Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 706

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1B
Chunk 706
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 30, 2025,
with monthly payments of $19,728 due on the 30th of every month thereafter until October 30, 2025.

On
January 28, 2025, the Company entered into a subordinated business loan and security agreement with Agile and Agile Capital as collateral
agent, which provides for a term loan to the Company in the amount of $420,000 which principal and interest (of $176,400) is due on August
15, 2025. Commencing February 7, 2025, the Company is required to make weekly payments of $21,300 until the due date.

British
Columbia Lawsuit

On
January 17, 2025, the Company, through TOBC, filed a lawsuit in the Supreme Court of British Columbia against Harold Steven Atkinson,
Janet Atkinson and Ben Atkinson (the “Defendants”) for breach of contract, tort of intentional interference with economic
relations, breach of confidentiality and non-compete, breach of trust, breach of fiduciary duty, defamation, breach of duty of honest
performance and good faith, and damages. The Company claims that Harold Steven Atkinson purposely hid the renewal process of the Fisheries
and Oceans Canada – Freshwater / Land-based Aquaculture License (the “License”) and placed the License in his personal
name when it should be in the name of TOBC. The License is required to operate the aquaculture farm, including the transfer of eggs and
fingerlings to its facilities. The Company cannot provide any assurance as to the timing of resolution or outcome of this matter.

F-34

ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None.

ITEM
9A. 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 December 31, 2024, 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 have concluded that our disclosure controls and procedures were not effective as of such date
to ensure that information required to be disclosed by us