Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 310

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 310
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 need for recirculatory aquatic systems.

(1)
United Nations – Department of Economic and Social Affairs – World Population Prospects (2022)

(2)(3)(4)(5)
Food and Agriculture Organization of the United Nations “The State of the World Fisheries and Aquaculture – 2022.

Suppliers

We
purchase crab meat directly from six processors with which we have long-standing relationships, that have agreed to source their product
in a sustainable manner. All crab meat is sourced under the Company’s FDA approved HACCP Plan. Additionally, all suppliers are
certified grade A by the BRC and are audited annually to ensure safety and quality.

The
Company had four major suppliers located in  India, Brazil, Peru, and Indonesia which accounted for approximately 61.0% of the Company’s
total purchases during the year ended December 31, 2024. The Company’s largest supplier is located in India and accounted for 19.8%
of the Company’s total purchases in the year ended December 31, 2024.

7

Sales,
Marketing and Distribution

The
Company’s products are sold in the United States and Canada. Our principal source of revenue is importing blue and red swimming
crab meat primarily from India, Brazil, Peru, and Indonesia and distributing it in the United States and Canada under several brand
names such as Blue Star, Oceanica, Pacifika, Crab & Go, Lubkin’s Coastal Pride, First Choice, Good Stuff, Coastal Pride Fresh
and TOBC steelhead salmon and rainbow trout fingerlings produced under the brand name Little Cedar Falls.

The
Company stores its crab meat inventory at a third-party facility in Miami, Florida and distribution takes place from this facility.

The
Company has a sales team based throughout the United States who sell directly to customers, most of whom are in the food service and
retail industry and also manage a network of regional and national brokers, that cover both the retail and wholesale segments. The sales
team and brokers help to pull the products through the system by creating demand at the end user level and pulling the demand through
our distributor customers. The Company sells to retail customers either directly or via distributors that specialize in the retail segment.

The
Company does not own its own fleet of trucks and utilizes less than truckload freight shipping (“LTL”) national freight carriers
to deliver its products to its customers. LTL is used for the transportation of small freight or when freight does not require the use
of an