Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 305

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 305
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, traceability and certified resource sustainability.

We
plan to grow the Company organically by continuing to increase our customer base and by introducing new high-value product lines and
categories, as well as strategically acquiring companies that focus on additional species and proprietary technologies that we believe
we can integrate into a larger, diversified company.

Operating
Companies

We
operate through the following subsidiary companies:

Coastal
Pride is a seafood company, based in Beaufort, South Carolina, that imports pasteurized and fresh crab meat (Portunus Pelagicus,
Portunus Haanii and Callinectes) sourced primarily from Mexico and Latin America and sells premium branded label crab meat throughout
North America.

It
has three premium branded label products, First Choice, Good Stuff and Coastal Pride Fresh.

TOBC
is a land-based recirculating aquaculture system (“RAS”) farming operation located in Nanaimo, British Columbia, Canada
with an annual production capacity of approximately 100 tons. It produces steelhead salmon and rainbow trout fingerlings under the brand
name Little Cedar Farms for distribution in Canada.

4

TOBC’s
RAS facility has been operated as a model farm for the development of salmon RAS technology. We currently intend to refine this model
farm into a 150-ton standardized module that will be replicated in the development of future farms. The next facility we hope to build,
subject to sufficient resources, will have 10 such modules, for a total production capacity of 1,500 tons.

The
current RAS facility is in an insulated, bio-secure structure in which culture conditions are controlled. The primary RAS system is composed
of thirteen culture tanks, a drum filter, a fluidized sand bed biofilter and a low head oxygenator and employs an efficient gravity fed
low head arrangement which reduces energy use as compared to other RAS designs. Additionally, there are two independent partial reuse
finishing tank systems.

Weekly
harvests of approximately two tons of salmon are stunned and bled at the farm and then processed as fresh iced head on gutted (“HOG”)
fish at a Canadian Food Inspection Agency approved processing facility. Currently, TOBC sells its salmon mainly to two wholesale seafood
distributors in Canada.

Eggs
and fingerlings are purchased from two primary suppliers and are hatched approximately every eight weeks. TOBC’s hatchery is composed
of a recirculating system that utilizes an upwelling “heath stack