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 UNITED
STATES

 SECURITIES
AND EXCHANGE COMMISSION

 Washington,
D.C. 20549

 FORM

 (Mark
One)

 ANNUAL
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For
the fiscal year ended: December 31, 2023

 or

 TRANSITION
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For
the transition period from ____________ to ____________

 Commission
file number: 001-40991

 BLUE
STAR FOODS CORP.

 (Exact
name of registrant as specified in its charter)

 Delaware

 82-4270040

 (State
 or other jurisdiction of

 incorporation
 or organization)

 (IRS
 Employer

 Identification
 No.)

 3000
 NW 109th Avenue

 Miami,
 Florida

 33172

 (Address
 of principal executive offices)

 (Zip
 Code)

 (305) 836-6858

 (Registrant's
telephone number, including area code)

registered pursuant to Section 12(b) of the Act:

 Title
 of each class

 Trading
 Symbol(s)

 Name
 of each exchange on which registered

 Common
 Stock, $0.0001 par value

 BSFC

 The
 NASDAQ Stock Market LLC

 (NASDAQ
 Capital Market)

registered pursuant to Section 12(g) of the Act: None

by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No

by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No

by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934
during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject
to such filing requirements for the past 90 days. Yes No

by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes No

by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of the "large accelerated filer," "accelerated filer,"
"non-accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2
of the Exchange Act.

 Large
 accelerated filer

 Accelerated
 filer

 Non-accelerated
 filer

 Smaller
 reporting company

 Emerging
 growth company

 If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report.

 If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction an error to previously issued financial statements.

by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 The
aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which
the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's
most recently completed second fiscal quarter was $ 2,199,788.

 As
of April 1, 2024, there were 40,682,568 shares of the registrant's common stock outstanding.

 DOCUMENTS
INCORPORATED BY REFERENCE

 TABLE
OF CONTENTS

 Page

 FORWARD-LOOKING STATEMENTS

 ITEM
 1.

 BUSINESS

 ITEM
 1A.

 RISK FACTORS

 ITEM
 1B.

 UNRESOLVED STAFF COMMENTS

 ITEM
 1C.

 CYBERSECURITY

 ITEM
 2.

 PROPERTIES

 ITEM
 3.

 LEGAL PROCEEDINGS

 ITEM
 4.

 MINE SAFETY DISCLOSURES

 ITEM
 5.

 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 ITEM
 6.

 [RESERVED]

 ITEM
 7.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ITEM
 7A.

 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 ITEM
 8.

 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 ITEM
 9.

 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 ITEM
 9A.

 CONTROLS AND PROCEDURES

 ITEM
 9B.

 OTHER INFORMATION

 ITEM
 9C

 DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 ITEM
 10.

 DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

 ITEM
 11.

 EXECUTIVE COMPENSATION

 ITEM
 12.

 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 ITEM
 13.

 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 ITEM
 14.

 PRINCIPAL ACCOUNTANT FEES AND SERVICES

 ITEM
 15.

 EXHIBITS, FINANCIAL STATEMENT SCHEDULES

 ITEM
 16.

 FORM 10-K SUMMARY

 SIGNATURES

 FORWARD-LOOKING
STATEMENTS

 Except
for historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of
1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"). Such forward-looking statements include, among others, those statements including the words "believes", "anticipates",
"expects", "intends", "estimates", "plans" and words of similar import. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements,
or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking
statements.

 Forward-looking
statements are based on our current expectations and assumptions regarding our business, potential target businesses, the economy and
other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by
the forward-looking statements. We caution you therefore that you should not rely on any of these forward-looking statements as statements
of historical fact or as guarantees or assurances of future performance. Important factors that could cause actual results to differ
materially from those in the forward-looking statements include changes in local, regional, national or global political, economic, business,
competitive, market (supply and demand) and regulatory conditions and the following:

 Our
 ability to raise capital when needed and on acceptable terms and conditions;

 Our
 ability to make acquisitions and integrate acquired businesses into our company;

 Our
 ability to attract and retain management with experience in the business of importing, packaging and selling of seafood;

 Our
 ability to negotiate, finalize and maintain economically feasible agreements with suppliers and customers;

 The
 availability of crab meat and other premium seafood products we sell;

 The
 intensity of competition; and

 Changes
 in the political and regulatory environment and in business and fiscal conditions in the United States and overseas.

 These
risks and others described under the section "Risk Factors" below are not exhaustive.

 Given
these uncertainties, readers of this Annual Report on Form 10-K ("Annual Report") are cautioned not to place undue reliance
on such forward-looking statements. We disclaim any obligation to update any such factors or to publicly announce the result of any revisions
to any of the forward-looking statements contained herein to reflect future events or developments.

 All
references in this Annual Report to the "Company", "we", "us", or "our", are to Blue
Star Foods Corp., a Delaware corporation, and its consolidated subsidiaries, John Keeler & Co., Inc., d/b/a Blue Star Foods, a Florida
corporation ("Keeler & Co.") and its wholly-owned subsidiary, Coastal Pride Seafood, LLC, a Florida limited liability
company ("Coastal Pride") and Taste of BC Aquafarms, Inc., a corporation formed under the laws of the Province of British
Columbia, Canada ("TOBC").

 Unless
otherwise noted, all share and the price per share information in this Annual Report for all periods presented reflect the reverse stock
split of our outstanding common stock at a ratio of 1-for-20 ("Reverse Stock Split"), which became effective as of June 21,
2023. On the opening of the market on June 22, 2023, our common stock began trading on the NASDAQ Capital Market on a post-reverse stock
split basis.

 PART
I

 ITEM
1. BUSINESS

 History

 We
were incorporated on October 17, 2017 in the State of Delaware as a blank check company to be used as a vehicle to pursue a business
combination with an unidentified target. Following the Merger (as described below), we changed our name from "AG Acquisition Group
II, Inc." to "Blue Star Foods Corp." and succeeded to the business of Keeler & Co.

 Merger

 On
November 8, 2018 (the "Closing Date"), we entered into an Agreement and Plan of Merger and Reorganization (the "Merger
Agreement"), with Keeler & Co., Blue Star Acquisition Corp., our newly formed, wholly-owned Florida subsidiary ("Acquisition
Sub"), and John Keeler, Keeler & Co's sole stockholder (the "Sole Stockholder"). Pursuant to the terms of
the Merger Agreement, Acquisition Sub merged with and into Keeler & Co, which was the surviving corporation and thus became our wholly-owned
subsidiary (the "Merger").

 At
the Closing Date, each of the 25 shares of common stock of Keeler & Co issued and outstanding immediately prior to the closing of
the Merger were converted into 1,500 shares of our common stock. As a result, an aggregate of 750,000 shares of our common stock
were issued to the Sole Stockholder.

 At
the effective time of the Merger, the Company redeemed an aggregate of 462,500 shares of common stock from the pre-Merger stockholders
of the Company (the "Pre-Merger Holders") for cancellation by the Company (the "Share Redemption") and, as a
result, the Pre-Merger Holders retained an aggregate of 37,500 shares of common stock after the Merger, representing a value of $1.5
million. The shares were redeemed in consideration for the direct benefit the Pre-Merger Holders will receive in connection with the
consummation of the Merger.

 Offering

 Concurrently
with the closing of the Merger, we closed a private placement offering (the "Offering") in which we sold an aggregate of
36 units of our securities (the "Units") at a purchase price of $20,000 per Unit, for aggregate gross proceeds of $725,000.
Each Unit consisted of one share of the Company's 8% Series A convertible preferred stock, par value $0.0001 per share (the "Series
A Stock") and a three-year warrant (the "Warrant") to purchase one-half of one share of common stock for every share
of common stock that would be received upon conversion of a share of Series A Stock (the "Warrant Shares"), at an exercise
price of $48.00. The Series A Stock is convertible into shares (the "Conversion Shares") of the Company's common stock,
at a conversion rate of $40.00 per share (the "Conversion Rate"). We issued 17,663 Warrant Shares in the Offering, which
Warrant Shares are exercisable independently of any conversion of Series A Stock. The net proceeds of the Offering were used by the Company
for general corporate purposes. All of the Series A Stock have been converted to shares of the Company's common stock.

 Company
Settlement

 Effective
upon the closing of the Merger, we issued an aggregate of 34 Units to eleven "accredited investors" (the "Settlement
Parties") for each such individual or entity entering into a settlement and mutual general release agreement (the "Settlement
Agreement") with the Company in full and complete settlement and satisfaction and release of claims such Settlement Parties may
have against the Company (the "Company Settlement").

 Upon
the closing of the Merger, (i) options to purchase an aggregate of 5 shares of Keeler & Co's common stock at an exercise
price of $200,000 per share, which were outstanding immediately prior to the closing of the Merger, were converted into a ten-year immediately
exercisable options to purchase an aggregate of 156,000 shares of common stock at an exercise price of $6.66 (which option was subsequently
terminated unexercised), and (ii) a ten-year option to purchase 156,000 shares of common stock at an exercise price of $40.00, which
vested one-year from the date of grant.

 Changes
to the Board of Directors and Executive Officers

 On
the Closing Date of the Merger, the then-current directors and Chief Financial Officer and Chief Executive Officer of the Company resigned
from all such positions as directors and officers of the Company and were replaced by new officers and directors.

 Lock-ups

 In
connection with the Merger, each of our executive officers and directors after giving effect to the Merger (the "Restricted Holders")
and each of the Pre-Merger Holders, holding at the closing date of the Merger an aggregate of 37,500 shares of our common stock, entered
into lock-up agreements (the "Lock-Up Agreements"), whereby the Restricted Holders were restricted for a period of 18 months
and the Pre-Merger Holders were restricted for 12 months, after the Merger (the "Restricted Period"), from sales or dispositions
(including pledges) in excess of 50% of all of the common stock held by (or issuable to) them and at a price below $44.0 per share (such
restrictions together the "Lock-Up"). Notwithstanding such restrictions, during the Restricted Period (i) the Restricted
Holders may transfer up to 10% of their shares to a charitable organization which agrees to be bound by such Lock-Up restrictions and
(ii) the Pre-Merger Holders may transfer up to 10% of their shares to a third party which agrees to be bound by such Lock-Up restrictions.
From and after the Restricted Period, neither the Restricted Holders nor the Pre-Merger Holders may sell, dispose or otherwise transfer
more than one-third of the common stock held by such Holder in any two-month period.

 Redemption
from Pre-Merger Holders

 In
connection with the Merger, the Company redeemed an aggregate of 462,500 shares of common stock from the Company's Pre-Merger
Holders for cancellation by the Company (the "Share Redemption") and, as a result, the stockholders retained an aggregate
of 37,500 shares of common stock after the Merger (the "Retained Shares"), representing a value of $1.5 million. The shares
were redeemed in consideration for the direct benefit the Pre-Merger Holders will receive in connection with the consummation of the
Merger.

 Our
authorized capital stock currently consists of 100,000,000 shares of common stock, and 5,000,000 shares of the preferred stock, of which
10,000 shares have been designated as Series A Stock. Our common stock is not traded on any exchange. Our common stock was quoted on
the OTC pink sheets under the symbol "BSFC" since February 18, 2020. Our common stock was approved for listing on NASDAQ
under the symbol "BSFC" and began trading on November 3, 2021.

Pride Acquisition

 On
November 26, 2019, Keeler & Co., Inc. (the "Purchaser") entered into an Agreement and Plan of Merger and Reorganization
(the "Coastal Merger Agreement") with Coastal Pride Company, Inc., a South Carolina corporation, Coastal Pride Seafood, LLC,
a Florida limited liability company and newly-formed, wholly-owned subsidiary of Keeler & Co. (the "Acquisition Subsidiary"
and, upon the effective date of the Coastal Merger, the "Surviving Company), and The Walter F. Lubkin, Jr. Irrevocable Trust dated
1/8/03 (the "Trust"), Walter F. Lubkin III ("Lubkin III"), Tracy Lubkin Greco ("Greco") and John
C. Lubkin ("Lubkin"), constituting all of the shareholders of Coastal Pride Company, Inc. immediately prior to the Coastal
Merger (collectively, the "Coastal Sellers"). Pursuant to the terms of the Coastal Merger Agreement, Coastal Pride Company,
Inc. merged with and into the Acquisition Subsidiary, with the Acquisition Subsidiary being the surviving company (the "Coastal
Merger").

Pride is a seafood company, based in Beaufort, South Carolina, that imports pasteurized and fresh crabmeat sourced primarily from Mexico
and Latin America and sells premium branded label crabmeat throughout North America.

to the terms of the Coastal Merger Agreement, the following consideration was paid by Keeler & Co.: (i) an aggregate of $394,622
in cash; (ii) a five-year 4% promissory note in the principal amount of $500,000 (the "Lubkin Note), issued by Keeler & Co.
to Walter Lubkin Jr. ("Walter Jr."); (iii) three-year 4% convertible promissory notes in the aggregate principal amount of
$210,000 (collectively, the "Sellers Notes" and together with the Lubkin Note, the "Notes"), issued by Keeler
& Co. to Greco, Lubkin III and Lubkin, pro rata to their ownership of Coastal Pride Company, Inc. immediately prior to the Coastal
Merger; (iii) 25,000 shares of common stock of the Company, issued to Walter Lubkin, Jr. (the "Walter Jr. Shares"); and
(iii) an aggregate of 39,750 shares of common stock of the Company, issued to Greco, Lubkin III and Lubkin, pro rata to their ownership
of Coastal Pride Company, Inc. immediately prior to the Coastal Merger (together with the Walter Jr. Shares, the "Consideration
Shares").

 The
Notes are subject to a right of offset against the Coastal Sellers' indemnification obligations as described in the Coastal Merger
Agreement and are subordinate and subject to prior payment of all indebtedness of John Keeler under the Loan Agreement with Lighthouse
Financial Corp., a North Carolina corporation ("Lighthouse").

 Principal
and interest under the Lubkin Note are payable quarterly, commencing February 26, 2020, in an amount equal to the lesser of (i) $25,000
and (i) 25% of the Surviving Company's quarterly earnings before interest, tax, depreciation and amortization.

 One-sixth
of the principal and interest under the Sellers Notes are payable quarterly commencing on August 26, 2021. The Sellers Notes are convertible
into shares of common stock of the Company at the Seller's option, at any time after the first anniversary of the date of the Note,
at the rate of 0.05 share for each $40.00 of principal and/or interest so converted (the "Conversion Shares").

& Co. has the right to prepay the Notes in whole or in part at any time without penalty or premium.

 At
the effective time of the Coastal Merger, the Coastal Sellers entered into leak-out agreements (each, a "Leak-Out Agreement")
pursuant to which the Coastal Sellers and Walter Jr. may not directly or indirectly pledge, sell, or transfer any of the Consideration
Shares or Conversion Shares, or enter into any swap or other arrangement that transfers any of the economic consequences of ownership
of any such shares for one year from the date of the Coastal Merger. Thereafter, each Seller and Walter Jr. may transfer up to 25% of
the aggregate of the Consideration Shares and the Conversion Shares held by such person, in each successive six-month period.

 In
connection with the Coastal Merger, Lubkin III and Greco agreed to serve as president and chief financial officer, respectively, of the
Surviving Company.

 ACF
Finco I, LP ("ACF") and Keeler & Co. were parties to a loan and security agreement, originally dated as of August 31,
2016. As a condition to ACF's waiver of certain events of default under the Loan Agreement, and consent to the formation of the
Acquisition Subsidiary and the Coastal Merger, the Acquisition Subsidiary and Keeler & Co. entered into the Joinder and Seventh Amendment
to the Loan Agreement which resulted, among other things, in Coastal Pride becoming an additional borrower under the Loan Agreement.
On March 31, 2021, Keeler & Co. and Coastal Pride entered into a loan and security agreement (the "Loan Agreement") with
Lighthouse, and the loan with ACF was extinguished.

 On
April 15, 2021, the Company issued an aggregate of 823 shares of common stock to the Coastal Seller in lieu of payment in cash of
accrued interest in the aggregate amount of $39,504 under the Sellers' Notes.

 A
combination of cash and shares of common stock were issued on the notes by the Company totaling an aggregate of $180,989 on the Walter
Lubkin III Convertible Note, Tracy Greco Convertible Note and John Lubkin Convertible Note and such notes were extinguished on December
31, 2022.

 Taste
of BC Aquafarms Acquisition

 On
April 27, 2021, we entered into a stock purchase agreement (the "SPA") with TOBC, and Steve Atkinson and Janet Atkinson (the
"TOBC Sellers"), the owners of all of the capital stock of TOBC (the "TOBC Shares") pursuant to which we acquired
all of the TOBC Shares from the TOBC Sellers for an aggregate purchase price of CAD$4,000,000, subject to adjustment based upon the amount
of TOBC's working capital on the closing date (the "Purchase Price") as follows: (i) CAD$1,000,000 in cash, pro rata
with each TOBC Seller's ownership of TOBC (ii) by the issuance to each TOBC Seller of a non-interest bearing promissory note in
the aggregate principal amount of CAD$200,000, with a maturity date of November 30, 2021, with the principal amount of each note to be
pro rata with each TOBC Seller's ownership of TOBC, and secured by a Company guarantee and a general security agreement creating
a security interest over certain assets of the Company, and (iii) 49,387 shares of common stock, (representing CAD$2,800,000 of shares
based on USD$46.00 per share) with each TOBC Seller receiving a pro rata portion of such shares based upon the total number of TOBC shares
held by such TOBC Seller.

 On
June 24, 2021, the SPA was amended to increase the purchase price to an aggregate of CAD$5,000,000 and the TOBC acquisition closed. Pursuant
to the amendment, on August 3, 2021, an aggregate of 17,248 shares of common stock (representing CAD$1,000,000 of additional shares
calculated at USD$46.00 per share) was put in escrow until the 24-month anniversary of the closing. If, within 24 months of the closing,
TOBC has cumulative revenue of at least CAD$1,300,000, the TOBC Sellers will receive all of the escrowed shares. If, as of the 24-month
anniversary of the closing, TOBC has cumulative revenue of less than CAD$1,300,000, the TOBC Sellers will receive a prorated number of
the escrowed shares based on the actual cumulative revenue of TOBC as of such date.

 In
addition to the foregoing consideration, at the time of the closing, the Company provided CAD$488,334 to TOBC for the extinguishment
of certain of TOBC's existing debt.

 The
shares of common stock received by the TOBC Sellers are subject to a leak-out restriction commencing on the date of issuance, as follows:
(i) up to 25% may be sold after 12 months; (ii) up to 50% may be sold after 18 months; (iii) up to 75% may be sold after 24 months; and
(iv) up to 100% may be sold after 30 months.

 The
TOBC Seller's non-interest-bearing promissory notes were paid in full at maturity.

 In
connection with the TOBC acquisition, the TOBC Sellers entered into four-year confidentiality, non-competition and non-solicitation agreements
with the Company.

 On
July 6, 2023, the Company, TOBC and Steve Atkinson and Janet Atkinson agreed to waive a requirement in the First Amendment to the SPA
entered into as of June 24, 2021, that an aggregate of 17,247 shares of common stock of the Company ("Additional Shares")
held in escrow be released if at June 24, 2023, the twenty-four month anniversary of the closing of the acquisition of TOBC by the Company,
TOBC had cumulative revenues of at least CAD$1,300,000, or if TOBC's cumulative revenue had not reached CAD$1,300,000, a prorated
number of Additional Shares be released. Accordingly, on July 6, 2023, the Company authorized the release of 8,451 Additional Shares
to Steve Atkinson and 8,796 Additional Shares to Janet Atkinson.

 Gault
Seafood Asset Acquisition

 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 the Seller ("Gault") pursuant to which Coastal
Pride acquired all of Gault Seafood'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 operations.
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.

Pride also entered into a consulting agreement with Gault under the terms of which Gault will provide consulting services to Coastal
Pride at the rate of $100 per hour, however, the first 45 days of services will be provided at no cost. Gault also agreed not to compete
with Coastal Pride and its affiliates for a period of five years in any market in which Coastal Pride is operating or is considering
operating or solicit employees, consultants, customers or suppliers or in any way interfere with Coastal Pride's business relationships
for a five-year period, Gault is also bound by customary confidentiality provisions. The Consulting Agreement may be terminated by either
party upon five days written notice and by Costal Pride immediately for cause.

 In
connection with the asset acquisition, Coastal Pride will lease 9,050 square feet from Gault for $1,000 per month under a one-year lease
agreement and will continue to operate the acquired soft-shell crab operations at such location in Beaufort, South Carolina unless a
new facility is earlier completed.

 Our website address is www.bluestarfoods.com.
The information contained on, or that can be accessed through, our website is not incorporated by reference into this Annual Report and
is intended for informational purposes only.

