Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 45

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 45
---
  
     147,821  
     1,753,070 
  
    Common stock issued for loan commitment fees  
     -  
     73,300 
  
    Common stock issued for accrued directors stock compensation  
     540,000  
     - 

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

7

NOTES
TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

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 connection with the soft-shell crab business.
Coastal Pride did not assume any liabilities in connection with the acquisition. The purchase price for the assets consisted of a cash
payment in the amount of $359,250 and the issuance of 8,355 shares of common stock of the Company with a fair value of $359,250. Such
shares were subject to a leak-out agreement pursuant to which Gault Seafood could not