Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 177

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 177
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 1,574 |   |
| Issuance of warrant liability during the period  |     |   |          - |   |
| Change in fair value of warrant liability during 
 the period                                       |     |   |     (1,574 | ) |
| Warrant liability balance, September 30, 2024    |     | $ |          - |   |

The fair market value of all derivatives and warrant liability as of December 31, 2023 was determined using the Black-Scholes option pricing model which used the following assumptions:

Schedule of Fair Market Value of Derivatives

| Stock price                     |     | $ |         7.00 |   |
| Expected dividend yield         |     |   |         0.00 | % |
| Expected stock price volatility |     |   |       45.51% 
     - 150.46 | % |
| Risk-free interest rate         |     |   |        3.81% 
       - 4.91 | % |
| Expected term                   |     |   |         1.42 
 – 5.00 years |   |

The fair market value of all derivatives and warrant liability as of September 30, 2024 was determined using the Black-Scholes option pricing model which used the following assumptions:

| Stock price                     |     | $ |        0.53 |   |
| Expected dividend yield         |     |   |        0.00 | % |
| Expected stock price volatility |     |   |      38.90% 
    - 199.16 | % |
| Risk-free interest rate         |     |   |       3.58% 
      - 4.38 | % |
| Expected term                   |     |   |        0.67 
 – 4.33years |   |

| F-38 |

Recent Accounting Pronouncements

There are various updates recently issued to the accounting literature and these are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Note 3. Going Concern

The accompanying consolidated financial statements and notes have been prepared assuming the Company will continue as a going concern. For the nine months ended September 30, 2024, the Company incurred a net loss of $ 4,260,209and had an accumulated deficit of $ 38,070,941.These factors raise substantial doubt as to the Company’s ability to continue as a going