Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 43

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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solely in the form of additional shares of Common Stock or (b) directly or indirectly or through any subsidiary make any other payment
or distribution with respect to its capital stock except for distributions pursuant to any shareholders’ rights plan which is approved
by a majority of the Company’s disinterested directors, (ii) redeem, repurchase or otherwise acquire (whether for cash or in exchange
for property or other securities or otherwise) in any one transaction or series of related transactions any shares of capital stock of
the Company or any warrants, rights or options to purchase or acquire any such shares, or repay any indebtedness of the investor (iii)
advance any loans made in the ordinary course of business in excess of $100,000, (iv) sell, lease or otherwise dispose of any significant
portion of our assets outside the ordinary course of business, and (v) enter into any transaction or arrangement structured in accordance
with, based upon, or related or pursuant to, in whole or in part, either Section 3(a)(9) or Section 3(a)(10) of the Securities Act.

In
conjunction with the August Private Placement Offering, the Company entered into a registration rights agreement with each of Quick Capital
and Jefferson. The Company agreed to file a registration statement with the Securities and Exchange Commission to register the re-sale
of the maximum number of shares of Common Stock covered in the August Private Placement Offering within sixty (60) calendar days from
the date of execution.

During
the three months ended March 31, 2025, the Company made aggregate principal payments on the Private Placement Notes of $246,454 of which
$80,255 was paid through the issuance of an aggregate of 1,000,000 shares of common stock. The outstanding balance on the loan was $111,060
as of March 31, 2025.

Off-Balance
Sheet Arrangements

We
currently have no off-balance sheet arrangements.

 29 

ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

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
4. CONTROLS AND PROCEDURES

Evaluation
of Disclosure Controls and Procedures

Under
the supervision and with the participation of our management, including our principal executive officer and principal financial officer,
as of March 31, 2025,