 Overview

 We
are an international seafood company based in Miami, Florida that imports, packages and sells refrigerated pasteurized crab meat, and
other premium seafood products. Our current source of revenue is from importing blue and red swimming crab meat primarily from Indonesia,
the Philippines and China 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. The crab meat which we import is processed in 13 plants throughout
Southeast Asia. Our suppliers are primarily via co-packing relationships, including two affiliated suppliers. We sell primarily to food
service distributors. We also sell our products to wholesalers, retail establishments and seafood distributors.

 Strategy

 Our
long-term strategy is to create a vertically integrated seafood company that offers customers high quality products while maintaining
a focus on our core values of delivering food safety, traceability and certified resource sustainability.

 We
plan to grow the Company organically by continuing to increase our customer base and by introducing new high-value product lines and
categories, as well as strategically acquiring companies that focus on additional species and proprietary technologies that we believe
we can integrate into a larger, diversified company.

 Operating
Companies

 We
operate through the following subsidiary companies:

& Co., doing business as Blue Star Foods, is an international seafood company that imports, packages and sells refrigerated pasteurized
crab meat sourced primarily from Southeast Asia and other premium seafood products.

& Co. purchases the majority of our crab product (Portunus Pelagicus and Portunus Haanii) from processors which source the crab meat
from local fishermen in Indonesia, the Philippines, Thailand, Vietnam and India, to whom we pay a premium in order to outfit their boats
with a proprietary GPS-based system. This system allows us to trace where the crab product originates and ensure that only mature crabs
are being harvested by the use of collapsible traps and not gill nets.

 The
crab meat is purchased directly from processors with whom we have long-standing relationships, that have agreed to source their product
in a sustainable manner. All crab meat is sourced under the Company's U.S Food & Drug Administration ("FDA") approved
Hazard Analysis Critical Control Point ("HACCP") Plan. Additionally, all suppliers are certified by the British Retail Consortium
(the "BRC") and are audited annually to ensure safety and quality of our product.

 The
imported crab meat is processed in six out of the ten plants available throughout Southeast Asia. Our suppliers are primarily via co-packing
relationships, including two affiliated suppliers. We sell primarily to food service distributors. We also sell our products to wholesalers,
retail establishments and seafood distributors.

 We
have created a technology platform that tracks the product through its entire chain of custody and collects and transmits various data
to the Company in real-time, from the loading site to the packing plant, through the sorting and pasteurization process and the exporting
process to the end customer. Our technology allows our customers access to their "Scan on Demand" QR code-enabled traceability
application.

 Our
premium proprietary brands, Blue Star, Pacifika and Oceanica are differentiated in terms of quality and price point.

 We
believe that we utilize best-in-class technology, in both resource sustainability management and ecological packaging.

Pride is a seafood company, based in Beaufort, South Carolina, that imports pasteurized and fresh crab meat (Portunus Pelagicus,
Portunus Haanii and Callinectes) sourced primarily from Mexico and Latin America and sells premium branded label crab meat throughout
North America.

 It
has three premium branded label products, First Choice, Good Stuff and Coastal Pride Fresh.

 TOBC
 is a land-based recirculating aquaculture system ("RAS") farming operation located in Nanaimo, British Columbia, Canada
with an annual production capacity of approximately 100 tons. It produces steelhead salmon and rainbow trout fingerlings under the brand
name Little Cedar Farms for distribution in Canada.

 TOBC's
RAS facility has been operated as a model farm for the development of salmon RAS technology. We currently intend to refine this model
farm into a 150-ton standardized module that will be replicated in the development of future farms. The next facility we hope to build,
subject to sufficient resources, will have 10 such modules, for a total production capacity of 1,500 tons.

 The
current RAS facility is in an insulated, bio-secure structure in which culture conditions are controlled. The primary RAS system is composed
of thirteen culture tanks, a drum filter, a fluidized sand bed biofilter and a low head oxygenator and employs an efficient gravity fed
low head arrangement which reduces energy use as compared to other RAS designs. Additionally, there are two independent partial reuse
finishing tank systems.

 Weekly
harvests of approximately two tons of salmon are stunned and bled at the farm and then processed as fresh iced head on gutted ("HOG")
fish at a Canadian Food Inspection Agency approved processing facility. Currently, TOBC sells its salmon mainly to two wholesale seafood
distributors in Canada.

 Eggs
are purchased from two primary suppliers and are hatched approximately every eight weeks. TOBC's hatchery is composed of a recirculating
system that utilizes an upwelling "heath stack" incubator and five tanks with moving bed biofiltration. The fish are then
transferred to the main RAS system approximately 12 weeks post hatch. TOBC's feed is largely terrestrial based from grains and
other non-marine ingredients.

 We
believe that the faster life cycle from birth to harvesting of our salmon, as compared to conventional salmon, allows it to be produced
more economically in contained, land-based RAS farms. Although RAS farms require greater capital investment than the sea cage approach,
we believe that the higher costs are offset by more efficient growth and a shorter transportation distance to market.

 Branded
Products

 We
distribute our imported blue and red swimming crabmeat in the United States under the brand names Blue Star, Pacifika, Oceanica, Crab
& Go Premium Seafood, First Choice, Good Stuff and Coastal Pride Fresh and steelhead salmon and rainbow trout fingerlings produced
by TOBC under the brand name Little Cedar Falls.

 Blue
Star is packed with only high quality Portunus Pelagicus species crab and is produced under exacting specifications and quality control
requirements.

 Pacifika
 is a quality brand for the price conscious end user. The Portunus Haanii crab meat is packed in China and is ideal for upscale plate
presentations.

 Oceanica
 is made from the Portunus Haanii crab, which is caught and processed in Vietnam. It is an affordable choice to help reduce food cost
without sacrificing the look/taste of dishes.

 Crab
+ Go Premium Seafood is geared towards millennials as part of the trend toward pre-packaged, grab-and-go items. The product is packaged
in flexible foil pouches.

 Lubkin
Brand is packed with quality Portunus Pelagicus species crab in the Philippines and Indonesia.

 First
Choice is a quality brand packed with Portunus Haanii crab meat from Malaysia.

 Good
Stuff is a premium brand packed with high quality Callinectes species crab from Mexico.

Pride Fresh is packed with Callinectes Sapidus from Venezuela and the United States.

 Steelhead
salmon and rainbow trout fingerlings are produced by TOBC under the Little Cedar Falls brand. The fish are sashimi grade and only sold
as a fresh item, usually reaching end users within days of harvest.

 Competitive
Strengths

 Sustainable
and Traceable Product Sourcing. We believe that our greatest point of differentiation from other seafood companies is our efforts
to ensure that our seafood products are ethically sourced in a method that is consistent with our core values and those of our customers.

 Proprietary
Brands. We have created several brands of crab meat that are well regarded amongst our customers and are differentiated by product
quality and price point.

 Eco-Friendly
Packaging. Another major point of differentiation from our competitors is our use of sustainable and ethical packaging. Our green
pouches for Eco-Fresh crab meat are patented in the United States, Europe, Thailand, the Philippines and Indonesia under patent Nos.1526091
B1 and US Patents 8,337,922 and 8,445,046. We believe since their introduction in 2003, these pouches have saved in excess of a million
metric tons of carbon dioxide emissions versus metal can packaging material.

 Growth
Strategy

 We
intend to grow our business in several ways, including:

 Growing
our existing businesses. The three current existing businesses each have different pathways to organic growth, including by increasing
their reliable access to sustainably sourced marine product and supplying to a larger and more diversified customer base. Our key objective
is to optimize the management of the companies across all companies, specifically in the marketing, sourcing and financing departments.

 Strategic
Acquisitions. We will continue to seek opportunities to acquire companies that allow us to expand into new territories, diversify
our species product categories, and where operational synergies with our existing companies may exist. We believe that we may have the
ability to layer on a sustainability model to certain companies that operate in a more traditional way, with an opportunity to increase
margins by selling a more premium product.

 Scaling
the RAS Business. We have an internal goal to reach production of 21,000 metric tons of steelhead salmon by 2028. If we can successfully
access the necessary funding through the equity capital markets and through certain debt facilities, we hope to build a series of 1,500
metric ton and 3,000 metric ton facilities throughout strategic locations in British Columbia, Canada, where TOBC is currently based.

 Industry
Overview

 The
international seafood industry is going through a period of rapid change as it strives to meet the needs of a growing population around
the world, where food consumption habits are evolving. We believe there are powerful trends emerging in the developing world (including
a growing demand for animal-based protein) as well as in the developed world (where there is an increased awareness and focus on sustainable
sourcing and protecting marine ecosystems).

 Changes
in Population Growth and Global Seafood Consumption:

 The
United Nations latest projections suggest that the global population could grow to around 8.5 billion in 2030, 9.7 billion in 2050 and
10.4 billion in 2100 (1).

 As
the population has grown, so has per capita fish consumption. Per capita food fish consumption grew from 9.0 kg (live weight equivalent)
in the 1960s to 20.2 kg in 2020, at an average annual rate of 3% compared with a population growth rate of 1.6% (2).

 Rising
incomes and urbanization, improvements in post-harvest practices and changes in dietary trends are projected to drive a 15% increase
in aquatic food consumption, to supply on average 21.4 kg per capita in 2030 (3).

 Aquaculture
Has Developed as a Major Source to Meet Global Seafood Demand:

 In
2020, fisheries and aquaculture production reached an all-time record of 214 million tons, worth about $424 billion. Production of aquatic
animals in 2020 was more than 60% higher than the average in the 1990s, considerably outpacing world population growth, largely due to
increasing aquaculture production (4).

 Total
production of aquatic animals is expected to reach 202 million tons in 2030, mainly due to sustained growth of aquaculture, projected
to reach 100 million tons for the first time in 2027 and 106 million tons in 2030 (5).

 We
believe that the growth in consumption drives the increased growth of aquaculture and the need for recirculatory aquatic systems.

 (1)
United Nations – Department of Economic and Social Affairs – World Population Prospects (2022)

 (2)(3)(4)(5)
Food and Agriculture Organization of the United Nations "The State of the World Fisheries and Aquaculture – 2022.

 Suppliers

 We
purchase crab meat directly from six processors with which we have long-standing relationships, that have agreed to source their product
in a sustainable manner. All crab meat is sourced under the Company's FDA approved HACCP Plan. Additionally, all suppliers are
certified grade A by the BRC and are audited annually to ensure safety and quality.

 The
Company had four major suppliers located in the United States, Canada and China which accounted for approximately 82%
of the Company's total purchases during the year ended December 31, 2023. The Company's largest supplier is located in Miami
and accounted for 35% of the Company's total purchases in the year ended December 31, 2023.

 Sales,
Marketing and Distribution

 The
Company's products are sold in the United States and Canada. Its primary current source of revenue is importing blue and red swimming
crab meat primarily from Indonesia, the Philippines and China and distributing it in the United States and Canada under several brand
names such as Blue Star, Oceanica, Pacifika, Crab & Go, Lubkin's Coastal Pride, First Choice, Good Stuff, Coastal Pride Fresh
and TOBC steelhead salmon and rainbow trout fingerlings produced under the brand name Little Cedar Falls.

 The
Company stores its crab meat inventory at a third-party facility in Miami, Florida and distribution takes place from this facility.

 The
Company has a sales team based throughout the United States who sell directly to customers, most of whom are in the food service and
retail industry and also manage a network of regional and national brokers, that cover both the retail and wholesale segments. The sales
team and brokers help to pull the products through the system by creating demand at the end user level and pulling the demand through
our distributor customers. The Company sells to retail customers either directly or via distributors that specialize in the retail segment.

 The
Company does not own its own fleet of trucks and utilizes less than truckload freight shipping ("LTL") national freight carriers
to deliver its products to its customers. LTL is used for the transportation of small freight or when freight does not require the use
of an entire trailer. When shipping LTL, the Company pays for a portion of a standard truck trailer, and other shippers and their shipments
fill the unoccupied space.

 Customers

 Our
customer base is comprised of some of the largest companies in the food service and retail industry throughout the United States. We
sell our crab meat to our customers through purchase orders. For the year ended December 31, 2023, sales to food distributors and retail
and wholesale clubs accounted for 52% of our revenue. The balance of our revenue is derived from smaller seafood distributors and value-added
processors.

 The
Company had nine customers which accounted for approximately 52% of revenue during the year ended December 31, 2023. Two customers accounted
for 22% of revenue during the year ended December 31, 2023. The loss of any major customer could have a material adverse impact on the
Company's results of operations, cash flows and financial position.

 Competition

 In
general, the international seafood industry is intensely competitive and highly fragmented. We compete with local and overseas manufacturers
and importers engaged in similar products.

 The
Company's primary competitors in its traditional sustainable seafood businesses are Tri Union Frozen Products, Inc. (Chicken of
the Sea Frozen Foods), Phillips Foods, Inc., Harbor Seafood, Inc., Newport International and Twin Tails Seafood Corp.

 The
Company's primary competitors in its RAS business are Aquabounty, Atlantic Sapphire, Aquaco, Nordic Aquafarms, Whole Oceans, West
Coast Salmon and Pure Salmon.

 Intellectual
Property

 Our
intellectual property is an essential element of our business. We use a combination of patent, trademark, copyright, trade secret and
other intellectual property laws and confidentiality agreements to protect our intellectual property. Our policy is to seek patent protection
in the United States and in certain foreign jurisdictions for our products, processes and other technology where available and when appropriate.
We also in-license technology, inventions and improvements we consider important to the development of our business.

 In
addition to our patents, we also rely upon trade secrets, know-how, trademarks, copyright protection and continuing technological and
licensing opportunities to develop and maintain our competitive position. We monitor the activities of our competitors and other third
parties with respect to their use of intellectual property. We require our employees to execute confidentiality and non-competition agreements
upon commencing employment with us. Despite these safeguards, any of our know-how or trade secrets not protected by a patent could be
disclosed to, or independently developed by, a competitor.

 It
is our standard practice to require our employees to sign agreements acknowledging that all inventions, trade secrets, works of authorship,
developments and other processes generated by them on our behalf are our property, and assigning to us any ownership in those works.
Despite our precautions, it may be possible for third parties to obtain and use without consent intellectual property that we own. Unauthorized
use of our intellectual property by third parties and the expenses incurred in protecting our intellectual property rights, may adversely
affect our business.

 Borrowings
under our loan and security agreement with Lighthouse are secured by substantially all of our personal property, including our intellectual
property.

 The
following is a list of our patents:

 Title

 Country

 Patent
 No. OR

 Publication
 No

 Issue
 Date

 Application
 No.

 Application

 Date

 POUCH-PACKAGED
 CRABMEAT PRODUCT AND METHOD

 US

 2015/0257426
 A1

 14/205,742

 3/12/2014

 METHOD
 FOR PACKAGING CRABMEAT

 US

 8445046
 B2

 5/21/2013

 13/681,027

 11/19/2012

 METHOD
 FOR PACKAGING CRABMEAT

 US

 8337922
 B2

 12/25/2012

 10/691,480

 10/21/2003

 METHOD
 FOR PACKAGING CRABMEAT

 EPC

 1526091
 B1

 10/21/2004

 TH

 28,256

 PH

 1-2005-000216

 ID

 20261

 Our
patents expire 20 years from the date of issuance which range from year 2007 to 2015.

 The
following is a list of our registered trademarks and trademarks for which we have filed applications.

 Mark

 Registration
 No

 Registration
 Date

 Application
 No.

 Application
 Date

 AMERICA'S
 FAVORITE CRABMEAT

 2961590

 6/7/05

 78344059

 12/22/03

 ECO-FRESH

 4525998

 5/6/14

 77922376

 1/28/10

 3858522

 10/5/10

 77885209

 12/3/09

 3818057

 7/13/10

 77885203

 12/3/09

 OCEANICA

 3711200

 11/17/09

 77595180

 10/17/08

 2419060

 1/9/01

 75855876

 11/19/19

 Lubkin's
 Coastal Pride

 2879531

 8/31/04

 78289067

 8/19/03

 Lubkin's
 Good Stuff

 N/A

 N/A

 87919629

 5/14/18

 Lubkin's
 First Choice

 H/A

 N/A

 88645685

 10/8/19

 Canadian
Intellectual Property Office registered trademarks:

 Little
Cedar Falls – Registration #1766337- Expiration: June 20, 2032

 Taste
of BC – Registration #1561871 - Expiration: January 31, 2034

 Government
Regulation

 Our
third-party distribution facilities and our international suppliers are certified in accordance with the HACCP, standards for exporting
aquatic products to the United States. The HACCP standards are developed by the FDA, pursuant to the FDA's HACCP regulation, Title
21, Code of Federal Regulations, part 123, and are used by the FDA to help ensure food safety and control sanitary standards.

 Food
Safety and Labeling

 We
are subject to extensive regulation, including, among other things, the Food, Drug and Cosmetic Act, as amended by the Food Safety Modernization
Act ("FSMA"), the Public Health Security and Bioterrorism Preparedness and Response Act of 2002, and the rules and regulations
promulgated thereunder by the FDA. The FSMA was enacted in order to aid the effective prevention of food safety issues in the food supply.
This comprehensive and evolving regulatory program impacts how food is grown, packed, processed, shipped and imported into the United
States and it governs compliance with Good Manufacturing Practices regulations. The FDA has finalized seven major rules to implement
FSMA, recognizing that ensuring the safety of the food supply is a shared responsibility among many different points in the global supply
chain. The FSMA rules are designed to make clear specific actions that must be taken at each of these points to prevent contamination.
Some aspects of these laws use a strict liability standard for imposing sanctions on corporate behavior. If we fail to comply with applicable
laws and regulations, we may be subject to civil remedies, including fines, injunctions, recalls, or seizures, and criminal sanctions,
any of which could impact our results of operations.

 In
addition, the Nutrition Labeling and Education Act of 1990 prescribes the format and content of certain information required to appear
on the labels of food products.

 Our
operations and products are also subject to state and local regulation, including the registration and licensing of plants, enforcement
by state health agencies of various state standards, and the registration and inspection of facilities. Compliance with federal, state
and local regulation is costly and time-consuming. Enforcement actions for violations of federal, state, and local regulations may include
seizure and condemnation of products, cease and desist orders, injunctions or monetary penalties. We believe that our practices are sufficient
to maintain compliance with applicable government regulations.

 Trade

 For
the purchase of products harvested or manufactured outside of the United States, and for the shipment of products to customers located
outside of the United States, we are subject to customs laws regarding the import and export of shipments. Our activities, including
working with customs brokers and freight forwarders, are subject to regulation by U.S. Customs and Border Protection, part of the Department
of Homeland Security.

 TOBC

 TOBC's
aquafarms facility in Nanaimo, British Columbia, Canada with an annual production capacity of approximately 100 tons are licensed under
the Canadian Department of Fisheries and Oceans. Harvests of steelhead salmon and rainbow trout fingerlings are processed as iced HOG
fish locally at a Canadian Food Inspection Agency approved processing facility.

 Federal
Trade Commission

 We
are subject to certain regulations by the U.S. Federal Trade Commission. Advertising of our products is subject to such regulation pursuant
to the Federal Trade Commission Act and the regulations promulgated thereunder.

 Employee
Safety Regulations

 We
are subject to certain health and safety regulations, including regulations issued pursuant to the Occupational Safety and Health Act.
These regulations require us to comply with certain manufacturing, health, and safety standards to protect our employees from accidents.

 Anticorruption

we are organized under the laws of a state and our principal place of business is in the United States, we are considered a "domestic
concern" under the Foreign Corrupt Practices Act ("FCPA") and are covered by the anti-bribery provisions of the FCPA.
The provisions prohibit any domestic concern and any officer, director, employee, or agent, acting on behalf of the domestic concern
from paying or authorizing payment of anything of value to (i) influence any act or decision by a foreign official; (ii) induce a foreign
official to do or omit to do any act in violation of his/her lawful duty; (iii) secure any improper advantage; or (iv) induce a foreign
official to use his/her influence to assist the payor in obtaining or retaining business, or directing business to another person.

 Environmental
Regulation

 We
are subject to a number of federal, state, and local laws and other requirements relating to the protection of the environment and the
safety and health of personnel and the public. These requirements relate to a broad range of our activities, including the discharge
of pollutants into the air and water; the identification, generation, storage, handling, transportation, disposal, recordkeeping, labeling,
and reporting of, and emergency response in connection with, hazardous materials (including asbestos) associated with our operations;
noise emissions from our facilities; and safety and health standards, practices, and procedures that apply to the workplace and the operation
of our facilities.

 Employees

 As
of March 28, 2024, we had thirty-nine full time employees and no part-time employees. We believe that our future success will depend, in
part, on our continued ability to attract, hire and retain qualified personnel.

 ITEM
1A. RISK FACTORS

 This
Annual Report contains certain statements relating to future events or the future financial performance of our Company. You are cautioned
that such statements are only predictions and involve risks and uncertainties, and that actual events or results may differ materially.
In evaluating such statements, you should specifically consider the various factors identified in this annual report, including the matters
set forth below, which could cause actual results to differ materially from those indicated by such forward-looking statements.

