Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 474

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1A
Chunk 474
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 salmon may create challenges in securing competitive pricing for our salmon to reach our competitive
goals. In addition, it is possible that we may not be able to service our customers to meet their expectations regarding fish quality,
ongoing harvest supply availability, order processing fill rate, on time or correct deliveries, potential issues with third party processors,
and other factors, which could impact our relationships with customers, our reputation, and our business results.

Risks
Related to Our Reliance on Third Parties

We
are dependent on third parties for our operations and our business may be affected by supply chain interruptions and delays.

Our
business is dependent upon our relationships with vendors in Southeast Asia and Latin America for co-packing, processing and shipping
product to us. If for any reason these companies became unable or unwilling to continue to provide services to us, this would likely
lead to a temporary interruption in our ability to import our products until we found another entity that could provide these services.
Moreover, if supply chain delays occur, our product will arrive late which will adversely impact our revenue. Failure to find a suitable
replacement, even on a temporary basis, would have an adverse effect on our results of operations.

We
do not have long-term agreements with many of our customers and suppliers.

Many
of our customers and suppliers operate through purchase orders. Though we have long-term business relationships with many of our customers
and suppliers and alternative sources of supply for key items, we do not have long-term agreements with such customers and suppliers
and cannot be sure that any of these customers or suppliers will continue to do business with us on the same basis or on terms that are
favorable to us. The termination or modification of any of these relationships may adversely affect our business, financial performance
and results of operations.

Risks
Related to Our Financial Condition and Capital Requirements

Our
independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern
in its report on our audited financial statements.

The
report from our independent registered public accounting firm for the year ended December 31, 2024 includes an explanatory paragraph
stating that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt
about its ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent on its ability
to increase revenues, execute on its business plan to acquire complimentary companies, raise capital and continue to sustain adequate
working capital to finance its operations. If we