the Company’s previously filed Annual Report on Form 10-K for the year ended December 31, 2024 (originally filed July 17, 2025) should no longer be relied upon. Management identified misclassifications and additional adjustments in connection with the year‑end audit — including incorrect current‑liability classifications — and concluded under FASB ASC 250 that the errors are material. The Company will file an amended Form 10‑K/A (Amendment No. 1) to restate the affected financial statements.

Key Details

• Auditor notification date: July 13, 2026; affected filing: Form 10‑K for year ended Dec 31, 2024 (filed July 17, 2025).
• Principal corrections as of Dec 31, 2024: accrued interest expense; related‑party notes payable; current portion of notes payable; notes payable, net of current portion; other accrued expenses; and accumulated depreciation.
• Restatement also reflects a Dec 2, 2024 deed in lieu of foreclosure by Kings Aqua Farm, LLC with a related write‑off/extinguishment of the note payable and a broodstock inventory write‑down.
• Management found disclosure controls and procedures were not effective as of Dec 31, 2024 due to material weaknesses (no functioning audit committee, insufficient internal control documentation, and weak corporate governance). The company has engaged a third‑party consultant to help remediate controls and governance. The auditor agrees with the company’s statements.

Why It Matters
A restatement and auditor-advised non-reliance mean investors should not rely on the previously issued 2024 financial statements, related press releases, or investor communications. The changes affect core financial statement line items (balance sheet, income statement, equity, and cash flows) and reflect material control weaknesses that management is working to fix. Expect a Form 10‑K/A with detailed restated numbers and explanations — review that filing once available before making investment decisions.