Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 73

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 73
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 “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. You should read the discussion and analysis together with such financial
statements and the related notes thereto.

Overview

We
are an international seafood company that imports, packages and sells refrigerated pasteurized crab meat, and other premium seafood products.
Our current source of revenue is from importing blue and red swimming crab meat primarily from South East Asia and distributing it in
the United States and Canada under several brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff
and Coastal Pride Fresh, as well as soft shell crab in the United States and steelhead salmon and rainbow trout fingerlings produced
under the brand name Little Cedar Farms for distribution in Canada. The crab meat which we import is processed in six out of the ten
plants available throughout Southeast Asia. Our suppliers are primarily via co-packing relationships, including two affiliated suppliers.
We sell primarily to food service distributors. We also sell our products to wholesalers, retail establishments and seafood distributors.

Recent
Events

Resignation
of Chief Operating Officer and Director

On
June 2, 2025, Miozotis P