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

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part II, Item 1
Chunk 25
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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 and February 24, 2025, the Company issued an aggregate of 750,000 shares of common stock to Quick Capital as partial
conversion of $57,673 principal pursuant to the convertible promissory note.

On
January 14, 2025, the Company issued 480,000 shares of 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.

January
17, 2025, February 25, 2025, and July 22, 2025, the Company issued an aggregate of 667,921 shares of common stock to Jefferson as partial conversion
of $41,833 principial and accrued interest pursuant to the convertible promissory note.

On
March 12, 2025, and July 17, 2025, the Company issued 759,058 shares of common stock to Diagonal as partial conversion of $30,000 principal
pursuant to the convertible promissory note.

During
the six months ended June 30, 2025, the Company issued an aggregate of 877,509 shares of common stock to the designee of ClearThink for
consulting services provided to the Company.

ITEM
3. DEFAULTS UPON SENIOR SECURITIES

As
of August 15, 2025, the Company was in default under two unsecured convertible promissory notes. The total amount in default, inclusive
of unpaid interest and contractual default interest, is approximately $98,471, representing approximately 6.7% of the Company’s
total consolidated assets as of June 30