Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 120

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 120
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 fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters

/s/ MaloneBailey, LLP

www.malonebailey.com

We have served as the Company’s auditor since 2014.

Houston, Texas

April 1, 2024, except for Note 15, as to which
the date is August 5, 2024

| F-1 |

<div align='center'>Blue Star Foods Corp.

CONSOLIDATED BALANCE SHEETS</div>

|                                                                                                                                                                                                                       |     |   | DECEMBER 31, 2023 |   |     |   | DECEMBER 31, 2022 |   |
|:----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:----|:--|------------------:|:--|:----|:--|------------------:|:--|
| ASSETS                                                                                                                                                                                                                |     |   |                   |   |     |   |                   |   |
| CURRENT ASSETS                                                                                                                                                                                                        |     |   |                   |   |     |   |                   |   |
| Cash and cash equivalents                                                                                                                                                                                             |     | $ |            24,163 |   |     | $ |             9,262 |   |
| Accounts receivable, net of allowances and credit losses of $31,064 and $22,725                                                                                                                                       |     |   |           534,195 |