Trans American Aquaculture restates 2024 annual report due to accounting errors
Trans American Aquaculture advised on July 13, 2026 that its previously issued audited financial statements for the fiscal year ended December 31, 2024 should no longer be relied upon. The errors involved misclassification of current-liability amounts and additional adjustments not reflected in the original Form 10-K filed July 17, 2025, affecting accrued interest, notes payable, and accumulated depreciation. The company identified material weaknesses in internal control over financial reporting and disclosure controls as of December 31, 2024, and intends to file an amended Form 10-K/A to restate the affected consolidated financial statements.
Key facts
- Auditor Boladale Lawal & CO (PCAOB ID 6993) advised non-reliance on July 13, 2026
- Affected Filing: Form 10-K for fiscal year ended December 31, 2024, originally filed July 17, 2025
- Errors include accrued interest expense, related-party notes payable, current portion of notes payable, notes payable net of current portion, other accrued expenses, and accumulated depreciation
- Company concluded errors were material under FASB ASC 250 and require restatement
- December 2, 2024 deed in lieu of foreclosure by Kings Aqua Farm, LLC involved farm property write-off and note payable extinguishment
- Material weaknesses in internal control over financial reporting identified, including absence of functioning audit committee and insufficient documentation
- Company engaged third-party consulting firm to assist with internal control documentation remediation
Why it matters
The restatement signals control deficiencies that may affect investor confidence in the accuracy of the company's financial reporting and governance; the identified weaknesses, including the absence of a functioning audit committee, underscore governance gaps that could pose ongoing compliance risks.
Developing story
- NT 10-Q
- 8-Kthis filing
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Derived from 8-K filed 2026-07-17. Not investment advice. View the source filing on SEC.gov →