 An
investment in our common stock involves a high degree of risk. You should carefully consider the following risk factors before deciding
to invest in our Company. If any of the following risks actually occur, our business, financial condition, results of operations and
prospects for growth would likely suffer.

 Risks
Relating to Our Company and Business

 Future
acquisitions may have an adverse effect on our ability to manage our business.

 Selective
acquisitions currently form part of our strategy to further expand our business. If we are presented with appropriate opportunities,
we may acquire additional businesses, services or products that are complementary to our core business. Future acquisitions and the subsequent
integration of new companies into ours would require significant attention from management. Future acquisitions would also expose us
to potential risks, including risks associated with the assimilation of new operations, services and personnel, unforeseen or hidden
liabilities, the diversion of resources from our existing businesses and technologies, the inability to generate sufficient revenue to
offset the costs and expenses of acquisitions and potential loss of, or harm to, relationships with employees as a result of integration
of new businesses. The diversion of our management's attention and any difficulties encountered in any integration process could
have a material adverse effect on our ability to manage our business.

 The
value of crab meat is subject to fluctuation which may result in volatility of our results of operations and the value of an investment
in the Company.

 Our
business is dependent upon the sale of a commodity which value is subject to fluctuation. Our net sales and operating results vary significantly
due to the volatility of the value of the crab meat that we sell which may result in the volatility of the market price of our common
stock.

 A
material decline in the population and biomass of crab meat that we sell in the fisheries from which we obtain our crab meat would materially
and adversely affect our business.

 The
population and biomass of crab meat are subject to natural fluctuations which are beyond our control and which may be exacerbated by
disease, reproductive problems or other biological issues and may be affected by changes in weather and the global environment. The overall
health of a crab or other fish is difficult to measure, and fisheries management is still a relatively inexact science. Since we are
unable to predict the timing and extent of fluctuations in the population and biomass of our products, we are unable to engage in any
measures that might alleviate the adverse effects of these fluctuations. Any such fluctuation which results in a material decline in
the population and biomass in the fisheries from which we obtain our crab meat would materially and adversely affect our business. Our
operations are also subject to the risk of variations in supply.

 We
are subject to the risk of product contamination and product liability claims.

 The
sales of our products may involve the risk of injury to consumers. Such injuries may result from tampering by unauthorized personnel,
product contamination or spoilage, including the presence of foreign objects, substances, chemicals, or residues introduced during the
packing, storage, handling or transportation phases. While we are subject to governmental inspection and regulations and believe our
facilities comply in all material respects with all applicable laws and regulations, including internal product safety policies, we cannot
be sure that consumption of our products will not cause a health-related illness in the future or that we will not be subject to claims
or lawsuits relating to such matters. Even if a product liability claim is unsuccessful, the negative publicity surrounding any assertion
that our products caused illness or injury could adversely affect our reputation with existing and potential customers and our brand
image.

 A
significant portion of our revenues are derived from a single product, crab meat, and therefore we are highly susceptible to changes
in market demand, which may be affected by factors over which we have limited or no control.

 A
significant portion of our revenues are derived from a single product, crab meat. We therefore are highly susceptible to changes in market
demand, which may be impacted by factors over which we have limited or no control. Factors that could lead to a decline in market demand
for crab meat include economic conditions and evolving consumer preferences. A substantial downturn in market demand for crab meat may
have a material adverse effect on our business and on our results of operations.

 Risks
Related to Our Industry and TOBC's RAS Operations

 Regulation
of the fishing industry may have an adverse impact on our business.

 The
international community has been aware of and concerned with the worldwide problem of depletion of natural fish stocks. In the past,
these concerns have resulted in the imposition of quotas that subject 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.

 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 Aquabounty, Atlantic Sapphire, Aquacon, Nordic Aquafarms, Whole Oceans, West Coast Salmon 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.

 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 for pollution, property damage, personal injury or other hazards. Although
we believe we have obtained insurance in accordance with industry standards to address such risks, such insurance has limitations on
liability and/or deductible amounts that may not be sufficient to cover the full extent of such liabilities or losses. In addition, such
risks may not, in all circumstances, be insurable or, in certain circumstances, we may choose not to obtain insurance to protect against
specific risks due to the high premiums associated with such insurance or for other reasons. The payment of such uninsured liabilities
would reduce the funds available to us. If we suffer a significant event or occurrence that is not fully insured, or if the insurer of
such event is not solvent, we could be required to divert funds from capital investment or other uses towards covering any liability
or loss for such events.

 Our
operations, revenue and profitability could be adversely affected by changes in laws and regulations in the countries where we do business.

 The
governments of countries into which we sell our products, from time to time, consider regulatory proposals relating to raw materials,
food safety and markets, and environmental regulations, which, if adopted, could lead to disruptions in distribution of our products
and increase our operational costs, which, in turn, could affect our profitability. To the extent that we increase our product prices
as a result of such changes, our sales volume and revenues may be adversely affected.

 Furthermore,
these governments may change import regulations or impose additional taxes or duties on certain imports from time to time. These regulations
and fees or new regulatory developments may have a material adverse impact on our operations, revenue and profitability. If one or more
of the countries into which we sell our products bars the import or sale of crab meat or related products, our available market would
shrink significantly, adversely impacting our results of operations and growth potential.

 A
decline in discretionary consumer spending may adversely affect our industry, our operations and ultimately our profitability.

 Luxury
products, such as premium grade crab meat, are discretionary purchases for consumers. Any reduction in consumer discretionary spending
or disposable income may affect the crab meat industry significantly. Many economic factors outside of our control could affect consumer
discretionary spending, including the financial markets, consumer credit availability, prevailing interest rates, energy costs, employment
levels, salary levels, and tax rates. Any reduction in discretionary consumer spending could materially adversely affect our business
and financial condition.

 Our
business is affected by the quality and quantity of the salmon that is harvested by TOBC.

 We
sell our products in a highly competitive market. The ability of TOBC to successfully sell its salmon and the price therefor, is highly
dependent on the quality of the salmon. A number of factors can negatively affect the quality of the salmon sold, including the quality
of the broodstock, water conditions in the farm, the food and additives consumed by the fish, population levels in the tanks, and the
amount of time that it takes to bring a fish to harvest, including transportation and processing. Optimal growing conditions cannot always
be assured. Although fish grown in RAS production systems are not subject to the disease and parasite issues that can affect salmon grown
in ocean pens, there is the potential for organisms that are ubiquitous to freshwater environments to become pathogenic if the fish are
subjected to stressful conditions or there is an issue with biomass management.

 High
standards for the quality of the product are maintained and if we determine that a harvest has not met such standards, we may be required
to reduce inventory and write down the value of the harvest to reflect net realizable value. Sub-optimal conditions could lead to smaller
harvests and or lower quality fish. Conversely, if we experience better than expected growth rates, we may not be able to process and
bring our fish to market in a timely manner, which may result in overcrowding that can cause negative health impacts and/or require culling
our fish population.

 Furthermore,
if our salmon is perceived by the market to be of lower quality than other available sources of salmon or other fish, we may experience
reduced demand for our product and may not be able to sell our products at the prices that we expect or at all.

 As
we continue to expand our operations and build new farms, we potentially may face additional challenges with maintaining the quality
of our products. We cannot guarantee that we will not face quality issues in the future, any of which could cause damage to our reputation,
and a loss of consumer confidence in our products, which could have a material adverse effect on our business results and the value of
our brands.

 A
shutdown, damage to any of our farms, or lack of availability of power, fuel, oxygen, eggs, water, or other key components needed for
our operations, could result in our prematurely harvesting fish, a loss of a material percentage of our fish in production, a delay in
our commercialization plans, and a material adverse effect on our operations, business results, reputation, and the value of our brands.

 An
interruption in the power, fuel, oxygen supply, water quality systems, or other critical infrastructure of an aquaculture facility for
more than a short period of time could lead to the loss of a large number of fish. A shutdown of or damage to our farm due to natural
disaster, shortages of key components to our operations due to a pandemic, reduction in water supply, contamination of our aquifers,
interruption in services, or human interference could require us to prematurely harvest some or all of the fish or could result in a
loss of our fish in production.

 We
also are dependent on egg availability. If we had a disruption in our ability to purchase eggs, we would not be able to continue to stock
our farm. We cannot guarantee that any disruptions might not occur in the future, any of which could cause loss of salmon to sell, damage
to our reputation, loss of consumer confidence in our products and company, and lost revenues, all of which could have a material adverse
effect on our business results.

 The
successful development of our TOBC business depends on TOBC's ability to efficiently and cost-effectively produce and sell salmon
at large commercial scale.

 Our
business plans depend on our ability to increase our production capacity through the development of larger farms. We have limited experience
constructing, ramping up, and managing such large, commercial-scale facilities, and we may not have anticipated all of the factors or
costs that could affect our production, harvest, sale, and delivery of salmon at such a scale. Our salmon may not perform as expected
when raised at very large commercial scale, we may encounter operational challenges, control deficiencies may surface, our vendors may
experience capacity constraints, or our production cost and timeline projections may prove to be inaccurate. Any of these could decrease
process efficiency, create delays, and increase our costs. We are also subject to volatility in market demand and prices, such as the
disruption of the salmon market including reduction in market prices for salmon.

 In
addition, competitive pressures, customer volatility and the possible inability to secure established and ongoing customer partnerships
and contracts, may result in a lack of buyers for our fish. Customers of our fish may not wish to follow our terms and conditions of
sale, potentially resulting in a violation of labeling or disclosure laws, improper food handling, nonpayment for product, and similar
issues. The competitive landscape for salmon may create challenges in securing competitive pricing for our salmon to reach our competitive
goals. In addition, it is possible that we may not be able to service our customers to meet their expectations regarding fish quality,
ongoing harvest supply availability, order processing fill rate, on time or correct deliveries, potential issues with third party processors,
and other factors, which could impact our relationships with customers, our reputation, and our business results.

 Risks
Related to Our Reliance on Third Parties

 We
are dependent on third parties for our operations and our business may be affected by supply chain interruptions and delays.

 Our
business is dependent upon our relationships with vendors in Southeast Asia and Latin America for co-packing, processing and shipping
product to us. If for any reason these companies became unable or unwilling to continue to provide services to us, this would likely
lead to a temporary interruption in our ability to import our products until we found another entity that could provide these services.
Moreover, if supply chain delays occur, our product will arrive late which will adversely impact our revenue. Failure to find a suitable
replacement, even on a temporary basis, would have an adverse effect on our results of operations.

 We
do not have long-term agreements with many of our customers and suppliers.

 Many
of our customers and suppliers operate through purchase orders. Though we have long-term business relationships with many of our customers
and suppliers and alternative sources of supply for key items, we do not have long-term agreements with such customers and suppliers
and cannot be sure that any of these customers or suppliers will continue to do business with us on the same basis or on terms that are
favorable to us. The termination or modification of any of these relationships may adversely affect our business, financial performance
and results of operations.

 Risks
Related to Our Financial Condition and Capital Requirements

 Our
independent registered public accounting firm has included an explanatory paragraph relating to our ability to continue as a going concern
in its report on our audited financial statements.

 The
report from our independent registered public accounting firm for the year ended December 31, 2023 includes an explanatory paragraph
stating that 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. The Company's ability to continue as a going concern is dependent on its ability
to increase revenues, execute on its business plan to acquire complimentary companies, raise capital and continue to sustain adequate
working capital to finance its operations. If we are unable to do so, our financial condition and results of operations will be materially
and adversely affected and we may be unable to continue as a going concern.

 We
may need to raise additional capital to fund our existing commercial operations and develop and commercialize new products and expand
our operations.

 If
our available cash balances, net proceeds from an offering and anticipated cash flow from operations are insufficient to satisfy our
liquidity requirements including because of lower demand for our products or due to other risks described herein, we may seek to sell
common stock or preferred stock or convertible debt securities, enter into an additional credit facility or another form of third-party
funding or seek other debt financing.

 We
may consider raising additional capital in the future to expand our business, to pursue strategic investments, to take advantage of financing
opportunities or for other reasons, including to:

 increase
 our sales and marketing efforts and address competitive developments;

 provide
 for supply and inventory costs;

 fund
 development and marketing efforts of any future products or additional features to then-current products;

 acquire,
 license or invest in new technologies;

 acquire
 or invest in complementary businesses or assets; and

 finance
 capital expenditures and general and administrative expenses

 Our
present and future funding requirements will depend on many factors, including:

 our
 ability to achieve revenue growth and improve gross margins;

 the
 cost of expanding our operations and offerings, including our sales and marketing efforts;

 the
 effect of competing market developments; and

 costs
 related to international expansion.

 The
various ways we could raise additional capital carry potential risks. If we raise funds by issuing equity securities, dilution to our
stockholders could result. Any equity securities issued also could provide for rights, preferences or privileges senior to those of holders
of our common stock. If we raise funds by issuing debt securities, those debt securities would have rights, preferences and privileges
senior to those of holders of our common stock. The terms of debt securities issued or borrowings pursuant to a credit agreement could
impose significant restrictions on our operations. If we raise funds through collaborations and licensing arrangements, we might be required
to relinquish significant rights or grant licenses on terms that are not favorable to us.

 We
incur significant costs as a result of operating as a public company and our management devotes substantial time to public company compliance.

 As
a public company, we incur significant legal, accounting and other expenses due to our compliance with regulations and disclosure obligations
applicable to us, including compliance with the Sarbanes-Oxley Act of 2002, as amended (the "Sarbanes-Oxley Act"), and the
Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") as well as rules implemented by the SEC,
and the OTC Markets. Stockholder activism, the current political environment and the current high level of government intervention and
regulatory reform may lead to substantial new regulations and disclosure obligations, which may lead to additional compliance costs and
impact, in ways we cannot currently anticipate, the manner in which we operate our business. Our management and other personnel devote
a substantial amount of time to monitoring of and compliance with, public company reporting obligations. These rules and regulations
cause us to incur significant legal and financial compliance costs and make some activities more time consuming and costly.

 To
comply with the requirements of being a public company, we may need to undertake various actions, including implementing internal controls
and procedures. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal control over
financial reporting. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure
that information disclosed to the SEC is recorded, processed, summarized and reported within the time periods specified in SEC rules
and forms. Any failure to develop or maintain effective controls could harm our operating results, cause us to fail to meet our reporting
obligations or result in a restatement of prior period financial statements. In the event that we are not able to demonstrate compliance
with the Sarbanes-Oxley Act, that our internal control over financial reporting is perceived as inadequate or that we are unable to produce
timely or accurate financial statements, investors may lose confidence in our operating results and the price of our common stock could
decline. In addition, if we are unable to continue to meet these requirements, our common stock may not be able to continue to meet the
eligibility requirements for the NASDAQ Stock Market.

 Our
independent registered public accounting firm will not be required to formally attest to the effectiveness of our internal control over
financial reporting until the later of our second annual report or the first annual report required to be filed with the SEC following
the date we are no longer an "emerging growth company" as defined in the JOBS Act depending on whether we choose to rely
on certain exemptions set forth in the JOBS Act. If we are unable to assert that our internal control over financial reporting is effective,
or if our independent registered public accounting firm is unable to express an opinion on the effectiveness of our internal control
over financial reporting, we could lose investor confidence in the accuracy and completeness of our financial reports, which could harm
our business.

 Risks
Related to Administrative, Organizational and Commercial Operations and Growth

 We
may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy.

 We
anticipate growth in our business operations. This future growth could create a strain on our organizational, administrative and operational
infrastructure, including manufacturing operations, quality control, technical support and customer service, sales force management and
general and financial administration. Our ability to manage our growth properly will require us to continue to improve our operational,
financial and management controls, as well as our reporting systems and procedures. If we are unable to manage our growth effectively,
we may be unable to execute our business plan, which could have a material adverse effect on our business and our results of operations.

 If
we are unable to support demand for our current and our future products, including ensuring that we have adequate resources to meet increased
demand and mitigate any supply chain delays our business could be harmed.

 As
our commercial operations and sales volume grow, we will need to continue to increase our workflow capacity for processing, customer
service, billing and general process improvements and expand our internal quality assurance program, and mitigate any supply chain delays
we could have with our vendors, among other things. We may also need to purchase additional equipment and increase our manufacturing,
maintenance, software and computing capacity to meet increased demand. We cannot assure you that any of these increases in scale, expansion
of personnel, purchase of equipment or process enhancements will be successfully implemented.

 The
loss of our Executive Chairman and Chief Executive Officer or our inability to attract and retain highly skilled officers and key personnel
could negatively impact our business.

 Our
success depends on the skills, experience and performance of John Keeler, our Executive Chairman and Chief Executive Officer. The individual
and collective efforts of such individual will be important as we continue to develop and expand our commercial activities. The loss
or incapacity of Mr. Keeler could negatively impact our operations if we experience difficulties in hiring qualified successors. Qualified
employees periodically are in great demand and may be unavailable in the time frame required to satisfy our customers' requirements.
Expansion of our business could require us to employ additional personnel. There can be no assurance that we will be able to attract
and retain sufficient numbers of skilled employees in the future. The loss of personnel or our inability to hire or retain sufficient
personnel at competitive rates could impair the growth of our business.

 If
we were sued for product liability or professional liability, we could face substantial liabilities that exceed our resources.

 The
marketing and sale of our products could lead to the filing of product liability claims alleging that our product made users ill. A product
liability claim could result in substantial damages and be costly and time-consuming for us to defend.

 We
maintain product liability insurance, but this insurance may not fully protect us from the financial impact of defending against product
liability claims. Any product liability claim brought against us, with or without merit, could increase our insurance rates or prevent
us from securing insurance coverage in the future. Additionally, any product liability lawsuit could lead to regulatory investigations,
product recalls or withdrawals, damage our reputation or cause current vendors, suppliers and customers to terminate existing agreements
and potential customers and partners to seek other suppliers, any of which could negatively impact our results of operations.

 We
face risks associated with our international business.

 Our
international business operations are subject to a variety of risks, including:

 difficulties
 with managing foreign and geographically dispersed operations;

 having
 to comply with various U.S. and international laws, including export control laws and the FCPA, and anti-money laundering laws;

 changes
 in uncertainties relating to foreign rules and regulations;

 tariffs,
 export or import restrictions, restrictions on remittances abroad, imposition of duties or taxes that limit our ability to import
 product;

 limitations
 on our ability to enter into cost-effective arrangements with distributors, or at all;

 fluctuations
 in foreign currency exchange rates;

 imposition
 of limitations on production, sale or export in foreign countries;

 imposition
 of limitations on or increase of withholding and other taxes on remittances and other payments by foreign processors or joint ventures;

 imposition
 of differing labor laws and standards;

 economic,
 political or social instability in foreign countries and regions;

 an
 inability, or reduced ability, to protect our intellectual property, including any effect of compulsory licensing imposed by government
 action;

 availability
 of government subsidies or other incentives that benefit competitors in their local markets that are not available to us; and

 difficulties
 in recruiting and retaining personnel, and managing international operations.

 If
we expand into other target markets, we cannot assure you that our expansion plans will be realized, or if realized, be successful. We
expect each market to have particular regulatory and funding hurdles to overcome and future developments in these markets, including
the uncertainty relating to governmental policies and regulations, could harm our business. If we expend significant time and resources
on expansion plans that fail or are delayed, our reputation, business and financial condition may be harmed.

 Our
results may be impacted by changes in foreign currency exchange rates.

 Currently,
the majority of our international sales contracts are denominated in U.S. dollars. We pay certain of our suppliers in a foreign currency.
As a result, an increase in the value of the U.S. dollar relative to foreign currencies could require us to reduce our selling price
or risk making our product less competitive in international markets or our costs could increase. Also, if our international sales increase,
we may enter into a greater number of transactions denominated in non-U.S. dollars, which could expose us to foreign currency risks,
including changes in currency exchange rates.

 A
larger portion of our revenues may be denominated in other foreign currencies if we expand our international operations. Conducting business
in currencies other than U.S. dollars subjects us to fluctuations in currency exchange rates that could have a negative impact on our
operating results. Fluctuations in the value of the U.S. dollar relative to other currencies impact our revenues, cost of revenues and
operating margins and result in foreign currency translation gains and losses.

 We
could be negatively impacted by violations of applicable anti-corruption laws or violations of our internal policies designed to ensure
ethical business practices.

 We
operate in a number of countries throughout the world, including in countries that do not have as strong a commitment to anti-corruption
and ethical behavior that is required by U.S. laws or by corporate policies. We are subject to the risk that we, our U.S. employees or
our employees located in other jurisdictions or any third parties that we engage to do work on our behalf in foreign countries may take
action determined to be in violation of anti-corruption laws in any jurisdiction in which we conduct business. Any violation of anti-corruption
laws or regulations could result in substantial fines, sanctions, civil and/or criminal penalties and curtailment of operations in certain
jurisdictions and might harm our business, financial condition or results of operations. Further, detecting, investigating and resolving
actual or alleged violations is expensive and can consume significant time and attention of our senior management.

