Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 156

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 156
---
 an employee a three-year option to purchase 1,030shares of common stock at an exercise price of $ 18.00, which vest in equal monthly installments during the term of the option.

Under the Black-Scholes option pricing model, the fair value of the 864options and 1,030options granted during the year ended December 31, 2023 is estimated at $ 12,261and $ 5,489, respectively, on the date of grant using the following assumptions: stock price of $ 40.00and $ 18.00at the grant date, exercise price of the option, option term, volatility rate of 45.44% and 35.97% and risk-free interest rate of 4.58% and 4.72%, respectively. The unrecognized portion of the expense remaining at December 31, 2023 is $ 10,592and $ 4,961, respectively, which is expected to be recognized to expense over a period of three years.

The following table represents option activity for the years ended December 31, 2023 and 2022:

Schedule of Option Activity

|                     |     | Number     
 of Options |       |   |     | Weighted               
 Average Exercise Price |          |     | Weighted                                    
 Average Remaining Contractual Life in Years |      |     | Aggregate       
 Intrinsic Value |   |
|:--------------------|:----|:-----------|------:|:--|:----|:-----------------------|---------:|:----|:--------------------------------------------|-----:|:----|:----------------|:--|
| Outstanding         
 - December 31, 2021 |     |            | 4,430 |   |     | $                      | 2,000.00 |     |                                             | 6.23 |     |                 |   |
| Exercisable         
 - December 31, 2021 |     |            | 3,807 |   |     | $                      | 2,000.00 |     |                                             | 6.83 |     | $               | - |
| Granted             |     |            |   208 |   |     | $                      | 1,820.00 |     |                                             |      |     |                 |   |
| Forfeited           |     |            |  (176 | ) |     | $                      | 2,300.00 |     |                                             |      |     |                 |