Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 311

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 311
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 entire trailer. When shipping LTL, the Company pays for a portion of a standard truck trailer, and other shippers and their shipments
fill the unoccupied space.

Customers

Our
customer base is comprised of some of the largest companies in the food service and retail industry throughout the United States. We
sell our crab meat to our customers through purchase orders. For the year ended December 31, 2024, sales to food distributors and retail
and wholesale clubs accounted for 48% of our revenue. The balance of our revenue is derived from smaller seafood distributors and value-added
processors.

The
Company had five customers which accounted for approximately 48% of revenue during the year ended December 31, 2024. Two customers
accounted for 31% of revenue during the year ended December 31, 2024. The loss of any major customer could have a material adverse
impact on the Company’s results of operations, cash flows and financial position.

Competition

In
general, the international seafood industry is intensely competitive and highly fragmented. We compete with local and overseas manufacturers
and importers engaged in similar products.

The
Company’s primary competitors in its traditional sustainable seafood businesses are Tri Union Frozen Products, Inc. (Chicken of
the Sea Frozen Foods), Phillips Foods, Inc., Harbor Seafood, Inc., Newport International and Twin Tails Seafood Corp.

The
Company’s primary competitors in its RAS business are Atlantic Sapphire, Aquaco, Nordic Aquafarms, Whole Oceans, Kuterra and Pure
Salmon.

Intellectual
Property

Our
intellectual property is an essential element of our business. We use a combination of patent, trademark, copyright, trade secret and
other intellectual property laws and confidentiality agreements to protect our intellectual property. Our policy is to seek patent protection
in the United States and in certain foreign jurisdictions for our products, processes and other technology where available and when appropriate.
We also in-license technology, inventions and improvements we consider important to the development of our business.

8

In
addition to our patents, we also rely upon trade secrets, know-how, trademarks, copyright protection and continuing technological and
licensing opportunities to develop and maintain our competitive position. We monitor the activities of our competitors and other third
parties with respect to their use of intellectual property. We require our employees to execute confidentiality and non-competition agreements
upon commencing employment with us. Despite these safeguards, any of our know-how or trade secrets not protected by a patent