 We
depend on our information technology systems, and any failure of these systems could harm our business.

 We
depend on information technology and telecommunications systems for significant elements of our operations. We have developed propriety
software for the management and operation of our business. We have installed and expect to expand a number of enterprise software systems
that affect a broad range of business processes and functional areas, including for example, systems handling human resources, financial
controls and reporting, contract management, regulatory compliance and other infrastructure operations.

 Information
technology and telecommunications systems are vulnerable to damage from a variety of sources, including telecommunications or network
failures, malicious human acts and natural disasters. Moreover, despite network security and back-up measures, some of our servers are
potentially vulnerable to physical or electronic break-ins, computer viruses and similar disruptive problems. Despite the precautionary
measures we have taken to prevent unanticipated problems that could affect our information technology and telecommunications systems,
failures or significant downtime of our information technology or telecommunications systems or those used by our third-party service
providers could prevent us from providing support services and product to our customers and managing the administrative aspects of our
business. Any disruption or loss of information technology or telecommunications systems on which critical aspects of our operations
depend could harm our business.

 The
operation of our planned digital banking platform may subject us to costs and risks associated with various laws and regulations, including
those relating to data privacy, security and protection. Developments in these and other laws and regulations could harm our business,
financial condition or results of operations.

 Our
operations are vulnerable to interruption or loss due to natural or other disasters, power loss, strikes and other events beyond our
control.

 We
conduct a significant portion of our activities, including administration and data processing, at facilities located in Southern Florida
that have experienced major hurricanes and floods which could affect our facilities, significantly disrupt our operations, and delay
or prevent product shipment during the time required to repair, rebuild or replace damaged processing facilities. Our suppliers in Southeast
Asia and Latin America are also vulnerable to natural disasters which could disrupt their operations and their ability to supply product
to us. If any of our customers' facilities are negatively impacted by a disaster, product shipments could be delayed. Additionally,
customers may delay purchases of products until operations return to normal. Even if we and/or our suppliers are able to quickly respond
to a disaster, the ongoing effects of the disaster could create some uncertainty in the operations of our business. In addition, our
facilities may be subject to a shortage of available electrical power and other energy supplies. Any shortages may increase our costs
for power and energy supplies or could result in blackouts, which could disrupt the operations of our affected facilities and harm our
business.

 Risks
Related to Intellectual Property

 Our
intellectual property rights are valuable, and any inability to adequately protect, or uncertainty regarding validity, enforceability
or scope of them could undermine our competitive position and reduce the value of our products, services and brand, and litigation to
protect our intellectual property rights may be costly.

 We
attempt to strengthen and differentiate our product portfolio by developing new and innovative products and product improvements. As
a result, our patents, trademarks, trade secrets, copyrights and other intellectual property rights are important assets to us. Various
events outside of our control pose a threat to our intellectual property rights as well as to our products and services. For example,
effective intellectual property protection may not be available in countries in which our products are sold. Also, although we have registered
our trademark in various jurisdictions, our efforts to protect our proprietary rights may not be sufficient or effective. Any significant
impairment of our intellectual property rights could harm our business or our ability to compete. Litigation might be necessary to protect
our intellectual property rights and any such litigation may be costly and may divert our management's attention from our core
business. An adverse determination in any lawsuit involving our intellectual property is likely to jeopardize our business prospects
and reputation. Although we are not aware of any of such litigation, we have no insurance coverage against litigation costs, and we would
be forced to bear all litigation costs if we cannot recover them from other parties. All foregoing factors could harm our business, financial
condition, and results of operations. Any unauthorized use of our intellectual property could harm our operating results.

 We
may be exposed to infringement or misappropriation claims by third parties, which, if determined against us, could adversely affect our
business and subject us to significant liability to third parties.

 Our
success mainly depends on our ability to use and develop our technology and product designs without infringing upon the intellectual
property rights of third parties. We may be subject to litigation involving claims of patent infringement or violations of other intellectual
property rights of third parties. Holders of patents and other intellectual property rights potentially relevant to our product offerings
may be unknown to us, which may make it difficult for us to acquire a license on commercially acceptable terms. There may also be technologies
licensed to us and that we rely upon that are subject to infringement or other corresponding allegations or claims by third parties which
may damage our ability to rely on such technologies. In addition, we cannot fully avoid the risks of intellectual property rights infringement
created by suppliers of components used in our products or by companies we work with in cooperative research and development activities.
Our current or potential competitors may obtain patents that will prevent, limit or interfere with our ability to make, use or sell our
products. The defense of intellectual property claims, including patent infringement suits, and related legal and administrative proceedings
can be both costly and time consuming, and may significantly divert the efforts and resources of our technical personnel and management.
These factors could effectively prevent us from pursuing some or all of our business operations and result in our customers or potential
customers deferring, canceling or limiting their purchase or use of our products, which may have a material adverse effect on our business,
financial condition and results of operations.

 Our
commercial success will depend in part on our success in obtaining and maintaining issued patents and other intellectual property rights
in the United States and elsewhere. If we do not adequately protect our intellectual property, competitors may be able to use our processes
and erode or negate any competitive advantage we may have, which could harm our business.

 We
cannot provide any assurances that any of our patents have, or that any of our pending patent applications that mature into issued patents
will include, claims with a scope sufficient to protect our products, any additional features we develop or any new products. Patents,
if issued, may be challenged, deemed unenforceable, invalidated or circumvented.

 Furthermore,
though an issued patent is presumed valid and enforceable, its issuance is not conclusive as to its validity or its enforceability and
it may not provide us with adequate proprietary protection or competitive advantages against competitors with similar products. Competitors
may also be able to design around our patents. Other parties may develop and obtain patent protection for more effective technologies,
designs or methods. We may not be able to prevent the unauthorized disclosure or use of our knowledge or trade secrets by consultants,
suppliers, vendors, former employees and current employees. The laws of some foreign countries do not protect our proprietary rights
to the same extent as the laws of the United States, and we may encounter significant problems in protecting our proprietary rights in
these countries. If any of these developments were to occur, they each could have a negative impact on our sales.

 If
we are unable to protect the confidentiality of our trade secrets, our business and competitive position could be harmed.

 We
rely upon copyright and trade secret protection, as well as non-disclosure agreements and invention assignment agreements with our employees,
consultants and third parties, to protect our confidential and proprietary information. In addition to contractual measures, we try to
protect the confidential nature of our proprietary information using physical and technological security measures. Such measures may
not, for example, in the case of misappropriation of a trade secret by an employee or third party with authorized access, provide adequate
protection for our proprietary information. Our security measures may not prevent an employee or consultant from misappropriating our
trade secrets and providing them to a competitor, and recourse we take against such misconduct may not provide an adequate remedy to
protect our interests fully. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret can be difficult, expensive
and time-consuming, and the outcome is unpredictable. In addition, trade secrets may be independently developed by others in a manner
that could prevent legal recourse by us. If any of our confidential or proprietary information, such as our trade secrets, were to be
disclosed or misappropriated, or if any such information was independently developed by a competitor, our competitive position could
be harmed.

 We
may not be able to enforce our intellectual property rights throughout the world.

 The
laws of some foreign countries do not protect intellectual property rights to the same extent as the laws of the United States. Many
companies have encountered significant problems in protecting and defending intellectual property rights in certain foreign jurisdictions.
This could make it difficult for us to stop the infringement or the misappropriation of our intellectual property rights. Many foreign
countries have compulsory licensing laws under which a patent owner must grant licenses to third parties. In addition, many countries
limit the enforceability of patents against third parties, including government agencies or government contractors. In these countries,
patents may provide limited or no benefit. Patent protection must ultimately be sought on a country-by-country basis, which is an expensive
and time-consuming process with uncertain outcomes. Accordingly, we may choose not to seek patent protection in certain countries, and
we will not have the benefit of patent protection in such countries.

 Proceedings
to enforce our patent rights in foreign jurisdictions could result in substantial costs and divert our efforts from other aspects of
our business. Accordingly, our efforts to protect our intellectual property rights in such countries may be inadequate. In addition,
changes in the law and legal decisions by courts in the United States and foreign countries may affect our ability to obtain adequate
protection for our technology and the enforcement of intellectual property.

 Third
parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade
secrets.

 Although
we try to ensure that our employees and consultants do not use the proprietary information or know-how of others in their work for us,
we may be subject to claims that we or our employees, consultants or independent contractors have inadvertently or otherwise used or
disclosed intellectual property, including trade secrets or other proprietary information, of a former employer or other third parties.
Litigation may be necessary to defend against these claims. If we fail in defending any such claims, in addition to paying monetary damages,
we may lose valuable intellectual property rights or personnel. Even if we are successful in defending against such claims, litigation
could result in substantial costs and be a distraction to management and other employees.

 Risks
Related to Regulatory Matters

 Our
products and operations are subject to government regulation and oversight both in the United States and abroad, and our failure to comply
with applicable requirements could harm our business.

 The
FDA and other government agencies, among other things, with respect to our products and operations regulate the design, development and
manufacturing; testing, labeling, content and language of instructions for use and storage; product safety; marketing, sales and distribution;
recordkeeping procedures; advertising and promotion; recalls and corrective actions; and product import and export.

 The
regulations to which we are subject are complex and have tended to become more stringent over time. Regulatory changes could result in
restrictions on our ability to carry on or expand our operations, higher than anticipated costs or lower than anticipated sales.

 The
failure to comply with applicable regulations could jeopardize our ability to sell our products and result in enforcement actions such
as waning letters; fines; injunctions; civil penalties; termination of distribution; recalls or seizures of products; delays in the introduction
o products into the market; and total or partial suspension of production.

 We
may also be required to take corrective actions, such as installing additional equipment or taking other actions, each of which could
require us to make substantial capital expenditures. We could also be required to indemnify our employees in connection with any expenses
or liabilities that they may incur individually in connection with regulatory action against them. As a result, our future business prospects
could deteriorate due to regulatory constraints, and our profitability could be impaired by our obligation to provide such indemnification
to our employees. Any of these sanctions could result in higher than anticipated costs or lower than anticipated sales and harm our reputation,
business, financial condition and results of operations.

 Product
liability claims could divert management's attention from our business, be expensive to defend and result in sizeable damage awards
against us that may not be covered by insurance.

 Risks
Relating to Our Common Stock

 The
price of our common stock may be volatile and may be influenced by numerous factors, some of which are beyond our control.

 Factors
that could cause volatility in the market price of our common stock include:

 actual
 or anticipated fluctuations in our financial condition and operating results;

 actual
 or anticipated changes in our growth rate relative to our competitors;

 commercial
 success and market acceptance of our products;

 success
 of our competitors in commercializing products;

 strategic
 transactions undertaken by us;

 additions
 or departures of key personnel;

 product
 liability claims;

 disputes
 concerning our intellectual property or other proprietary rights;

 U.S.
 or foreign regulatory actions affecting us or our industry;

 sales
 of our common stock by our officers, directors or significant stockholders;

 future
 sales or issuances of equity or debt securities by us;

 business
 disruptions caused by natural disasters; and

 issuance
 of new or changed securities analysts' reports or recommendations regarding us.

 The
broad market fluctuations in the stock markets may negatively impact the price or liquidity of our common stock. In the past, when the
price of a stock has been volatile, holders of that stock have sometimes instituted securities class action litigation against the issuer.
If any of our stockholders were to bring such a lawsuit against us, we could incur substantial costs defending the lawsuit and the attention
of our management would be diverted from the operation of our business.

 You
may experience dilution of your ownership interests because of the future issuance of additional shares of our common stock or preferred
stock or other securities that are convertible into or exercisable for our common stock or preferred stock.

 If
our existing stockholders exercise warrants or sell, or indicate an intention to sell, substantial amounts of our common stock in the
public market, the price of our common stock could decline. The perception in the market that these sales may occur could also cause
the price of our common stock to decline.

 In
the future, we may issue authorized but previously unissued equity securities, resulting in the dilution of the ownership interests of
the then current stockholders. We are authorized to issue an aggregate of 100,000,000 shares of common stock and 5,000,000 shares of
"blank check" preferred stock. We may issue additional shares of our common stock or other securities that are convertible
into or exercisable for our common stock in connection with hiring or retaining employees, future acquisitions, future sales of our securities
for capital raising purposes, or for other business purposes. The future issuance of any such additional shares of our common stock may
create downward pressure on the trading price of the common stock. We may need to raise additional capital in the near future to meet
our working capital needs, and there can be no assurance that we will not be required to issue additional shares, warrants or other convertible
securities in the future in conjunction with the capital raising efforts, including at a price (or exercise prices) below the price you
paid for your stock.

 Management
may have broad discretion as to the use of the proceeds from offerings of its securities and may not use the proceeds effectively.

the Company may not designate the amount of net proceeds from offerings to be used for any particular purpose, management may have broad
discretion as to the application of the net proceeds and could use them for purposes other than those contemplated at the time of such
offering. Management may use net proceeds for corporate purposes that may not improve the Company's financial condition or market
value.

 If
we fail to comply with the NASDAQ Capital Market listing requirements, we will be subject to potential delisting from the NASDAQ Capital
Market.

 Our
common stock is currently traded on the NASDAQ Capital Market under the symbol "BSFC." However, if we fail to comply with NASDAQ's
rules for continued listing, including, minimum market capitalization, bid price and other requirements, NASDAQ may take steps
to delist our shares. Failure to maintain our listing, or de-listing from NASDAQ, would make it more difficult for shareholders to sell
our common stock and more difficult to obtain accurate price quotations on our common stock. This could have an adverse effect on the
price of our common stock. Our ability to issue additional securities for financing or other purposes, or otherwise to arrange for any
financing we may need in the future, may also be materially and adversely affected if our common stock is not traded on a national securities
exchange. Additionally, loan or other agreements, may contain covenants to maintain the listing of our common stock on NASDAQ. Accordingly,
failure to maintain such listing may constitute a default under such agreements.

 We
are not in compliance with the NASDAQ Capital Market $1.00 minimum bid price requirement and the $2,500,000 stockholder's
equity minimum requirement which could result in delisting and adversely affect the market price and liquidity of our common
stock.

 On
September 26, 202 3, we received a letter from the Listing Qualifications Department of The NASDAQ Stock Market LLC ("NASDAQ")
notifying the Company that, based upon the closing bid price of the Company's common stock for the
last 30 consecutive business days, the Company was not in compliance with the requirement to maintain a minimum bid price of
$1.00 per share for continued listing on The NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(a)(2) (the "Minimum
Bid Requirement").

 We
were provided a compliance period of 180 calendar days, or until March 25, 2024, to regain compliance with NASDAQ Listing Rule 5550(a)(2).
If at any time before March 25, 2024, the closing bid price of our common stock closes at or above $1.00 per share for a minimum of ten
consecutive business days, NASDAQ will provide written notification that the Company has achieved compliance with the Minimum Bid Requirement
and the matter would be resolved. On March 26, 2024, we received a letter from NASDAQ stating the Company had not regained compliance
with the Minimum Bid Requirement and is not eligible for a second 180-day period because it is not in compliance with NASDAQ's $5,000,000 minimum stockholders' equity initial listing
requirement.

 The Company intends to present a written compliance plan to the NASDAQ
hearings panel by April 2, 2024 (which will stay further action by NASDAQ until the Panel's final determination) for its consideration
of continued listing of the Company's common stock on the NASDAQ Capital Market.

 The
Company was notified on November 27, 2023 by NASDAQ that it no longer complied with the minimum $2,500,000 stockholders' equity
required for continued listing on NASDAQ. The Company is subject to a Mandatory Panel Monitor for a period of one year, or until October
16, 2024. On December 4, 2023, the Company was granted a hearing with NASDAQ's hearings panel, which was scheduled for March 5,
2024. On March 22, 2024, the NASDAQ hearings panel notified the Company that it had granted the request of the Company to continue its
listing on NASDAQ until May 15, 2024, subject to on or before April 1, 2024, the Company filing its Form 10-K for the year ended December
31, 2023, and filing its Form 10-Q for the quarter ended March 31, 2024 by May 15, 2024.

 If
our common stock were to be delisted from The NASDAQ Capital Market, trading of our
common stock most likely will be conducted in the over-the-counter market on an electronic bulletin board established for unlisted
securities such as the OTC Markets or in the "pink sheets." Such a downgrading in our listing market may limit our
ability to make a market in our common stock and may impact purchases or sales of our securities.

 Our
common stock may be deemed a "penny stock" which may reduce the value of an investment in the stock.

 Rule
15g-9 under the Exchange Act establishes the definition of a "penny stock," for the purposes relevant to us, as any equity
security that has a market price of less than $5.00 per share or with an exercise price of less than $5.00 per share, subject to certain
exceptions. For any transaction involving a penny stock, unless exempt, the rules require: (a) that a broker or dealer approve a person's
account for transactions in penny stocks; and (b) the broker or dealer receive from the investor a written agreement to the transaction,
setting forth the identity and quantity of the penny stock to be purchased.

 In
order to approve a person's account for transactions in penny stocks, the broker or dealer must: (a) obtain financial information
and investment experience objectives of the person and (b) make a reasonable determination that the transactions in penny stocks are
suitable for that person and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the
risks of transactions in penny stocks.

 The
broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the SEC relating to
the penny stock market, which, in highlight form: (a) sets forth the basis on which the broker or dealer made the suitability determination;
and (b) confirms that the broker or dealer received a signed, written agreement from the investor prior to the transaction. Generally,
brokers may be less willing to execute transactions in securities subject to the "penny stock" rules. If our common stock
is or becomes subject to the "penny stock" rules, it may be more difficult for investors to dispose of our common stock and
cause a decline in the market value of our common stock.

 Disclosure
also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about commissions
payable to both the broker or dealer and the registered representative, current quotations for the securities and the rights and remedies
available to an investor in cases of fraud in penny stock transactions. Finally, monthly statements have to be sent disclosing recent
price information for the penny stock held in the account and information on the limited market in penny stocks.

 The
sales practice requirements of the Financial Industry Regulatory Authority's ("FINRA") may limit a stockholder's
ability to buy and sell our common stock.

 FINRA
has adopted rules requiring that, in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing
that the investment is suitable for that customer. Prior to recommending speculative or low-priced securities to their non-institutional
customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status,
investment objectives and other information. Under interpretations of these rules, FINRA has indicated its belief that there is a high
probability that speculative or low-priced securities will not be suitable for at least some customers. If these FINRA requirements are
applicable to us or our securities, they may make it more difficult for broker-dealers to recommend that at least some of their customers
buy our common stock, which may limit the ability of our stockholders to buy and sell our common stock and could have an adverse effect
on the market for and price of our common stock.

 Our
operating results for a particular period may fluctuate significantly or may fall below the expectations of investors or securities analysts,
each of which may cause the price of our common stock to fluctuate or decline.

 We
expect our operating results to be subject to fluctuations. Our operating results will be affected by numerous factors, including variations
in the level of expenses related to future development plans; fluctuations in value of the underlying commodity; inability to procure
sufficient quantities to meet demand due to the scarcity of the product available from its suppliers; level of underlying demand for
our products and any other products we sell; any intellectual property infringement lawsuit or opposition, interference or cancellation
proceeding in which we may become involved and regulatory developments affecting us or our competitors.

 If
our operating results for a particular period fall below the expectations of investors or securities analysts, the price of our common
stock could decline substantially. Furthermore, any fluctuations in our operating results may, in turn, cause the price of our common
stock to fluctuate substantially. We believe that comparisons of our financial results from various reporting periods are not necessarily
meaningful and should not be relied upon as an indication of our future performance.

we became a reporting company under the Exchange Act by means other than a traditional underwritten initial public offering, we may not
be able to attract the attention of research analysts at major brokerage firms.

we did not become a reporting company by conducting an underwritten initial public offering of our common stock, and because we will
not be listed on a national securities exchange, securities analysts of brokerage firms may not provide coverage of our Company. In addition,
investment banks may be less likely to agree to underwrite secondary offerings on our behalf than they might if we became a public reporting
company by means of an underwritten initial public offering, because they may be less familiar with our company as a result of more limited
coverage by analysts and the media, and because we became public at an early stage in our development. The failure to receive research
coverage or support in the market for our shares will have an adverse effect on our ability to develop a liquid market for our common
stock.

the Merger was a reverse merger, certain SEC rules may be more restrictive.

 Additional
risks may exist as a result of our becoming a public reporting company through a "reverse merger". Certain SEC rules are
more restrictive when applied to reverse merger companies, such as the ability of stockholders to re-sell their shares of Common Stock
pursuant to Rule 144.

