Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 880

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 880
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 common stock to each of Nubar Herian and John Keeler, 960,000 shares of common
stock to each of Timothy McLellan and Trond Ringstad, and 1,440,000 shares of common stock to Jeffrey Guzy, for serving as directors
of the Company.

On
March 12, 2025, the Company issued 288,101 shares of common stock to Diagonal as partial conversion of $15,000 principal pursuant to the convertible promissory note.

The
above issuances did not involve any underwriters, underwriting discounts or commissions, or any public offering and we believe are exempt
from the registration requirements of the Securities Act of 1933 by virtue of Section 4(2) thereof.

Purchases
of Equity Securities by the Issuer and Affiliated Purchasers

None.

29

ITEM
6. RESERVED

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

The
following discussion of the financial condition and results of operations should be read in conjunction with the financial statements
and the notes to those statements appearing in this Annual Report. This discussion contains forward-looking statements that are based
on our current expectations, estimates and projections about our business and operations. Our actual results may differ materially from
those currently anticipated and expressed in such forward-looking statements. The Company does not undertake any obligation to update
forward-looking statements to reflect events or circumstances occurring after the date of this prospectus.

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
Developments

Reverse
Split

On
May 7, 2024, the Company’s board of directors approved