Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 40

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 the Company entered into a promissory note agreement with an unaffiliated third-party lender for aggregate principal
of $50,000. The note bears interest at a rate of 32% per annum and matures on July 29, 2026. The proceeds are for general working capital.
Upon the occurrence of an event of default as described in the note, the note will become immediately due and payable at a default interest
rate of 25% of the then outstanding principal amount of the note.

22

ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking
Statements

The
following management’s discussion and analysis should be read in conjunction with the financial statements and the related notes
thereto contained in this Quarterly Report. The management’s discussion and analysis contain forward-looking statements, such as
statements of our plans, objectives, expectations and intentions. Any statements that are not statements of historical fact are forward-looking
statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,”
“estimate,” “expect” and the like, and/or future tense or conditional constructions (“will,” “may,”
“could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. These
forward-looking statements are subject to risks and uncertainties, including those under “Risk Factors” in our Annual Report
on Form 10-K for the year ended December 31, 2023 filed with the SEC on April 1, 2025, as updated in subsequent filings we have made
with the SEC that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements.
Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result
of several factors. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring
after the date of this Quarterly Report.

Basis
of Presentation

The
following discussion highlights our results of operations and the principal factors that have affected our financial condition as well
as our liquidity and capital resources for the periods described and provides information that management believes is relevant for an
assessment and understanding of the statements of financial condition and results of operations presented herein. The following discussion
and analysis are based on our unaudited financial statements contained in this Quarterly Report, which we have prepared in accordance
with United States generally accepted accounting principles