 Historically,
the SEC has taken the position that Rule 144 under the Securities Act is not available for the resale of securities initially issued
by companies that are, or previously were, blank check companies, to their promoters or affiliates despite technical compliance with
the requirements of Rule 144. The SEC has codified and expanded this position in its amendments effective on February 15, 2008, which
applies to securities acquired both before and after that date by prohibiting the use of Rule 144 for resale of securities issued by
shell companies (other than business transaction related shell companies) or issuers that have been at any time previously a shell company.
The SEC has provided an important exception to this prohibition, however, if the following conditions are met:

 the
 issuer of the securities that was formerly a shell company has ceased to be a shell company;

 the
 issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

 the
 issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding
 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports;
 and

 at
 least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status
 as an entity that is not a shell company.

 In
addition, for proposed sales under Rule 144, there must be adequate current information about the issuing company publicly available
before the sale can be made. For reporting companies, this generally means that the companies have complied with the periodic reporting
requirements of the Exchange Act. As such, due to the fact that we were a shell company until the effective time of the reverse merger,
holders of "restricted securities" within the meaning of Rule 144 will be subject to the above conditions.

 Issuance
of stock to fund our operations may dilute your investment and reduce your equity interest.

 We
may need to raise capital in the future to fund the development of our seafood business. Any equity financing may have significant dilutive
effect to stockholders and a material decrease in our stockholders' equity interest in us. Equity financing, if obtained, could
result in substantial dilution to our existing stockholders. At its sole discretion, our board of directors may issue additional securities
without seeking stockholder approval, and we do not know when we will need additional capital or, if we do, whether it will be available
to us.

 Provisions
of our charter documents or Delaware law could delay or prevent an acquisition of the Company, even if such an acquisition would be beneficial
to our stockholders, which could make it more difficult for you to change management.

 Provisions
in our certificate of incorporation and our bylaws may discourage, delay or prevent a merger, acquisition or other change in control
that stockholders may consider favorable, including transactions in which stockholders might otherwise receive a premium for their shares.
In addition, these provisions may frustrate or prevent any attempt by our stockholders to replace or remove our current management by
making it more difficult to replace or remove our board of directors.

 In
addition, Delaware law prohibits a publicly held Delaware corporation from engaging in a business combination with an interested stockholder,
generally a person who, together with its affiliates, owns, or within the last three years has owned, 15% or more of our voting stock,
for a period of three years after the date of the transaction in which the person became an interested stockholder, unless the business
combination is approved in a prescribed manner. Accordingly, Delaware law may discourage, delay or prevent a change in control of the
company. Furthermore, our certificate of incorporation will specify that the Court of Chancery of the State of Delaware will be the sole
and exclusive forum for most legal actions involving actions brought against us by stockholders. We believe this provision benefits us
by providing increased consistency in the application of Delaware law by chancellors particularly experienced in resolving corporate
disputes, efficient administration of cases on a more expedited schedule relative to other forums and protection against the burdens
of multi-forum litigation. However, the provision may have the effect of discouraging lawsuits against our directors and officers. The
enforceability of similar choice of forum provisions in other companies' certificates of incorporation has been challenged in legal
proceedings, and it is possible that, in connection with any applicable action brought against us, a court could find the choice of forum
provisions contained in our certificate of incorporation to be inapplicable or unenforceable in such action.

 We
do not anticipate paying any cash dividends on our common stock in the foreseeable future therefore capital appreciation, if any, of
our common stock will be your sole source of gain for the foreseeable future.

 We
have never declared or paid cash dividends on our common stock. We do not anticipate paying any cash dividends on our common stock in
the foreseeable future. We currently intend to retain all available funds and any future earnings to fund the development and growth
of our business. In addition, our current loan and security agreement with Lighthouse contains, and our future loan arrangements, if
any, may contain, terms prohibiting or limiting the amount of dividends that may be declared or paid on our common stock. As a result,
capital appreciation, if any, of our common stock will be your sole source of gain for the foreseeable future.

 We
could face significant penalties for our failure to comply with the terms of our outstanding convertible notes.

 Our
convertible notes contain positive and negative covenants and customary events of default including requiring us in many cases to timely
file SEC reports. In the event we fail to timely file our SEC reports in the future, or any other events of defaults occur under the
notes, we could face significant penalties and/or liquidated damages and/or the conversion price of such notes could be adjusted downward
significantly, all of which could have a material adverse effect on our results of operations and financial condition, or cause any investment
in the Company to decline in value or become worthless.

 Certain
of our outstanding convertible promissory notes include favored nations rights which if triggered could result in, among other
things, favorable treatment to such noteholders and dilution to existing shareholders.

 Certain
of our outstanding convertible promissory notes include provisions which provide that, so long as such notes are outstanding, the Company
shall not enter into any public or private offering of its securities (including securities convertible into shares of our common stock)
with any individual or entity that has the effect of establishing rights or otherwise benefiting such other investor in a manner more
favorable in any material respect to such other investor than the rights and benefits established in favor of the holder of our convertible
notes unless, in any such case, the holder has been provided with such rights and benefits pursuant to a definitive written agreement
or agreements between the Company and the holder. Such favored nations provisions could be triggered in the future and could materially
change the terms of the notes. In the event any favored nations provisions of the notes are triggered, it may cause the terms of such
notes to be materially amended in favor of the holders thereof, cause significant dilution to existing shareholders, and otherwise have
a material adverse effect on the Company.

 ITEM
1B. UNRESOLVED STAFF COMMENTS

 We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information
under this Item.

 ITEM
1C. CYBERSECURITY

 The
Company engages a third-party provider to maintain our systems and management participates in the assessment to identify any risks from
cybersecurity threats. Our third-party provider monitors our firewall, network, system security and internal and external backups and
reports any issues to the Company.

 The
Company's Board, together with management, is engaged in our cybersecurity monitoring managed by our third-party provider and it
is constantly changing. Any issues are appropriately addressed timely.

 To
date, we have not experienced any cybersecurity incidents that materially affected our business strategy, results of operations or financial
condition.

 ITEM
2. PROPERTIES

 The
Company's executive offices and warehouse facility are based in Miami, Florida. On January 1, 2022, the Company entered into a
verbal month-to-month lease agreement for 4,756 square feet of its executive offices with an unrelated third party, for monthly rent of $5,800. The Company has paid
$69,900 to date under this lease.

 Coastal Pride leased an aggregate of 1,600 square feet of office space in Beaufort, South Carolina under two leases for $1,255 and $750
per month. On October 1, 2023, both leases were terminated and Coastal Pride entered into a new one-year
office lease for 1,100 square feet for $1,000 per month.

Pride also leased a 9,050 square foot facility for $1,000 per month from Gault for its soft-shell crab operations in Beaufort, South
Carolina under a one-year lease that expired in February 2023. On February 3, 2023, the lease was renewed for $1,500 per month until
February 2024. On February 3, 2024, Coastal Pride entered into a verbal month-to-month lease agreement with Gault for $1,500 per
month.

 The
offices and facility of TOBC are located in Nanaimo, British Columbia, Canada and are on land which was leased to TOBC for approximately
$2,500 per month plus taxes, from Steve and Janet Atkinson, the former TOBC owners. On April 1, 2022, TOBC entered into a new five-year
lease with Steve and Janet Atkinson for CAD$2,590 per month plus taxes, and an additional five-year lease with Kathryn Atkinson for CAD$2,370
per month plus. Both leases are renewable for two additional five-year terms.

 We
currently believe these spaces will be adequate for our immediate and near-term needs.

 ITEM
3. LEGAL PROCEEDINGS

 There
are no material pending legal proceedings to which we are a party or in which any director, officer or affiliate of ours, any owner of
record or beneficially of more than 5% of any class of our voting securities, or security holder is a party adverse to us or has a material
interest adverse to us.

 ITEM
4. MINE SAFETY DISCLOSURES

 Not
applicable.

 PART
II

 ITEM
5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 Market
Information

 Our
common stock is quoted on the NASDAQ Capital Market under the symbol "BSFC".

 The
last reported sales price of our common stock on the NASDAQ Capital Market on March 29, 2024 was $0.09.

 Holders

 As
of March 29, 2024, the Company had 77 stockholders of record.

 Lock-up
Agreements

 In
connection with the Merger, holders of 787,500 shares of common stock were prohibited, subject to certain exceptions, from disposing
of or hedging any shares of common stock or securities convertible or exercisable for shares of common stock during an 18-month period
for Restricted Holders and 12-month period for Pre-Merger Holders, after the Merger in excess of 50% of all of the common stock held
by (or issuable to) them and at a price below $44.00 per share. Thereafter, neither Restricted Holders or Pre-Merger Holders may sell,
dispose or otherwise transfer more than one-third of the common stock held by such Holder in any two-month period.

 Dividends

 We
have not paid any dividends on our capital stock and do not anticipate paying any dividends in the foreseeable future. At present, our
policy is to retain earnings, if any, to develop and market our products and implement our business plan. The payment of dividends in
the future will depend upon, among other factors, our earnings, capital requirements, and operating financial conditions.

Authorized for Issuance under Equity Compensation Plans

 The
following table provides information regarding our equity compensation plans as of December 31, 2023.

 Equity
Compensation Plan Information

 Plan category

 Number of
 securities to be
 issued upon
 exercise of
 outstanding
 options,
 warrants and
 rights

 Weighted-
 average exercise
 price of
 outstanding
 options,
 warrants and
 rights

 Number of
 securities
 remaining
 available for
 future issuance
 under equity
 compensation
 plans

 Equity compensation plans approved by security holders

 317,790
 (1)

 31.11

 178,750

 Equity compensation plans not approved by security holders

 (1)

 Represents
 (i) a ten-year option to purchase 156,000 shares of common stock at an exercise price of $40.00 per share granted to Christopher
 Constable, the Company's former chief financial officer and director; (ii) ten-year options to purchase 12,500 shares of common
 stock at an exercise price of $40.00 per share to Miozotis Ponce, the Company's Chief Operating Officer; (iii) ten-year options
 to purchase an aggregate of 17,562 shares of common stock at an exercise price of $40.00 per share to certain employees; (iv) ten-year
 options to purchase an aggregate of 1,250 shares of common stock at an exercise price of $40.00 per share to certain contractors
 under the 2018 Plan; (v) three-year options to purchase an aggregate of 25,000 shares of common stock at an exercise price of $40.00
 per share to the Company's directors; (vi) three-year options to purchase 351 shares of common stock at an exercise price of
 $120.00 per share to Silvia Alana, the Company's Chief Financial Officer and director (vii) five-year options to purchase an
 aggregate of 8,750 shares of common stock at an exercise price of $40.00 per share to the Company's directors; (viii) three-year
 options to purchase 1,378 shares of common stock at an exercise price of $17.20 per share to an employee; (ix) three-year options
 to purchase 285 shares of common stock at an exercise price of $15.80 per share to an employee; (x) three-year options to purchase
 43,200 shares of common stock at an exercise price of $0.80 per share to Silvia Alana, the Company's Chief Financial Officer
 and director and (xi) three-year options to purchase 51,514 shares of common stock at an exercise price of $0.35 per share to an
 employee.

 Recent
Sales of Unregistered Securities

 Except
as set forth below, there were no sales of equity securities during the period covered by this Report that were not registered under
the Securities Act and were not previously reported in a Quarterly Report on Form 10-Q or a Current Report on Form 8-K filed by the Company.

 In
January 2023, the Company sold an aggregate of 23,705 shares of common stock for net proceeds of $182,982 in an "at the market"
offering pursuant to a sales agreement between the Company and Roth Capital Partners, LLC ("Roth"). On January 31, 2023,
7,564 of shares were repurchased from Roth for $76,323. The offering was terminated on February 2, 2023.

 On
August 22, 2023, the Company issued 200,000 shares of common stock to Mark Crone for consulting services to be provided to the
Company starting on January 1, 2024.

 On
December 31, 2023, the Company issued an aggregate of 3,958,333 shares of common stock to John Keeler's designee in lieu of
payment of $570,000 of the principal amount of outstanding promissory notes held by Mr. Keeler.

 On
December 31, 2023, the Company issued 173,611 shares of common stock to each of Silvia Alana, Nubar Herian and John Keeler, 277,778 shares
of common stock to each of Timothy McLellan and Trond Ringstad, 101,273 shares of common stock to Juan Carlos Dalto and 399,306 shares
of common stock to Jeffrey Guzy with a total fair value of $227,083 for serving as directors of the Company.

 On
December 31, 2023, the Company issued 1,736,111 shares of common stock to Walter Lubkin Jr. in lieu of $250,000 of outstanding principal
payment under promissory notes issued by the Company in connection with the Coastal Pride acquisition.

the year ended December 31, 2023, the Company issued an aggregate of 239,229 shares of common stock to the designee of ClearThink for
consulting services provided to the Company.

the year ended December 31, 2023, the Company issued an aggregate of 1,380,585 shares of common stock for cash proceeds of $343,849
pursuant to a securities purchase agreement, dated May 16, 2023 with ClearThink. In connection with such agreement, the Company also
issued 62,500 shares of common stock to ClearThink as commitment fees, with a fair value of $141,250, which was recorded as stock
issuance costs.

 On
January 23, 2024 and February 1, 2024, the Company issued 76,388 and 82,706 shares of common stock, respectively, to the designee of
ClearThink for consulting services provided to the Company.

 On January 25, 2024, the Company issued 354,610 shares of common stock
to ClearThink as a commitment fee.

 The
above issuances did not involve any underwriters, underwriting discounts or commissions, or any public offering and we believe are exempt
from the registration requirements of the Securities Act of 1933 by virtue of Section 4(2) thereof.

 Purchases
of Equity Securities by the Issuer and Affiliated Purchasers

 None.

 ITEM
6. RESERVED

 ITEM
7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 The
following discussion of the financial condition and results of operations should be read in conjunction with the financial statements
and the notes to those statements appearing in this Annual Report. This discussion contains forward-looking statements that are based
on our current expectations, estimates and projections about our business and operations. Our actual results may differ materially from
those currently anticipated and expressed in such forward-looking statements. The Company does not undertake any obligation to update
forward-looking statements to reflect events or circumstances occurring after the date of this prospectus.

 Overview

 We
are an international seafood company that imports, packages and sells refrigerated pasteurized crab meat, and other premium seafood products.
Our current source of revenue is from importing blue and red swimming crab meat primarily from Indonesia, the Philippines and China 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. The crab meat which we import is processed in six out of the ten plants available throughout Southeast
Asia. Our suppliers are primarily via co-packing relationships, including two affiliated suppliers. We sell primarily to food service
distributors. We also sell our products to wholesalers, retail establishments and seafood distributors.

 Recent
Developments

 NASDAQ
Compliance

 On September 26, 202 3, the
Company received a letter from NASDAQ notifying the Company that based upon the closing bid price of the Company's common stock
for the last 30 consecutive business days, the Company was not in compliance with the Minimum
Bid Requirement on The NASDAQ Capital Market, as set forth in NASDAQ Listing Rule 5550(a)(2). The Company was provided a compliance period
of 180 calendar days, or until March 24, 2024, to regain compliance with NASDAQ Listing Rule 5550(a)(2). If at any time before March 24,
2024, the closing bid price of our common stock closed at or above $1.00 per share for a minimum of ten consecutive business days, NASDAQ
will provide written notification that the Company has achieved compliance with the Minimum Bid Requirement and the matter would be resolved.
On March 26, 2024, we received a letter from NASDAQ stating the Company had not regained compliance with the Minimum Bid Requirement and
is not eligible for a second 180-day period because it is not in compliance with NASDAQ's $5,000,000 minimum stockholders'
equity initial listing requirement. The Company intends to present a written compliance plan to the NASDAQ hearings panel by April 2,
2024 (which will stay further action by NASDAQ) for its consideration of continued listing of the Company's common stock on the
NASDAQ Capital Market.

 Minimum
Stockholder's Equity

 The
Company was notified on November 27, 2023 by NASDAQ that it no longer complied with the minimum $2,500,000 stockholders' equity
required for continued listing on NASDAQ. The Company is subject to a Mandatory Panel Monitor for a period of one year, or until October
16, 2024. On December 4, 2023, the Company was granted a hearing with NASDAQ's
hearings panel, which was scheduled for March 5, 2024. On March 22, 2024, the NASDAQ hearings panel notified the Company that it had
granted the request of the Company to continue its listing on NASDAQ until May 15, 2024, subject to on or before April 1, 2024, the Company
filing its Form 10-K for the year ended December 31, 2023, and filing its Form 10-Q for the quarter ended March 31, 2024 by
May 15, 2024.

 Afritex Agreements

 On February 1, 2024, the
Company entered into a ninety-day Master Services Agreement (the "Services Agreement") with Afritex Ventures, Inc. a Texas
corporation ("Afritex"), pursuant to which the Company will be responsible for all of Afritex's operations and finance
functions. The Company will provide Afritex with working capital in order to sustain operations and will purchase certain inventory listed
in the Services Agreement. In consideration for its services, during the term of the Services Agreement, the Company will be entitled
to all of the revenue and profits earned by Afritex. Under the Services Agreement, Afritex may not sell or otherwise use as consideration
any of its intellectual property without the Company's consent. The Company must maintain certain commercial liability insurance
during the term of the Services Agreement. The Services Agreement also provides that the Company may not solicit Afritex employees for
24 months nor circumvent existing business relationships of Afritex for three years, after the term of the Services Agreement. The term
of the Services Agreement will automatically extend for three thirty-day periods, if Afritex's outstanding debt is no greater than
$325,000.

 In connection with the Services Agreement, on February 12, 2024, the Company
entered into an Intangibles Assets and Machinery Option To Purchase Agreement with Afritex (the "Option Agreement"). Pursuant
to the Option Agreement, the Company has the option to purchase Afritex's intangible assets, machinery and equipment set forth in
the Option Agreement for a purchase price of $554,714 for machinery and equipment and 5,000,000 shares of the Company's common stock
 were issued on February 12, 2024
to be held in escrow, for intangible assets. In addition, for one year from the date of the Option Agreement, Afritex has
an option to purchase up to $1,000,000 shares of the Company's common stock at a 10% discount to the lowest volume-weighted average
price in the immediately prior five days. The sale of any shares acquired by Afritex under the Option Agreement are subject to a "leak-out"
provision as set forth in the Option Agreement. The closing of the Option Agreement is subject to, among other things, the successful
restructuring of Afritex's accounts payable debts so that no individual debt of $85,000 or aggregate debt of more than $325,000
is outstanding. The Option Agreement may be terminated if, among others, the closing has not has not occurred within 90 days, unless extended
for two additional 30-day periods at the Company's sole discretion. To date, the Company has not exercised
its option to purchase such intangibles assets, machinery and equipment.

 ClearThink
Term Loan

 On
January 18, 2024, the Company entered into the Revenue-Based Factoring MCA Plus Agreement with ClearThink which provides, among
other things, for a 33-week term loan in the principal amount of $200,000 (with an additional one-time commitment fee of $50,000).
Interest accrues at the rate of 25% per annum with an additional 5% default interest rate in the event of circumstances described in
the agreement or $50,000 will be added to the principal amount and accrue after principal is paid. The Company is required to make
biweekly payments of $14,706, commencing February 1, 2024 for the term of the Agreement. On January 25, 2024, the Company issued
354,610 shares of common stock to ClearThink as a commitment fee.

 Results
of Operations

 The
following discussion and analysis of financial condition and results of operations of the Company is based upon, and should be read in
conjunction with, the audited financial statements and related notes elsewhere in this Annual Report.

 Year
Ended December 31, 2023 compared to the Year Ended December 31, 2022

 Net
Sales. Revenue for the year ended December 31, 2023 decreased 52.0% to $6,124,529 as compared to $12,767,145 for the year ended December
31, 2022 as a result of a decrease in poundage sold during the year ended December 31, 2023.

 Cost
of Goods Sold. Cost of goods sold for the year ended December 31, 2023 decreased to $5,966,452 as compared to $13,419,133 for the
year ended December 31, 2022. This decrease is attributable to the decrease in poundage sold in the cost of goods.

 Gross
Profit (Loss). Gross profit for the year ended December 31, 2023 is $158,077 as compared to gross loss of $651,988 for the year ended
December 31, 2022. This increase is attributable to higher market prices and lower cost of goods sold in comparison to the year ended
December 31, 2022.

 Gross
Profit (Loss) Margin. Gross profit margin for the year ended December 31, 2023 is 2.6% as compared to gross loss margin of 5.1% for
the year ended December 31, 2022. This increase is attributable to higher market prices and lower cost of goods sold in comparison to
the year ended December 31, 2022.

 Commissions
Expenses. Commissions expenses decreased to $2,169 for the year ended December 31, 2023 from $24,482 for the year ended December
31, 2022. The decrease is attributable to lower commissionable revenues.

