Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 56

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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 allow timely
decisions regarding required disclosure.

The
matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the
Public Company Accounting Oversight Board were:

●
inadequate control over the monitoring of inventory maintained in the Company’s third-party warehouse;

●
ineffective controls over the Company’s financial close and reporting process; and

●
inadequate segregation of duties consistent with control objectives, including lack of personnel resources and technical accounting expertise
within the accounting function of the Company.

Management’s
Remediation Initiatives

In
an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we plan to further
initiate, the following measures, subject to the availability of required resources:

●
We plan to create a position to segregate duties consistent with control objectives and hire personnel resources with technical accounting
expertise within the accounting function; and

●
We plan to create an internal control framework that will address financial close and reporting process, among other procedures.

Changes
in Internal Control over Financial Reporting

During
the period covered by this Quarterly Report, there were no changes in our internal controls over financial reporting that have materially
affected, or are reasonably likely to materially affect, our internal control over financial reporting.

30

PART
II – OTHER INFORMATION

ITEM
1. LEGAL PROCEEDINGS

There
are no material pending legal proceedings to which we are a party or in which any director, officer or affiliate of ours, any owner of
record or beneficially of more than 5% of any class of our voting securities, or security holder is a party adverse to us or has a material
interest adverse to us.

ITEM
1A. RISK FACTORS

We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this
item.

ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On
January 13, 2025, February 24, 2025, September 11, 2025, September 29, 2025, October 14, 2025, October 24, 2025, October 29, 2025,
November 3, 2025, November 4, 2025, November 5, 2025, and November 7, 2025, the Company issued an aggregate of