Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 498

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1A
Chunk 498
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 decision, Nasdaq suspended trading in the Company’s Common Stock effectively with the open of
business on Friday, December 20, 2024.

The
Company’s Common Stock was traded on the OTC Markets’ OTC Pink Current Information tier at the end of December 2024. In February
2025, the Company was upgraded to the OTCQB tier.

British
Columbia Civil Claim

On July 16, 2024, the Company, through TOBC, filed a lawsuit in the Supreme Court of British Columbia (the “Court”)
against their landlords Steven Atkinson, Kathryn Atkinson and Janet Atkinson (the “Landlords”) requesting a declaration that
their commercial lease located at 2904 and 2934 Jameson Road, Nanaimo, B.C. V9R 6W8 dated April 1, 2022 by and between TOBC and their
Landlords is a valid lease and remains in full force and effect. The Company cannot provide any assurance as to the timing of resolution
or outcome of this matter.

On
January 10, 2025 a notice of civil claim filed by a former employee of TOBC., in the British Columbia Supreme Court. The claim relates
to the termination of Mr. Atkinson’s employment with TOBC in February 2024 as well as a separate claim of defamation against the
Company. A response to the civil claim was filed by the Company and TOBC. The discovery process in this matter has recently begun and
it is difficult at this stage to assess the merits of the claim and the likelihood of a favorable or unfavorable result. The Company
cannot provide any assurance as to the timing of resolution or outcome of this matter.

Results
of Operations

The
following discussion and analysis of financial condition and results of operations of the Company is based upon, and should be read in
conjunction with, the audited financial statements and related notes elsewhere in this Annual Report.

Year
Ended December 31, 2024 compared to the Year Ended December 31, 2023

Net
Sales. Revenue for the year ended December 31, 2024 decreased 41.3% to $3,593,881 as compared to $6,124,529 for the year ended December
31, 2023 as a result of a decrease in poundage sold during the year ended December 31, 2024.

Cost
of Goods Sold. Cost of goods sold for the year ended December 31