 Salaries
and Wages Expense. Salaries and wages decreased to $1,858,004 for the year ended December 31, 2023 as compared to $2,032,457 for
the year ended December 31, 2022. This decrease is primarily attributable to a strategic reduction in salaries for the year ended December
31, 2023.

 Depreciation
and Amortization. Depreciation and amortization expense decreased to $4,521 for the year ended December 31, 2023 as compared to
$584,386 for the year ended December 31, 2022. This decrease is attributable to lower depreciation due to the impairment of fixed assets
and intangible assets in the year ended December 31, 2022.

 Impairment
Loss. Impairment loss decreased to $0 for the year ended December 31, 2023 as compared to $5,797,906 for the year ended December
31, 2022. This decrease is attributable to the impairment recognized on TOBC for the year ended December 31, 2022.

 Other
Operating Expense. Other operating expenses increased 0.1% to $2,525,661 for the year ended December 31, 2023 as compared to $2,522,764
for the year ended December 31, 2022. This increase is mainly attributable to an increase in legal and professional fees related to our
business operations.

 Other
Income. Other income decreased to $12,708 for the year ended December 31, 2023 from $154,196 for the year ended December 31, 2022.
This decrease is primarily attributable to lower collections received by Coastal Pride from previously written off receivables.

 Loss
on Conversion of Debt. Loss on conversion of debt increased to $977,188 for the year ended December 31, 2023 from $57,085 for the
year ended December 31, 2022. This increase is attributable to the additional payments made to Lind by the issuance of common stock due
to a decrease in the Repayment Share Price.

 Change in Fair Value of Derivatives
and Warrants Liabilities. Change in fair value of derivatives and warrants liabilities increased to $2,497,088 for the year ended
December 31, 2023 from $0 for the year ended December 31, 2022. This increase is attributable to the 2023 Lind notes embedded conversion
feature due to the variable conversion price on the agreements.

 Interest
Expense. Interest expense increased to $1,771,942 for the year ended December 31, 2023 as compared to $1,678,097 for the year ended
December 31, 2022. This increase is mainly attributable to the amortization of the Lind convertible debt discount.

 Net
Loss. The Company had a net loss of $4,471,612 for the year ended December 31, 2023 as compared to a net loss of $13,194,969 for
the year ended December 31, 2022. The decrease in net loss is primarily attributable to decreases in salaries and wages, decreases in
depreciation and amortization, recognition of impairment losses for TOBC and Coastal Pride in 2022 that no longer applied in 2023 and
decreases of other expenses of legal and professional fees.

 Liquidity
and Capital Resources

 The
Company had cash of $24,163 as of December 31, 2023. At December 31, 2023, the Company had a working capital surplus of $899,215, including
$165,620 in stockholder loans that were subordinated to its working capital line of credit, as compared to a working capital deficit
of $3,013,281 at December 31, 2022, including $893,000 in stockholder loans. The Company's primary sources of liquidity consisted
of inventory of $2,608,521 and accounts receivable of $534,195 at December 31, 2023. The increase in working capital was due primarily
to decreases of inventory of $2,023,631 and accounts receivable of $270,881 netted against the decreases in the working capital line
of credit of $1,776,068 and maturities of short-term debt of $3,439,557.

 The
Company has historically financed its operations through the cash flow generated from operations, loans from stockholders and other related
parties as well as a working capital line of credit and the sale of equity in private offerings.

 Cash
(Used in) Operating Activities. Cash used in operating activities during the year ended December 31, 2023 was $3,530,662 as compared
to cash used in operating activities of $3,618,811 for the year ended December 31, 2022, representing a decrease of $88,149. The decrease
is primarily attributable to a decrease in inventory of $5,455,560 netted against the decreases in deferred income of $62,336, accounts
receivable netted against other current assets of $3,036,916 and decrease in payables netted against other current liabilities of $2,094,395
for the year ended December 31, 2023.

 Cash
(Used in) Investing Activities. Cash used in investing activities for the year ended December 31, 2023 was $159,609 as compared to
$695,275 cash used in investing activities for the year ended December 31, 2022. The decrease was a result of no acquisitions during
the year ended December 31, 2023 compared to the acquisition of the soft-shell crab operations by Coastal Pride for the year ended December
31, 2022.

 Cash
Provided by Financing Activities. Cash provided by financing activities for the year ended December 31, 2023 was $3,676,355 as compared
to cash provided by financing activities of $3,075,400 for the year ended December 31, 2022. This increase is mainly attributable to
 in the private placement offering completed in September 2023.

 Working
Capital Line of Credit

 On
March 31, 2021, Keeler & Co. and Coastal Pride entered into a loan and security agreement ("Loan Agreement") with Lighthouse.
Pursuant to the terms of the Loan Agreement, Lighthouse made available to Keeler & Co. and Coastal Pride (together, the "Borrowers")
a $5,000,000 revolving line of credit for a term of thirty-six months, renewable annually for one-year periods thereafter. Amounts due
under the line of credit are represented by a revolving credit note issued to Lighthouse by the Borrowers.

 The
advance rate of the revolving line of credit was 85% with respect to eligible accounts receivable and the lower of 60% of the Borrowers'
eligible inventory, or 80% of the net orderly liquidation value, subject to an inventory sublimit of $2,500,000. The inventory portion
of the loan will never exceed 50% of the outstanding balance. Interest on the line of credit is the prime rate (with a floor of 3.25%),
plus 3.75%. The Borrowers paid Lighthouse a facility fee of $50,000 in three instalments of $16,667 in March, April and May 2021 and
paid an additional facility fee of $25,000 on March 31, 2022. In an effort to increase imports to meet customer demand, on January 14,
2022, the maximum inventory advance under the line of credit was adjusted from 50% to 70% until June 30, 2022, 65% until July 31, 2022,
60% until August 31, 2022, 55% until September 30, 2022, at a monthly fee of 0.25% on the portion of the loan in excess of the 50% advance.
On July 29, 2022, the Loan Agreement was further amended to set the annual interest rate on the outstanding principal amount at 4.75%
above the prime rate and to reduce the monthly required cash flow requirements beginning July 31, 2022. The amendment also updated the
maximum inventory advance under the line of credit to 60% from August 1, 2022 through December 31, 2022 and 50% thereafter.

 The
line of credit was secured by a first priority security interest on all the assets of each Borrower. Pursuant to the terms of a guaranty
agreement, the Company guaranteed the obligations of the Borrowers under the note and John Keeler, Executive Chairman and Chief Executive
Officer of the Company, provided a personal guaranty of up to $1,000,000 to Lighthouse.

 On
June 16, 2023, the Company terminated the Loan Agreement and paid an aggregate of approximately $108,400 to Lighthouse which included,
as of June 16, 2023, an outstanding principal balance of approximately $93,400, accrued interest of approximately $9,900, and other fees
incurred in connection with the line of credit of approximately $4,991. Upon the repayment of the total outstanding indebtedness owing
to Lighthouse, the Loan Agreement and all other related financing agreements and documents entered into in connection with the Loan Agreement
were deemed terminated.

the year ended December 31, 2023, cash proceeds from the working capital line of credit totaled $2,405,034 and cash payments to the working
capital line of credit totaled $4,182,971.

 John
Keeler Promissory Notes

 From
January 2006 through May 2017, Keeler & Co issued 6% demand promissory notes in the aggregate principal amount of $2,910,000 to John
Keeler, our Chief Executive Officer and Executive Chairman. As of December 31, 2023, approximately $165,600 of principal remains outstanding
and approximately $50,500 of interest was paid under the notes during the year ended December 31, 2023. These notes are subordinated
to the Lighthouse note. After satisfaction of the terms of the subordination, the Company may prepay the notes at any time first against
interest due thereunder. If an event of default occurs under the notes, interest will accrue at 18% per annum and if not paid within
ten days of payment becoming due, the holder of the note is entitled to a late fee of 5% of the amount of payment not timely made. The
Company made principal payments of $157,380 during the year ended December 31, 2023. During the year ended December 31, 2023, the Company issued 3,958,333 shares of its common stock to settle $570,000
principal of the subordinated notes.

 Underwritten
Offering

 On
September 11, 2023, the Company offered and sold in a "best efforts" public offering pursuant to a registration statement on Form S-1,
which was declared effective by the SEC on September 7, 2023, an
aggregate of 690,000 shares of common stock, together with Series A-1 warrants to purchase up to 10,741,139 shares of common stock
and Series A-2 warrants to purchase up to 10,741,139 shares of common stock (collectively, the "Common Warrants") and
10,051,130 pre-funded warrants (the "Pre-Funded Warrants").

 Each
share of common stock and Pre-Funded Warrants were sold together with a Series A-1 common stock purchase warrant to purchase one
share of common stock and a Series A-2 common stock purchase warrant to purchase one share of common stock. The shares of
common stock or Pre-Funded Warrant and accompanying Common Warrants are immediately separable and were issued separately. The public
offering price for each share of common stock and accompanying Common Warrants was $0.4655. Each Common Warrant has an exercise
price per share of $0.4655 and will be exercisable beginning on the effective date of stockholder approval of the issuance of the
shares upon exercise of the Common Warrants ("Warrant Stockholder Approval"). The Series A-1 common stock purchase
warrants will expire on the five-year anniversary of the effective date of the Warrant Stockholder Approval. The Series A-2 common
stock purchase warrants will expire on the eighteen-month anniversary of the effective date of the Warrant Stockholder Approval. The
Pre-Funded Warrants are exercisable immediately, may be exercised at any time until all of the Pre-Funded Warrants are exercised in
full, and have an exercise price of $0.01. The Warrant Stockholder Approval has not yet been obtained.

 The
shares of common stock, Common Warrants and Pre-Funded Warrants were sold pursuant to a securities purchase agreement. H.C. Wainwright & Co., LLC acted as placement agent
for the offering and received a fee of 7% of the gross proceeds, reimbursement of $35,000 in non-accountable expenses and $100,000
for legal fees and out-of-pocket expenses.

 2021 Underwritten Offering

 On
November 2, 2021, the Company entered into an underwriting agreement (the "Underwriting Agreement") with Newbridge Securities
Corporation ("Newbridge"), as representative of the underwriters listed therein (the "Underwriters"), pursuant
to which the Company agreed to sell to the Underwriters in a firm commitment underwritten public offering (the "Offering")
an aggregate of 800,000 shares of the Company's common stock, at a public offering price of $5.00 per share. In addition, the Underwriters
were granted an over-allotment option (the "Over-allotment Option") for a period of 45 days to purchase up to an additional
120,000 shares of common stock. The Offering closed on November 5, 2021 and the common stock began trading on the NASDAQ Capital Market
under the symbol "BSFC" on November 3, 2021. The Over-allotment Option was not exercised by the Underwriters.

 The
net proceeds to the Company from the Offering, after deducting the underwriting discount, the underwriters' fees and expenses and
the Company's estimated Offering expenses, were approximately $3,600,000. The Company used the net proceeds from the Offering for
general corporate purposes, including working capital, operating expenses, and capital expenditures. The Company may also use a portion
of the net proceeds to acquire or make investments in businesses, products, and offerings, although the Company does not have agreements
or commitments for any material acquisitions or investments at this time.

 In
addition, pursuant to the terms of the Underwriting Agreement and related "lock-up" agreements, each director, executive
officer, and beneficial owners of over 10% of the Company's common stock (for a period of 180 days after the date of the final
prospectus relating to the Offering), have agreed, subject to customary exceptions, not to sell, transfer or otherwise dispose of securities
of the Company, without the prior written consent of Newbridge.

 On
November 5, 2021, in connection with the November 2, 2021 Offering, the Company issued a warrant to purchase an aggregate of 2,800
shares of common stock at an exercise price of $100.00 per share to Newbridge. Such warrant expires on November 11, 2024.

 Lind
Global Fund II LP investment

 On
January 24, 2022, the Company entered into a securities purchase agreement with Lind Global Fund II LP, a Delaware limited
partnership ("Lind"), pursuant to which the Company issued to Lind a secured, two-year, interest free convertible
promissory note in the principal amount of $5,750,000 and a five-year warrant to purchase 1,000,000 shares of common stock of the
Company at an exercise price of $4.50 per share, subject to customary adjustments (50,000 shares of common stock at an exercise
price of $90 per share after taking into account the Company's Reverse Stock Split). The warrant provides for cashless
exercise and for full ratchet anti-dilution if the Company issues securities at less than $4.50 per share (exercise price of $90 per share after taking into account the Company's Reverse Stock Split). In connection with the
issuance of the note and the warrant, the Company paid a $150,000 commitment fee to Lind and approximately $87,000 of debt issuance
costs.

 The
outstanding principal under the note is payable commencing July 24, 2022, in 18 consecutive monthly installments of $333,333, at the
Company's option, in cash or shares of common stock at a price (the "Repayment Share Price") based on 90% of the
five lowest volume weighted average prices ("VWAP") during the 20-days prior to the payment date with a floor price of
$1.50 per share (the "Floor Price") (floor price of $30 per share after taking into account the Company's Reverse Stock Split), or a combination of cash and stock provided that if at any time the Repayment
Share Price is deemed to be the Floor Price, then in addition to shares, the Company will pay Lind an additional amount in cash as
determined pursuant to a formula contained in the note.

 In
connection with the issuance of the note, the Company granted Lind a first priority security interest and lien on all of its assets,
including a pledge on its shares in John Keeler & Co. Inc., its wholly-owned subsidiary, pursuant to a security agreement and a stock
pledge agreement with Lind, dated January 24, 2022. Each subsidiary of the Company also granted a second priority security interest in
all of its respective assets.

 The
note is mandatorily payable prior to maturity if the Company issues any preferred stock (with certain exceptions described in the note)
or, if the Company or its subsidiaries issues any indebtedness other than certain amounts under the then line of credit facility with
Lighthouse. The Company also agreed not to issue or sell any securities with a conversion, exercise or other price based on a discount
to the trading prices of the Company's stock or to grant the right to receive additional securities based on future transactions
of the Company on terms more favorable than those granted to Lind, with certain exceptions.

 If
the Company fails to maintain the listing and trading of its common stock, the note will become due and payable and Lind may convert
all or a portion of the outstanding principal at the lower of the then current conversion price and 80% of the average of the 3-day VWAP
during the 20 days prior to delivery of the conversion notice.

 If
the Company engages in capital raising transactions, Lind has the right to purchase up to 10% of the new securities.

 The
note is convertible into common stock at $5.00 per share ($100 per share after taking into account the Company's Reverse Stock Split), subject to certain adjustments, at any time after the earlier of six
months from issuance or the date the registration statement is effective; provided that no such conversion may be made that would
result in beneficial ownership by Lind and its affiliates of more than 4.99% of the Company's outstanding shares of common
stock. If shares are issued by the Company at less than the conversion price, the conversion price will be reduced to such
price.

 On
September 15, 2023, the Company paid $2,573,142 to Lind and the note was extinguished.

 On
May 30, 2023, the Company entered into a securities purchase agreement with Lind pursuant to which the Company issued to Lind a secured,
two-year, interest free convertible promissory note in the principal amount of $1,200,000 (the "Lind Note") and a warrant
(the "Lind Warrant") to purchase 435,035 shares of common stock of the Company commencing six months after issuance and exercisable
for five years at an exercise price of $2.45 per share, for the aggregate funding amount of $1,000,000. The Lind Warrant includes cashless
exercise and full ratchet anti-dilution provisions. In connection with the issuance of the Lind Note and the Lind Warrant, the Company
paid Lind a $50,000 commitment fee. The proceeds from the sale of the Note and Warrant are for general working capital purposes.

 On
July 27, 2023, the Company, entered into a First Amendment to the securities purchase agreement (the "Purchase Agreement Amendment")
with Lind, pursuant to which the Company amended the securities purchase agreement, entered into with Lind as of May 30, 2023 in order
to permit the issuance of further senior convertible promissory notes in the aggregate principal amount of up to $1,800,000 and warrants
in such aggregate amount as the Company and Lind shall mutually agree.

to the Purchase Agreement Amendment, the Company issued to Lind a two-year, interest free convertible promissory note in the principal
amount of $300,000 and a warrant to purchase 175,234 shares of common stock of the Company commencing six months after issuance and exercisable
for five years at an exercise price of $1.34 per share, for the aggregate amount of $250,000. In connection with the issuance of the
note and the warrant, the Company paid a $12,500 commitment fee. The proceeds from the sale of the note and warrant are for general working
capital purposes.

 Agile Loan

 In order to refinance interest due on the June 14,
2023 note issued to Agile, on January 2, 2024, the Company, and Keeler & Co. entered into a subordinated business loan and security
agreement with Agile and Agile Capital as collateral agent, which provides for a term loan to the Company in the amount of $122,491 which
principal and interest (of $48,996) is due on May 31, 2024. Commencing January 5, 2024, the Company is required to make weekly payments
of $7,795 until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $5,833 was paid on the
loan. A default interest rate of 5% will become effective upon the occurrence of an event of default. In connection with the loan, Agile
was issued a subordinated secured promissory note, dated January 2, 2024, in the principal amount of $122,491 which note is secured by
all of the Borrower's assets, including receivables.

 ClearThink Term Loan

 On January 18, 2024, the Company
entered into the Revenue-Based Factoring MCA Plus Agreement with ClearThink which provides, among other things, for a 33-week term
loan in the principal amount of $200,000 (with an additional one-time commitment fee of $50,000). Interest accrues at the rate of
25% per annum with an additional 5% default interest rate in the event of circumstances described in the agreement or $50,000 will
be added to the principal amount and accrue after principal is paid. The Company is required to make biweekly payments of $14,706,
commencing February 1, 2024 for the term of the Agreement. On January 25, 2024, the Company issued 354,610 shares of common stock to
ClearThink as a commitment fee.

 Critical
Accounting Policies and Estimates

 Valuation
of Goodwill and Long-Lived Assets

 Goodwill
and long-lived assets include the cost of the acquired business in excess of the fair value of the net assets recorded in connection
with an acquisition. Long-lived assets include customer relationships, non-compete agreements, trademarks and fixed assets. For goodwill,
our policy is to assess for impairment at year-end or whenever events or changes in circumstances indicate that the carrying value may
not be recoverable. For long-lived assets, we assess for impairment only if events occur that indicate that the carrying amount of an
asset may not be recoverable.

 Annually,
we assess the recoverability of goodwill and long-lived assets by determining whether the fair values exceed the carrying values of these
assets. For long-lived assets, we use the income method, which uses a forecast of the expected future net cash flows associated with
each asset. These cash flows are then adjusted to present value by applying an appropriate discount rate that reflects the risk factors
associated with the cash flow streams. Our goodwill testing may be performed utilizing either a qualitative or quantitative assessment;
however, if a qualitative assessment is performed and we determine that the fair value of a reporting unit is more likely than not (i.e.,
a likelihood of more than 50 percent) to be less than its carrying amount, a quantitative test is performed.

 When
using a quantitative test, we arrive at our estimates of fair value using a discounted cash flow analysis. Our assessment for impairment
of goodwill and long-lived assets compared the fair value of the reporting unit to the corresponding carrying value. If the carrying
value of the asset exceeds its fair value, an impairment loss is recognized in an amount equal to the excess. An annual impairment analysis
for goodwill and long-lived assets was completed for Coastal Pride and TOBC due to the lower forecasted revenues and gross losses recognized
in the year ended December 31, 2022 as a result of the effect of the COVID-19 pandemic on the Company's business. Based on our
year-end 2022 annual impairment analysis for goodwill and long-lived assets, we recorded an impairment loss on customer relationships,
trademarks, non-compete agreements and fixed assets of $1,595,677, $1,006,185, $78,116 and $1,873,619, respectively, related to Coastal
Pride and TOBC. For goodwill, the analysis concluded an impairment of $1,244,309 related to Coastal Pride and TOBC for year ended December
31, 2022. No impairment was recognized for the year ended December 31, 2023.

 The
fair value conclusions as of December 31, 2022 are highly sensitive to changes in the assumptions used in the income approach, which
include forecasted revenues, perpetual growth rates, among others, all of which require significant judgments by management.

 Fair
value of the reporting unit is therefore determined using significant unobservable inputs, or level 3 in the fair value hierarchy. The
Company has used recent historical performance, current forecasted financial information, and broad-based industry and economic statistics
as a basis to estimate the key assumptions utilized in the forecasted cash flow model. These key assumptions are inherently uncertain
and require a high degree of estimation and judgment and are subject to change based on future changes, industry and global economic
and geo-political conditions, and the timing and success of the implementation of current strategic initiatives.

 Inventories

 Substantially
all of the Company's inventory consists of packaged crab meat located at a public cold storage facility and merchandise in transit
from suppliers. The Company also has eggs and fish in process inventory from TOBC. The cost of inventory is primarily determined using
the specific identification method for crab meat. Fish in process inventory is measured based on the estimated biomass of fish on hand.
The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. Inventory
is valued at the lower of cost or net realizable value, cost being determined using the first-in, first-out method for crab meat and
using various estimates and assumptions in regard to the calculation of the biomass, including expected yield, market value of the biomass,
and estimated costs of completion.

