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

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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2024. There were no financial assets
and liabilities that were measured at fair value on a recurring basis under Levels 1 and 2.

 Schedule
of Derivative and Warrant Liabilities Measured at Fair Value

    Level 3 Fair Value 

    As of March 31, 2025  
    As of December 31, 2024 
  
    Liabilities 

    Derivative liability on convertible debt 
    $35,475  
    $49,565 
  
    Total 
    $35,475  
    $49,565 

     12 

The
table below presents the change in the fair value of the derivative liability convertible debt and warrant liability during the three
months ended March 31, 2025:

 Schedule
of Change in Fair Value of Derivative Liability Convertible Debt and Warrant Liability

    Derivative liability balance, January 1, 2025 
    $49,565 
  
    Issuance of derivative liability during the period 
     - 
  
    Change in derivative liability during the period 
     (14,090)
  
    Derivative liability balance, March 31, 2025 
    $35,475 

The
fair market value of all derivatives and warrant liability as of December 31, 2024 was determined using the Black-Scholes option pricing
model which used the following assumptions:

 Schedule
of Fair Market Value of Derivatives

    Stock price 
    $0.13 
  
    Expected dividend yield 
     0.00%
  
    Expected stock price volatility 
     189.14%
  
    Risk-free interest rate 
     4.32%
  
    Expected term 
     0.58 years 

The
fair market value of all derivatives and warrant liability as of March 31, 2025 was determined using the Black-Scholes option pricing
model which used the following assumptions:

    Stock price 
    $0.05 
  
    Expected dividend yield 
     0.00%
  
    Expected stock price volatility 
     189.27%
  
    Risk-free interest rate 
     4.32%
  
    Expected term 
     0.33 years 

Segment
Information

The
Company’s business consists of one operating segment, which is also its one reportable segment. The Company derives revenue by
providing sales of primarily seafood products to customers. The Company’s CODM