Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 898

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 898
---
 2023
    F-2
  
    Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023
    F-3
  
    Consolidated Statements of Changes in Stockholders’ Equity  for the years ended December 31, 2024 and 2023
    F-4
  
    Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023
    F-5
  
    Notes to Consolidated Financial Statements
    F-6

39

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Shareholders and Board of Directors of

Blue
Star Foods Corp.

Opinion
on the Financial Statements

We
have audited the accompanying consolidated balance sheets of Blue Star Foods Corp. and its subsidiaries (collectively, the “Company”)
as of December 31, 2024 and 2023 and the related consolidated statements of operations, stockholders’ equity, and cash flows for
the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the
financial statements present fairly, in all material respects, the financial position of the Company as of December 31,2024 and 2023,
and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted
in the United States of America.

Going
Concern Matter

The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
4 to the financial statements, the Company has suffered recurring losses from operations and has a net capital deficiency that raises
substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described
in Note 4. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis
for Opinion

These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We
conducted our audits in accordance