Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 895

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 895
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 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 (each 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.

Critical Accounting Policies and Estimates

Our discussion and analysis of financial condition and results of operations
are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted
in the United States of America (“GAAP”). The notes to the consolidated financial statements contained in this Annual Report
describe our accounting policies used in the preparation of the consolidated financial statements. None of those policies are deemed to
be critical accounting policies nor critical accounting estimates. The preparation of these financial statements requires us to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could
differ from those estimates. We continually evaluate our critical accounting policies and estimates.

37

Recent
Accounting Pronouncements

ASU 2023-07 – Segment Reporting (Topic 280)

In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU enhances existing segment reporting
requirements by requiring public entities to disclose more detailed information about a reportable segment’s expenses.
Specifically, it introduces a new requirement to disclose significant segment expense categories and amounts that are regularly
provided to the chief operating decision maker (“CODM”) and included in the reported measure of segment profit or loss.
The ASU also extends certain annual segment disclosures to interim periods and clarifies that public entities with a single
reportable segment must apply all existing and new segment disclosure requirements. The amendments in ASU 2023-07 are effective for
public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after
December 15, 2024. The Company adopted this standard for the year ended December 31, 2024 on a retrospective basis.

The Company’s