 Merchandise
is purchased cost and freight shipping point and becomes the Company's asset and liability upon leaving the suppliers' warehouse.
The Company had in-transit inventory of approximately $974,000 and $1,598,000 as of December 31, 2023 and December 31, 2022, respectively.

 The
Company periodically reviews the value of items in inventory and records an allowance to reduce the carrying value of inventory to the
lower of cost or net realizable value based on its assessment of market conditions, inventory turnover and current stock levels. Inventory
write-downs are charged to cost of goods sold. The Company recorded an inventory allowance of $176,000 for the year ended December 31, 2023.

 Revenue
Recognition

 The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, as
such, we record revenue when our customer obtains control of the promised goods or services in an amount that reflects the consideration
which the Company expects to receive in exchange for those goods or services. The Company's source of revenue is from importing
blue and red swimming crab meat primarily from Mexico, Indonesia, the Philippines and China 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 by TOBC under the brand name Little Cedar Farms for distribution in
Canada. We sell primarily to food service distributors. We also sell our products to wholesalers, retail establishments and seafood distributors.

 To
determine revenue recognition for the arrangements that the Company determines are within the scope of Topic 606, the Company performs
the following five steps: (1) identify the contract(s) with a customer by receipt of purchase orders and confirmations sent by the Company
which includes a required line of credit approval process, (2) identify the performance obligations in the contract which includes shipment
of goods to the customer FOB shipping point or destination, (3) determine the transaction price which initiates with the purchase order
received from the customer and confirmation sent by the Company and will include discounts and allowances by customer if any, (4) allocate
the transaction price to the performance obligations in the contract which is the shipment of the goods to the customer and transaction
price determined in step 3 above and (5) recognize revenue when (or as) the entity satisfies a performance obligation which is when the
Company transfers control of the goods to the customers by shipment or delivery of the products.

 The
Company elected an accounting policy to treat shipping and handling activities as fulfillment activities. Consideration payable to a
customer is recorded as a reduction of the arrangement's transaction price, thereby reducing the amount of revenue recognized,
unless the payment is for distinct goods or services received from the customer.

 Recent
Accounting Pronouncements

 ASU
2016-13 Financial Instruments – Credit Losses (Topic 326)

 In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments, which requires entities to use a forward-looking, expected loss model to estimate credit losses. It also
requires entities to consider additional disclosures related to credit quality of trade and other receivables, including information
related to management's estimate of credit allowances. ASU 2016-13 was further amended in November 2018 by ASU 2018-19,
Codification Improvements to Topic 236, Financial Instrument-Credit Losses. For public business entities that are U.S. Securities
and Exchange Commission (SEC) filers excluding smaller reporting companies, the amendments are effective for fiscal years beginning
after December 15, 2019, including interim periods within those fiscal years. For all other public business entities, the amendments
are effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. On October
16, 2019, FASB voted to delay implementation of ASU No. 2016-13, "Financial Instruments-Credit Losses (Topic 326) -
Measurement of Credit Losses on Financial Instruments." For all other entities, the amendments are now effective for fiscal
years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. On November 15,
2019, FASB issued an Accounting Standard Update No. 2019-10 to amend the implementation date to fiscal years beginning after
December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for fiscal years, and interim
periods within those fiscal years, beginning after December 15, 2018. The Company adopted this ASU related to its trade receivables
on January 1, 2023 and determined there was no material impact from the adoption of the ASU on the Company's consolidated
financial statements.

 Reverse
Stock Split

 On
March 29, 2023, the Company's board of directors approved, and on May 10, 2023, at a special meeting of the stockholders, holders
of approximately 87% 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.

 On
June 9, 2023, the Company amended its Certificate of Incorporation to effect a one-for-twenty reverse stock split, which became effective
on June 21, 2023. All share and per share amounts in this Annual Report have been restated 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.

 ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 Blue

to Audited Financial Statements

 Page

 Report of Independent Registered Public Accounting Firm (PCAOB ID No. 206)

 Consolidated Balance Sheets as of December 31, 2023 and 2022

 Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2023 and 2022

 Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the years ended December 31, 2023 and 2022

 Consolidated Statements of Cash Flows for the years ended December 31, 2023 and 2022

 Notes to Consolidated Financial Statements

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To
the Shareholders and Board of Directors of

 Blue

 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, 2023 and 2022, and the related consolidated statements of operations and comprehensive
loss, changes in stockholders' equity (deficit), 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, 2023 and 2022, and the results of their operations and their 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
3 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 3. 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 with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

 Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.

 Critical
Audit Matters

 Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgments. We determined that there are no critical audit matters

 /s/
 MaloneBailey, LLP

 www.malonebailey.com

 We have served as the Company's auditor since 2014.

 Houston, Texas

 F- 1

 Blue

 CONSOLIDATED
BALANCE SHEETS

 DECEMBER 31, 2023

 DECEMBER 31, 2022

 ASSETS

 CURRENT ASSETS

 Cash and cash equivalents

 $
 24,163

 $
 9,262

 Accounts receivable, net of allowances and credit losses of $ 31,064 and $ 22,725

 534,195

 813,416

 Inventory, net

 2,608,521

 4,808,152

 Advances to related party

 95,525

 218,525

 Other current assets

 833,472

 671,933

 Total Current Assets

 4,095,876

 6,521,288

 RELATED PARTY LONG-TERM RECEIVABLE

 435,545

 435,545

 FIXED ASSETS, net

 303,857

 120,400

 RIGHT OF USE ASSET

 125,014

 197,540

 ADVANCES TO RELATED PARTY

 1,299,984

 1,299,984

 OTHER ASSETS

 102,222

 103,720

 TOTAL ASSETS

 $
 6,362,498

 $
 8,678,477

 LIABILITIES AND STOCKHOLDERS' EQUITY

 CURRENT LIABILITIES

 Accounts payable and accruals

 $
 661,377

 $
 2,401,243

 Customer refunds

 189,975

 -

 Working capital line of credit

 -

 1,776,068

 Deferred income

 47,819

 47,078

 Current maturities of long-term debt, net of discounts

 -

 3,439,557

 Current maturities of lease liabilities

 35,428

 57,329

 Current maturities of related party long-term notes

 100,000

 100,000

 Loan payable

 156,938

 29,413

 Related party notes payable - subordinated

 165,620

 893,000

 Derivative liability

 1,047,049

 -

 Warrants liability

 1,574

 -

 Other current liabilities

 790,881

 790,881

 Total Current Liabilities

 3,196,661

 9,534,569

 LONG-TERM LIABILITIES

 Lease liability, net of current portion

 89,586

 139,631

 Debt, net of current portion and discounts

 481,329

 -

 Related party notes, net of current portion

 -

 TOTAL LIABILITIES

 3,767,576

 9,924,200

 STOCKHOLDERS' EQUITY

 Series A 8 % cumulative convertible preferred stock, $ 0.0001 par value; 10,000 shares authorized, 0 shares issued and outstanding as of December 31, 2023, and 0 shares issued and outstanding as of December 31, 2022

 -

 -

 Common stock, $ 0.0001 par value, 100,000,000 shares authorized; 23,086,077 shares issued and outstanding as of December 31, 2023, and 1,338,321 shares issued and outstanding as of December 31, 2022

 2,324

 Additional paid-in capital

 36,659,648

 28,329,116

 Accumulated other comprehensive loss

 ( 179,995
)

 ( 235,853
)

 Accumulated deficit

 ( 33,810,732
)

 ( 29,339,120
)

 Treasury stock, 7,564 shares as of December 31, 2023 and 0 shares as of December 31, 2022

)

 -

 TOTAL STOCKHOLDERS' EQUITY (DEFICIT)

 2,594,922

 ( 1,245,723
)

 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

 $
 6,362,498

 $
 8,678,477

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

 F- 2

 Blue

 CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

 2023

 2022

 Year Ended December 31

 2023

 2022

 REVENUE, NET

 $
 6,124,529

 $
 12,767,145

 COST OF REVENUE

 5,966,452

 13,419,133

 GROSS PROFIT (LOSS)

 158,077

 ( 651,988
)

 COMMISSIONS

 2,169

 24,482

 SALARIES AND WAGES

 1,858,004

 2,032,457

 DEPRECIATION AND AMORTIZATION

 4,521

 584,386

 IMPAIRMENT LOSS

 -

 5,797,906

 OTHER OPERATING EXPENSES

 2,525,661

 2,522,764

 LOSS FROM OPERATIONS

 ( 4,232,278
)

 ( 11,613,983
)

 OTHER INCOME

 12,708

 154,196

 LOSS ON SETTLEMENT OF DEBT

 ( 977,188
)

 ( 57,085
)

 CHANGE IN FAIR VALUE OF DERIVATIVE AND WARRANT LIABILITIES

 2,497,088

 -

 INTEREST EXPENSE

 ( 1,771,942
)

 ( 1,678,097
)

 NET LOSS

)

)

 NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS

 $
)

 $
)

 COMPREHENSIVE LOSS:

 CHANGE IN FOREIGN CURRENCY TRANSLATION ADJUSTMENT

 55,858

 ( 181,613
)

 COMPREHENSIVE LOSS

 ( 4,415,754
)

 ( 13,376,582
)

 Loss per common share:

 Net loss per common share - basic and diluted

 $
 ( 0.88
)

 $
 ( 0.52
)

 Weighted average common shares outstanding - basic and diluted

 5,082,500

 25,158,555

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

 F- 3

 Blue

 CONSOLIDATED
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

 YEAR
ENDED DECEMBER 31, 2023 AND 2022

 Amount

 Amount

 Capital

 Deficit

 Loss

 (Deficit)

 Series A Preferred Stock $.0001 par value

 Common Stock $0.0001 par value

 Additional Paid-in

 Accumulated

 Accumulated Other Comprehensive

 Treasury

 Total Stockholder's Equity

 Amount

 Amount

 Capital

 Deficit

 Loss

 Stock

 (Deficit)

 December 31, 2021

 -

 $
 -

 1,233,566

 $

 $
 25,105,236

 $
 ( 16,144,151
)

 $

 ( 54,240

)

 $
 -

 $
 8,906,968

 Stock based compensation

 -

 -

 -

 -

 187,385

 -

 -

 -

 187,385

 Warrants issued on long-term debt

 -

 -

 -

 -

 1,035,253

 -

 -

 -

 1,035,253

 Common stock issued for service

 -

 -

 34,788

 667,994

 -

 -

 -

 667,998

 Common stock issued for asset acquisition

 -

 -

 8,355

 359,249

 -

 -

 -

 359,250

 Common stock issued from exercise of warrants

 -

 -

 6,250

 249,999

 -

 -

 -

 Common stock issued for note payment

 -

 -

 33,333

 547,774

 -

 -

 -

 547,777

 Common stock issued to settle related party notes payable and accrued interest

 -

 -

 22,029

 176,226

 -

 -

 -

 176,228

 Net Loss

 -

 -

 -

 -

 -

)

 -

 -

)

 Cumulative translation adjustment

 -

 -

 -

 -

 -

 -

 ( 181,613

)

 -

 ( 181,613
)

 December 31, 2022

 -

 -

 1,338,321

 28,329,116

 ( 29,339,120
)

 ( 235,853
)

 -

 ( 1,245,723
)

 Balance

 -

 -

 1,338,321

 28,329,116

 ( 29,339,120
)

 ( 235,853
)

 -

 ( 1,245,723
)

 Stock based compensation

 -

 -

 -

 -

 69,125

 -

 -

 -

 69,125

 Common stock issued for service

 -

 -

 2,078,672

 476,839

 -

 -

 -

 477,063

 Common stock issued for note payment

 -

 -

 1,379,211

 3,052,950

 -

 -

 -

 3,053,088

 Common stock issued for cash and exercise for warrants

 -

 -

 12,595,429

 1,260

 3,912,186

 -

 -

 -

 3,913,446

 Common stock issued to settle related party notes payable

 -

 -

 1,736,111

 249,827

 -

 -

 -

 Common stock issued to settle subordinated related party note

 -

 -

 3,958,333

 569,605

 -

 -

 -

 570,000

 Treasury Stock

 -

 -

 -

 -

 -

 -

 -

)

)

 Net Loss

 -

 -

 -

 -

 -

)

 -

 -

)

 Cumulative translation adjustment

 -

 -

 -

 -

 -

 -

 55,858

 -

 55,858

 December 31, 2023

 -

 $
 -

 23,086,077

 2,324

 $
 36,659,648

 $
 ( 33,810,732
)

 $
 ( 179,995
)

 $

)

 $
 2,594,922

 Balance

 -

 -

 23,086,077

 2,324

 36,659,648

 ( 33,810,732
)

 ( 179,995
)

)

 2,594,922

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

 F- 4

 Blue

 CONSOLIDATED
STATEMENTS OF CASH FLOWS

 2023

 2022

 Year Ended December 31

 2023

 2022

 CASH FLOWS FROM OPERATING ACTIVITIES:

 Net Loss

 $
)

 $
)

 Adjustments to reconcile net loss to net cash (used in) operating activities:

 Stock based compensation

 69,125

 187,385

 Common stock issued for service

 319,083

 667,998

 Impairment of goodwill

 -

 1,244,309

 Impairment of intangible assets

 -

 2,679,978

 Impairment of fixed assets

 -

 1,873,619

 Depreciation of fixed assets

 4,521

 231,465

 Amortization of intangible assets

 -

 315,420

 Amortization of debt discounts

 868,954

 1,416,120

 Allowance for inventory obsolescence

 176,000

 -

 Loss on settlement of debt

 977,188

 -

 Lease expense

 72,526

 58,723

 Write down of inventory

 -

 743,218

 Bad debt expense

 -

 Credit loss expense

 8,340

 -

 Gain on revaluation of fair value of derivative and warrant liabilities

 ( 2,497,088

)

 -

 Changes in operating assets and liabilities:

 Accounts receivables

 270,881

 417,360

 Inventories

 2,023,631

 ( 3,431,929
)

 Advances to related parties

 123,000

 ( 95,759
)

 Other current assets

 140,290

 3,030,728

 Right of use liability

 ( 71,946
)

 ( 58,867
)

 Other assets

 4,467

 1,922

 Accounts payable and accruals

 ( 1,737,997
)

 620,167

 Customer refunds

 189,975

 -

 Deferred income

 -

 ( 62,336
)

 Other current liabilities

 -

 ( 263,768
)

 Net Cash (Used in) Operating Activities

 ( 3,530,662
)

 ( 3,618,811
)

 CASH FLOWS FROM INVESTING ACTIVITIES:

 Net cash paid for acquisition

 -

 ( 398,482
)

 Purchases of fixed assets

 ( 159,609
)

 ( 296,793
)

 Net Cash (Used in) Investing Activities

 ( 159,609
)

 ( 695,275
)

 CASH FLOWS FROM FINANCING ACTIVITIES:

 Proceeds from common stock offering

 1,799,506

 -

 Proceeds from common stock offering – prefunded warrants

 4,678,924

 -

 Proceeds from common stock warrants exercised

 -

 Proceeds from working capital line of credit

 2,405,034

 12,552,008

 Proceeds from short-term loan

 700,000

 -

 Proceeds from convertible debt

 1,140,000

 4,762,855

 Repayments of working capital line of credit

 ( 4,182,971
)

 ( 13,144,141
)

 Repayments of short-term loan

 ( 623,000
)

 -

 Principal payments of convertible debt

 ( 2,007,435
)

 ( 1,118,888
)

 Repayments of related party notes payable

 ( 157,380
)

 ( 201,434
)

 Purchase of treasury stock

)

 -

 Payment of loan costs

 -

 ( 25,000
)

 Net Cash Provided by Financing Activities

 3,676,355

 3,075,400

 Effect of Exchange Rate Changes on Cash

 28,817

 92,435

 NET INCREASE IN CASH AND CASH EQUIVALENTS

 14,901

 ( 1,146,251
)

 CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD

 9,262

 1,155,513

 CASH AND CASH EQUIVALENTS – END OF PERIOD

 $
 24,163

 $
 9,262

 Supplemental Disclosure of Cash Flow Information

 Cash paid for interest

 $
 923,992

 $
 306,045

 SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES

 Common stock issued to settle related party notes payable and accrued interest

 176,228

 Operating lease assets recognized in exchange for operating lease liabilities

 -

 185,135

 Warrants issued for convertible debt

 -

 1,035,253

 Common stock issued for asset acquisition

 -

 359,250

 Common stock issued for partial settlement of note payable

 3,053,088

 547,777

 Derivative liability recognized on issuance of convertible note

 383,672

 -

 Warrant liability recognized on issuance of convertible note

 453,746

 -

 Common stock issued to settle subordinated related party note

 570,000

 -

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

 F- 5

 NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

31, 2023 and 2022

 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's current source of revenue is importing blue and red swimming crab meat primarily
from Indonesia, Philippines and China 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 are subject to a leak-out agreement pursuant to which Gault Seafood may not sell or otherwise transfer the shares until February
3, 2023.

 On
June 9, 2023, the Company amended its Certificate of Incorporation to affect a one-for-twenty reverse stock split ("Reverse Stock
Split"), which became effective on June 21, 2023. All share and per share amounts have been restated for all periods presented
to reflect the Reverse Stock Split.

 Note
2. Summary of Significant Accounting Policies

 Basis
of Presentation

 The
accompanying financial statements of the Company were prepared in accordance with accounting principles generally accepted in the United
States of America ("U.S. GAAP").

 Principles
of Consolidation

 The
consolidated financial statements include the accounts of the Company, Keeler & Co, Inc. a wholly owned subsidiary, Coastal Pride
Seafood, LLC ("Coastal Pride"), a wholly owned subsidiary of Keeler & Co., Inc. and Taste of BC Aquafarms, Inc. ("TOBC"),
a wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation.

 Goodwill
and Other Intangible Assets

 The
Company accounts for business combinations under the acquisition method of accounting in accordance with ASC 805, "Business Combinations,"
where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on
their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one
year from acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed, and
revisions to preliminary estimates. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired
less liabilities assumed is recognized as goodwill.

 The
Company reviews its goodwill for impairment annually or whenever events or circumstances indicate that the carrying amount of the
asset exceeds its fair value and may not be recoverable. No
impairment was recognized for the year ended December 31, 2023. An impairment of $ 1,244,309 related to Coastal Pride and TOBC was recognized for the year ended December 31, 2022.

 F- 6

 Long-lived
Assets

 Management
reviews long-lived assets, including finite-lived intangible assets, for indicators of impairment whenever events or changes in
circumstances indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the related assets are
estimated over the asset's useful life on an undiscounted basis. If the evaluation indicates that the carrying value of the
asset may not be recoverable, the potential impairment is measured using fair value. Fair value estimates are completed using a
discounted cash flow analysis. Impairment losses for assets to be disposed of, if any, are based on the estimated proceeds to be
received, less costs of disposal. No
impairment was recognized for the year ended December 31, 2023. An impairment loss on customer relationships, trademarks,
non-compete agreements and fixed assets of $ 1,595,677,
$ 1,006,185,
$ 78,116
and $ 1,873,619,
respectively, related to Coastal Pride and TOBC was recognized for the year ended December 31, 2022.

 Cash
and Cash Equivalents

 The
Company maintains cash balances with financial institutions in excess of Federal Deposit Insurance Company ("FDIC") insured
limits. The Company has not experienced any losses on such accounts and believes it does not have a significant exposure.

 The
Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December
31, 2023 and 2022, the Company had no cash equivalents.

 The
Company considers any cash balance in the lender designated cash collateral account as restricted cash. All cash proceeds must be deposited
into the cash collateral account, and will be cleared and applied to the line of credit. The Company has no access to this account, and
the purpose of the funds is restricted to repayment of the line of credit.

 Accounts
Receivable

 Accounts
receivable consist of unsecured obligations due from customers under normal trade terms, usually net 30 days. The Company grants credit
to its customers based on the Company's evaluation of a particular customer's credit worthiness.

 Allowances
for doubtful accounts are maintained for potential credit losses based on the age of the accounts receivable and the results of the Company's
periodic credit evaluations of its customers' financial condition. Receivables are written off as uncollectible and deducted from
the allowance for doubtful accounts after collection efforts have been deemed to be unsuccessful. Subsequent recoveries are netted against
the provision for doubtful accounts expense. The Company generally does not charge interest on receivables.

 Receivables
are net of estimated allowances for doubtful accounts and sales return, allowances and discounts. They are stated at estimated net realizable
value. As of December 31, 2023, and 2022, the Company recorded sales return, allowances, discounts and refund liability of approximately
$ 265,700 and $ 94,000, respectively. There was no allowance for bad debt recorded during the years ended December 31, 2023 and 2022.

