Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 470

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1A
Chunk 470
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 individual countries to strict limitations on the amount of seafood
that is allowed to be caught or harvested. Environmental groups have been lobbying for additional limitations. If international organizations
or national governments were to impose additional limitations on crab meat or the seafood products we sell, this could have a negative
impact on our results of operations.

12

Segments
of the seafood industry in which we operate are competitive, and our inability to compete successfully could adversely affect our business,
results of operations and financial condition.

We
compete with major integrated seafood companies such as Tri Union Frozen Products, Inc. (Chicken of the Sea Frozen Foods), Phillips Foods,
Inc., Harbor Seafood, Inc., and Twin Tails Seafood Corp. in our traditional sustainable seafood business and our primary competitors
in our RAS business are Atlantic Sapphire, Nordic Aquafarms, Whole Oceans, Kuterra and Pure Salmon. Some of our competitors have the
benefit of marketing their products under brand names that have better market recognition than ours or have stronger marketing and distribution
channels than we do. Increased competition as to any of our products could result in price reduction, reduced margins and loss of market
share, which could negatively affect our profitability. An increase in imported products in the United States at low prices could also
negatively affect our profitability.

We
are devoting some of our financial and management resources to our Fisheries and Oceans Canada – Freshwater / Land-based Aquaculture
License litigation, and if we are unsuccessful in this lawsuit, our financial condition may be adversely affected.

Currently,
we are devoting certain time, effort and financial resources to our lawsuit regarding the Fisheries and Oceans Canada – Freshwater
/ Land-based Aquaculture License. The License is required to operate the aquaculture farm, including the transfer of eggs and fingerlings
to its facilities. In the event we are not awarded control of the License, this could diminish the value of our brand, adversely affect
our ability to operate and maintain our services, and our business could be harmed. Even if we prevail, the litigation may be time-consuming and expensive,
diverting management’s attention from core business operations and potentially causing delays in expansion plans or regulatory approvals.
There can be no assurance regarding the outcome of this litigation or its potential impact on our business, financial condition, and results
of operations.

Our
insurance coverage may be inadequate to cover losses we may incur or to fully replace a significant loss of assets.

Our
involvement in the fishing industry may result in liability