Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 124

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 124
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 interest                                                         |     | $                      |    923,992 |   |     | $    |     306,045 |   |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES                                 |     |                        |            |   |     |      |             |   |
| Common stock issued to settle related party notes payable and accrued interest |     |                        |    250,000 |   |     |      |     176,228 |   |
| Operating lease assets recognized in exchange for operating lease liabilities  |     |                        |          - |   |     |      |     185,135 |   |
| Warrants issued for convertible debt                                           |     |                        |          - |   |     |      |   1,035,253 |   |
| Common stock issued for asset acquisition                                      |     |                        |          - |   |     |      |     359,250 |   |
| Common stock issued for partial settlement of note payable                     |     |                        |  3,053,088 |   |     |      |     547,777 |   |
| Common stock issued for loan commitment fees                                   |     |                        |            |   |     |      |             |   |
| Derivative liability recognized on issuance of convertible note                |     |                        |    383,672 |   |     |      |           - |   |
| Warrant liability recognized on issuance of convertible note                   |     |                        |    453,746 |   |     |      |           - |   |
| Common stock issued to settle subordinated related party note                  |     |                        |    570,000 |   |     |      |           - |   |

<div align='center'>The accompanying notes are an integral part of these audited consolidated financial statements</div>

| F-5 |

<div align='center'>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

December 31, 2023 and 2022</div>

Note 1. Company Overview

Blue Star Foods Corp., a Delaware corporation (“we”, “our”, the “Company”), is an international sustainable marine protein company based in Miami, Florida that imports, packages and sells refrigerated pasteurized crab meat, and other premium seafood products. The Company’s main operating business, John Keeler & Co., Inc. (“Keeler & Co.”) was incorporated in the State of Florida in May 1995. The Company