Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 358

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 358
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 than dividends on shares of common stock solely in the form of additional shares of common stock or (b)
directly or indirectly or through any subsidiary make any other payment or distribution in respect of its capital stock except for distributions
pursuant to any shareholders’ rights plan which is approved by a majority of the Company’s disinterested directors, (ii) redeem,
repurchase or otherwise acquire (whether for cash or in exchange for property or other securities or otherwise) in any one transaction
or series of related transactions any shares of capital stock of the Company or any warrants, rights or options to purchase or acquire
any such shares, or repay any indebtedness of Quick Capital, (iii) advance any loans made in the ordinary course of business in excess
of $100,000, (iv) sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business, and
(v) enter into any transaction or arrangement structured in accordance with, based upon, or related or pursuant to, in whole or in part,
either Section 3(a)(9) or Section 3(a)(10) of the Securities Act.

In conjunction with the August Private Placement
Offering, the Company entered into a registration rights agreement (each a “Registration Rights Agreement”) with each of
Quick Capital and Jefferson. The Company agreed to file a registration statement with the Securities and Exchange Commission to register
the re-sale of the maximum number of shares of common stock covered in the August Private Placement Offering within sixty (60) calendar
days from the date of execution.

Critical Accounting Policies and Estimates

Our discussion and analysis of financial condition and results of operations
are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted
in the United States of America (“GAAP”). The notes to the consolidated financial statements contained in this Annual Report
describe our accounting policies used in the preparation of the consolidated financial statements. None of those policies are deemed to
be critical accounting policies nor critical accounting estimates. The preparation of these financial statements requires us to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could
differ from those estimates. We continually evaluate our critical accounting policies and estimates.

37

Recent
Accounting Pronouncements

ASU 2023-07 – Segment Reporting (Topic 280)

In November 2023, the