Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1522

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 7
Chunk 1522
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 holders
of approximately 62.9% of the Company’s voting power, approved the granting of authority to the Board to amend the Company’s
Certificate of Incorporation to effect a reverse stock split of the issued and outstanding shares of the Company’s common stock,
by a ratio of not less than 1-for-2 and not more than 1-for-50, with the exact ratio to be determined by the Board in its sole discretion.

The
Board determined to effectuate a 1:50 reverse stock split (the “Reverse Stock Split”) and on May 20, 2024 the Company amended
its Certificate of Incorporation to effect the Reverse Stock Split. All shares and per share amounts in the financial statements have
been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split.

Off
Balance Sheet Arrangements

We
currently have no off-balance sheet arrangements.

ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

We
are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this
Item.

38

ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 

Blue
Star Foods Corp.

Index
to Audited Financial Statements

    Page
  
    Report of Independent Registered Public Accounting Firm(PCAOB ID No. 206)
    F-1
  
    Consolidated Balance Sheets as of December 31, 2024 and 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