Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 86

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 86
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-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 six months ended June 30, 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 June 30, 2025.

Off-Balance
Sheet Arrangements

We
currently have no off-balance sheet arrangements.

30

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, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under
Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation our
principal executive officer and principal financial officer has concluded that based on the material weaknesses discussed below our
disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed by us in
reports filed or submitted under the Securities Exchange Act were recorded, processed, summarized, and reported within the time
periods specified in the SEC’s rules and forms and that our disclosure controls are not effectively designed to ensure that
information required to be disclosed by us in the reports that we file or submit under the Securities Exchange Act is accumulated
and communicated to management, including our principal executive officer and principal financial officer, or persons performing
similar functions, as appropriate to allow timely decisions regarding required disclosure.

The
matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the
Public Company Accounting Oversight Board were:

●
inadequate control over the monitoring of inventory maintained in the Company’s third-party warehouse;

●
ineffective controls over the Company’s financial close and reporting process; and

●
inade