Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 779

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1C
Chunk 779
---
 party notes payable and accrued interest 
     -  
     250,000 
  
    Common stock issued for partial conversion of note payable 
     2,904,886  
     3,053,088 
  
    Common stock issued for loan commitment fees 
     118,888  
     - 
  
    Derivative liability recognized on issuance of convertible note 
     47,411  
     383,672 
  
    Warrant liability recognized on issuance of convertible note 
     -  
     453,746 
  
    Common stock issued to settle subordinated related party note 
     -  
     570,000 

The
accompanying notes are an integral part of these audited consolidated financial statements

F-5

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

December
31, 2024 and 2023

Note
1. Company Overview

Blue
Star Foods Corp., a Delaware corporation (“we”, “our”, the “Company”), is an international
sustainable marine protein company based in Miami, Florida that imports, packages and sells refrigerated pasteurized crab meat, and
other premium seafood products. The Company’s main operating business, John Keeler & Co., Inc. (“Keeler &
Co.”) was incorporated in the State of Florida in May 1995. The Company has three other subsidiaries, Coastal Pride, TOBC and
AFVFL, which maintain the Company’s fresh crab meat, steelhead salmon and packaged seafood and other inventory businesses,
respectively. The Company’s current source of revenue is importing blue and red swimming crab meat primarily from South East
Asia and distributing it in the United States and Canada under several brand names such as Blue Star, Oceanica, Pacifika, Crab &
Go, First Choice, Good Stuff and Coastal Pride Fresh, and steelhead salmon and rainbow trout fingerlings produced under the brand
name Little Cedar Farms for distribution in Canada.

On
February 3, 2022, Coastal Pride entered into an asset purchase agreement with Gault Seafood, LLC, a South Carolina limited liability
company (“Gault Seafood”), and Robert J. Gault II, President of Gault Seafood (“Gault”) pursuant to which Coastal
Pride acquired all of the Seller’s right, title and interest in and to assets relating to Gault Seafood’s soft-shell crab
operations, including intellectual property, equipment, vehicles and other assets used in