 Inventories

 Substantially
all of the Company's inventory consists of packaged crab meat located at a public cold storage facility and merchandise in transit
from suppliers. The Company also has eggs and fish in process inventory from TOBC. The cost of inventory is primarily determined using
the specific identification method for crab meat. Fish in process inventory is measured based on the estimated biomass of fish on hand.
The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. Inventory
is valued at the lower of cost or net realizable value, cost being determined using the first-in, first-out method for crab meat and
using various estimates and assumptions in regard to the calculation of the biomass, including expected yield, market value of the biomass,
and estimated costs of completion.

 Merchandise
is purchased cost and freight shipping point and becomes the Company's asset and liability upon leaving the suppliers' warehouse.

 The
Company periodically reviews the value of items in inventory and records an allowance to reduce the carrying value of inventory to the
lower of cost or net realizable value based on its assessment of market conditions, inventory turnover and current stock levels. Inventory
write-downs are charged to cost of goods sold. The Company recorded an inventory allowance of $ 176,000 for the year ended December 31, 2023.

 F- 7

 The
Company's inventory as of December 31, 2023 and December 31, 2022 consists of:

of Inventory

 December 31, 2023

 December 31, 2022

 Inventory purchased for resale

 $
 1,708,311

 $
 3,052,518

 Feeds and eggs processed

 102,373

 156,984

 In-transit inventory

 973,837

 1,598,650

 Less: Inventory allowance

 ( 176,000

)

 -

 Inventory, net

 $
 2,608,521

 $
 4,808,152

 Advances
to Suppliers and Related Party

 In
the normal course of business, the Company may advance payments to its suppliers, including Bacolod, a related party. These advances
are in the form of prepayments for products that will ship within a short window of time. In the event that it becomes necessary for
the Company to return products or adjust for quality issues, the Company is issued a credit by the vendor in the normal course of business
and these credits are also reflected against future shipments.

 As
of December 31, 2023, and December 31, 2022, the balance due from Bacolod for future shipments was approximately $ 1,300,000. No new purchases
have been made from Bacolod since November 2020. There was no cost of revenue related to inventories purchased from Bacolod recorded
for the years ended December 31, 2023 and 2022.

 Fixed
Assets

 Fixed
assets are stated at cost less accumulated depreciation and are being depreciated using the straight-line method over the estimated useful
life of the asset as follows:

 Schedule of Estimated Usefule Life of Assets

 RAS
 System

 years

 Furniture
 and fixtures

 to 10 years

 Computer
 equipment

 years

 Warehouse
 and refrigeration equipment

 years

 Leasehold
 improvements

 years

 Automobile

 years

 Trade
 show booth

 years

 The
RAS system is comprised of tanks, plumbing, pumps, controls, hatchery, tools and other equipment all working together for the TOBC facility.

 Leasehold
improvements are amortized using the straight-line method over the shorter of the expected life of the improvement or the remaining lease
term.

 The
Company capitalizes expenditures for major improvements and additions and expenses those items which do not improve or extend the useful
life of the fixed assets.

 The
Company reviews fixed assets for recoverability if events or changes in circumstances indicate the assets may be impaired. No impairment
was recorded related to fixed assets as of December 31, 2023. For the year ended December 31, 2022, an impairment was recorded related to Coastal Pride and TOBC's fixed assets of
$ 1,873,619.

 Other
Comprehensive (loss) Income

 The
Company reports its comprehensive (loss) income in accordance with ASC 220, Comprehensive Income, which establishes standards
for reporting and presenting comprehensive (loss) income and its components in a full set of financial statements. Other comprehensive
(loss) income consists of net income (loss) and cumulative foreign currency translation adjustments.

 F- 8

 Foreign
Currency Translation

 The
Company manages its exposure to fluctuations in foreign currency exchange rates through its normal operating activities. Its primary
focus is to monitor exposure to, and manage, the economic foreign currency exchange risks faced by, its operations and realized when
the Company exchanges one currency for another. The Company's operations primarily utilize the U.S. dollar and Canadian dollar
as its functional currencies. Movements in foreign currency exchange rates affect its financial statements.

 The
assets and liabilities held by TOBC have a functional currency other than the U.S. Dollar. The TOBC results were translated into U.S.
Dollars at exchange rates in effect at the end of each reporting period. TOBC's revenue and expenses were translated into U.S.
Dollars at the average rates that prevailed during the period. The rate used in the financial statements for TOBC as presented for December
31, 2023 was 0.74 Canadian Dollars to U.S. Dollars and for December 31, 2022 was 0.80 Canadian Dollars to U.S. Dollars. The resulting
net translation gains and losses are reported as foreign currency translation adjustments in stockholders' equity as a component
of comprehensive (loss) income. The Company recorded foreign currency translation adjustment of approximately $ 55,900 and $ 60,100 for
the years ended December 31, 2023 and December 31, 2022, respectively.

 Revenue
Recognition

 The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, as
such, we record revenue when our customer obtains control of the promised goods or services in an amount that reflects the consideration
which the Company expects to receive in exchange for those goods or services. The Company's source of revenue is from importing
blue and red swimming crab meat primarily from Mexico, Indonesia, the Philippines and China 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 by TOBC under the brand name Little Cedar Farms for distribution in
Canada. We sell primarily to food service distributors. The Company also sells its products to wholesalers, retail establishments and
seafood distributors.

 To
determine revenue recognition for the arrangements that the Company determines are within the scope of Topic 606, the Company performs
the following five steps: (1) identify the contract(s) with a customer by receipt of purchase orders and confirmations sent by the Company
which includes a required line of credit approval process, (2) identify the performance obligations in the contract which includes shipment
of goods to the customer at FOB shipping point or destination, (3) determine the transaction price which initiates with the purchase
order received from the customer and confirmation sent by the Company and will include discounts and allowances by customer if any, (4)
allocate the transaction price to the performance obligations in the contract which is the shipment of the goods to the customer and
transaction price determined in step 3 above and (5) recognize revenue when (or as) the entity satisfies a performance obligation which
is when the Company transfers control of the goods to the customers by shipment or delivery of the products.

 The
Company elected an accounting policy to treat shipping and handling activities as fulfillment activities. Consideration payable to a
customer is recorded as a reduction of the arrangement's transaction price, thereby reducing the amount of revenue recognized,
unless the payment is for distinct goods or services received from the customer.

Income

 The
Company recognizes deferred income for advance payments received from customers for which sales have not yet occurred.

 Lease
Accounting

 The
Company accounts for its leases under ASC 842, Leases, which requires all leases to be reported on the balance sheet as right-of-use
assets and lease obligations. The Company elected the practical expedients permitted under the transition guidance that retained the
lease classification and initial direct costs for any leases that existed prior to adoption of the standard.

 F- 9

 The
Company categorizes leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally
those leases that would allow the Company to substantially utilize or pay for the entire asset over its estimated life. Assets acquired
under finance leases are recorded in property and equipment, net. All other leases are categorized as operating leases. The Company did
not have any finance leases as of December 31, 2023. The Company's leases generally have terms that range from three years for
equipment and six to seven years for real property. The Company elected the accounting policy to include both the lease and non-lease
components of its agreements as a single component and accounts for them as a lease.

 Lease
liabilities are recognized at the present value of the fixed lease payments using a discount rate based on similarly secured borrowings
available to us. Lease assets are recognized based on the initial present value of the fixed lease payments, reduced by landlord incentives,
plus any direct costs from executing the leases. Lease assets are tested for impairment in the same manner as long-lived assets used
in operations. Leasehold improvements are capitalized at cost and amortized over the lesser of their expected useful life or the lease
term.

 When
the Company has the option to extend the lease term, terminate the lease before the contractual expiration date, or purchase the leased
asset, and it is reasonably certain that the Company will exercise the option, it considers these options in determining the classification
and measurement of the lease. Costs associated with operating lease assets are recognized on a straight-line basis within operating expenses
over the term of the lease.

 The
table below presents the lease-related assets and liabilities recorded on the balance sheet as of December 31, 2023.

 Schedule of Lease-related Assets and Liabilities

 December 31, 2023

 Assets

 Operating lease assets

 $
 125,014

 Liabilities

 Current

 $
 35,428

 Operating lease liabilities

 Noncurrent

 Operating lease liabilities

 $
 89,586

 Supplemental
cash flow information related to leases were as follows:

 Schedule of Supplemental Cash Flow Information Related to Leases

 Year Ended December 31, 2023

 Cash used in operating activities:

 Operating leases

 $
 72,526

 ROU assets recognized in exchange for lease obligations:

 Operating leases

 $
 -

 The
table below presents the remaining lease term and discount rates for operating leases.

 Schedule of Remaining Lease Term and Discount Rates for Operating Leases

 31, 2023

 Weighted-average
 remaining lease term

 Operating
 leases

 3.25
 years

 Weighted-average
 discount rate

 Operating
 leases

 7.3

 %

 F- 10

 Maturities
of lease liabilities as of December 31, 2023, were as follows:

 Schedule of Maturities of Lease Liabilities

 Operating Leases

 2024

 $
 44,456

 2025

 44,456

 2026

 44,456

 2027

 11,117

 2028

 -

 Total lease payments

 $
 144,485

 Less: amount of lease payments representing interest

 ( 19,471
)

 Present value of future minimum lease payments

 $
 125,014

 Less: current obligations under leases

 $
 ( 35,428
)

 Non-current obligations

 $
 89,586

 Advertising

 The
Company expenses the costs of advertising as incurred. Advertising expenses which are included in Other Operating Expenses were approximately
$ 4,500 and $ 5,400, for the years ended December 31, 2023 and 2022, respectively.

 Use
of Estimates

 The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 Customer
Concentration

 The
Company had sixteen customers which accounted for approximately 52 % of revenue during the year ended December 31, 2023. Two customers
accounted for 22 % of revenue during the year ended December 31, 2023.

 The
Company had nine customers which accounted for approximately 59 % of revenue during the year ended December 31, 2022. One customer accounted
for 36 % of revenue during the year ended December 31, 2022.

 The
loss of any major customer could have a material adverse impact on the Company's results of operations, cash flows and financial
position.

 Supplier
Concentration

 The
Company had four major suppliers located in the United States, Canada and China which accounted for approximately 82 %
of the Company's total purchases during the year ended December 31, 2023. The Company's largest supplier is located in Miami
and accounted for 35 % of the Company's total purchases in the year ended December 31, 2023.

 The
Company had five major suppliers located in the United States, Indonesia, Vietnam and China which accounted for approximately 76 %
of the Company's total purchases during the year ended December 31, 2022. The Company's largest supplier is located in Indonesia
and accounted for 29 % of the Company's total purchases in the year ended December 31, 2022.

 The
loss of any major supplier could have a material adverse impact on the Company's results of operations, cash flows and financial
position.

 F- 11

 Fair
Value Measurements and Financial Instruments

 Fair
value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date and is measured using inputs in one of the following three categories:

 Level
1 measurements are based on unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to
access. Valuation of these items does not entail a significant amount of judgment.

 Level
2 measurements are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar
assets or liabilities in markets that are not active or market data other than quoted prices that are observable for the assets or liabilities.

 Level
3 measurements are based on unobservable data that are supported by little or no market activity and are significant to the fair value
of the assets or liabilities.

 The
Company's financial instruments include cash, accounts receivable, accounts payable, accrued expenses, debt obligations, derivative
liabilities and warrant liabilities. The Company believes the carrying values of cash, accounts receivable, accounts payable and accrued
expenses approximate their fair values because they are short term in nature or payable on demand. The derivative liability is the embedded
conversion feature on the 2023 Lind convertible note. All derivatives and warrant liabilities are recorded at fair value. The change
in fair value for derivatives and warrants liabilities is recognized in earnings. The Company's derivative and warrant liabilities
are measured at fair value on a recurring basis as of December 31, 2023. The Company does not have any assets or liabilities that are
required to be measured at fair value on a recurring basis as of December 31, 2022.

 Schedule of Derivative and Warrant Liabilities Measured at Fair Value

 Fair
 Value

 Level 1

 Level 2

 Level 3

 December 31, 2023

 Fair Value Measurement using Fair Value Hierarchy

 Fair
 Value

 Level 1

 Level 2

 Level 3

 Liabilities

 Derivative liability on convertible debt

 $
 1,047,049

 $
 -

 $
 -

 $
 1,047,049

 Warrant liability

 1,574

 -

 -

 1,574

 Total

 $
 1,048,623

 $
 -

 $
 -

 $
 1,048,623

 The
table below presents the change in the fair value of the derivative liability convertible debt and warrant liability for the year ended
December 31, 2023:

 Derivative liability balance, January 1, 2023

 -

 Issuance of derivative liability during the period

 383,672

 Change in derivative liability during the period

 663,377

 Derivative liability balance, December 31, 2023

 $
 1,047,049

 Warrant liability balance, January 1, 2023

 -

 Issuance of warrant liability during the period

 5,032,025

 Settlement of warrant liability

 (1,869,986
)

 Change in warrant liability during the period

 ( 3,160,465
)

 Warrant liability balance, December 31, 2023

 $
 1,574

 Earnings
or Loss per Share

 The
Company accounts for earnings per share pursuant to ASC 260, Earnings per Share, which requires disclosure on the financial
statements of "basic" and "diluted" earnings (loss) per share. Basic earnings (loss) per share are computed
by dividing net income (loss) by the weighted average number of common shares outstanding for the year. Diluted earnings (loss) per
share is computed by dividing net income (loss) by the weighted average number of common shares outstanding plus common stock
equivalents (if dilutive) related to stock options, warrants and convertible notes for each year. For the years ended December 31, 2023 and 2022, the following common stock
equivalents were excluded from the calculation of diluted earnings per share as their impact would be anti-dilutive due to the Company's
net loss.

of anti dilutive earnings or loss per share

 Year ended December 31, 2023

 Year ended December 31, 2022

 Options

 $
 316,540

 $
 223,076

 Warrants

 730,944

 120,675

 Convertible Notes

 11,708,483

 -

 Total

 $
 12,755,967

 $
 343,751

 Stock-Based

 The
Company accounts for stock-based compensation in accordance with ASC 718, "Compensation-Stock Compensation". ASC 718 requires
companies to measure the cost of services received in exchange for an award of equity instruments, including stock options, based on
the grant-date fair value of the award and to recognize it as compensation expense over the period the individual is required to provide
service in exchange for the award, usually the vesting period. The Company accounts for forfeitures as they occur.

 F- 12

 Related
Parties

 The
Company accounts for related party transactions in accordance with ASC 850 ("Related Party Disclosures"). A party is considered
to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or
is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the
immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party
controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties
might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating
policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence
the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests
is also a related party.

 As
of December 31, 2023, and 2022, there was approximately $ 83,000
and $ 67,000,
respectively, in interest paid to related parties notes payable.

 Income
Taxes

 The
Company accounts for income taxes utilizing the liability method, where deferred tax assets and liabilities are determined based on the
expected future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial and income
tax reporting purposes, using enacted statutory tax rates in effect for the year in which the differences are expected to reverse. The
effects of future changes in tax laws or rates are not included in the measurement. Income tax expense is the total of the current year
income tax due and the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the expected future tax
amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates.
A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. As changes in tax laws or rates
are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes.

 A
tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in
a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is
greater than 50% likely of being realized on examination. For tax positions not meeting the "more likely than not" test,
no tax benefit is recorded.

 The
Company's policy is to recognize interest and penalties on uncertain tax positions in "Income tax expense" in the Consolidated
Statements of Operations. There were no amounts related to interest and penalties recognized for the years ended December 31, 2023 or
2022.

 Recent
Accounting Pronouncements

 ASU
2016-13 Financial Instruments – Credit Losses (Topic 326)

 In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments, which requires entities to use a forward-looking, expected loss model to estimate credit losses. It also requires entities
to consider additional disclosures related to credit quality of trade and other receivables, including information related to management's
estimate of credit allowances. ASU 2016-13 was further amended in November 2018 by ASU 2018-19, Codification Improvements to Topic 236,
Financial Instrument-Credit Losses. For public business entities that are Securities and Exchange Commission filers excluding smaller
reporting companies, the amendments are effective for fiscal years beginning after December 15, 2019, including interim periods within
those fiscal years. For all other public business entities, the amendments are effective for fiscal years beginning after December 15,
2020, including interim periods within those fiscal years. On October 16, 2019, FASB voted to delay implementation of ASU No. 2016-13,
"Financial Instruments-Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments." For all other
entities, the amendments are now effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years
beginning after December 15, 2022. On November 15, 2019, FASB issued an Accounting Standard Update No. 2019-10 to amend the implementation
date to fiscal year beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted
for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The Company adopted this ASU related
to its trade receivables on January 1, 2023 and determined there was no material impact from the adoption of the ASU on the Company's
consolidated financial statements.

 F- 13

 Note
3. Going Concern

 The
accompanying consolidated financial statements and notes have been prepared assuming the Company will continue as a going concern. The
Company incurred a net loss of $ 4,471,612, has an accumulated deficit of $ 33,810,732 and working capital surplus of $ 899,215, inclusive
of $ 165,620 in subordinated stockholder debt. These factors raise substantial doubt as to the Company's ability to continue as
a going concern. The Company's ability to continue as a going concern is dependent upon the Company's ability to increase
revenues, execute on its business plan to acquire complimentary companies, raise capital, and to continue to sustain adequate working
capital to finance its operations. The failure to achieve the necessary levels of profitability and cash flows would be detrimental to
the Company. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to
continue as a going concern.

 Note
4. Other Current Assets

 Other
current assets totaled $ 833,472
and $ 671,933 for the
years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, approximately $ 136,000
and $ 158,000 of the balance was related to prepaid inventory to the Company's suppliers and prepaid legal fees,
respectively. The remainder of the balance was related to prepaid insurance and other prepaid expenses.

 Note
5. Fixed Assets, Net

 Fixed
assets comprised the following at December 31:

 Schedule of Fixed Assets

 2023

 2022

 Computer equipment

 $
 47,908

 $
 97,624

 RAS system

 140,214

 2,089,909

 Automobiles

 -

 122,715

 Leasehold improvements

 17,904

 89,055

 Building improvements

 136,653

 -

 Total

 342,679

 2,399,303

 Less: Accumulated depreciation and impairment

 ( 38,822
)

 ( 2,278,903
)

 Fixed assets, net

 $
 303,857

 $
 120,400

 For
the years ended December 31, 2023 and 2022, depreciation expense totaled approximately $ 4,500
and $ 231,000,
respectively.

 Note
6. Goodwill and Intangible Assets, Net

 The
following table sets forth the changes in the carrying amount of the Company's goodwill for the year ended December 31, 2022. No
goodwill and intangible assets were recognized for the year ended December 31, 2023.

of Goodwill

 2022

 Balance, January 1

 $
 445,395

 Acquisition of TOBC

 836,669

 Impairment

 ( 1,282,064
)

 Balance, December 31

 $
 -

 The
following table sets forth the components of the Company's intangible assets at December 31, 2022:

of Intangible Assets

 Amortization Period (Years)

 Cost

 Accumulated Amortization and Impairment

 Net Book Value

 Intangible Assets Subject to amortization

 Trademarks – Coastal Pride

 $
 850,000

 $
 ( 850,000
)

 $
 -

 Trademarks – TOBC

 406,150

 ( 406,150
)

 -

 Customer Relationships – Coastal Pride

 1,486,832

 ( 1,486,832
)

 -

 Customer Relationships – TOBC

 592,979

 ( 592,979
)

 -

 Non-Compete Agreements – Coastal Pride

 ( 40,000
)

 -

 Non-Compete Agreements – TOBC

 121,845

 ( 121,845
)

 -

 Total

 $
 3,497,806

 $
 ( 3,497,806
)

 $
 -

 For
the years ended December 31, 2023 and 2022, amortization expense of intangible assets totaled approximately $ 0 and $ 315,000, respectively.

 F- 14

 Note
7. Debt and Derivatives

 Working
Capital Line of Credit

 On
March 31, 2021, Keeler & Co. and Coastal Pride entered into a loan and security agreement ("Loan Agreement") with Lighthouse
Financial Corp., a North Carolina corporation ("Lighthouse"). Pursuant to the terms of the Loan Agreement, Lighthouse made
available to Keeler & Co. and Coastal Pride (together, the "Borrowers") a $ 5,000,000 revolving line of credit for a term
of thirty-six months, renewable annually for one-year periods thereafter. Amounts due under the line of credit were evidenced by a revolving
credit note issued to Lighthouse by the Borrowers.

 The
advance rate of the revolving line of credit was 85% with respect to eligible accounts receivable and the lower of 60% of the
Borrowers' eligible inventory, or 80% of the net orderly liquidation value, subject to an inventory sublimit of $2,500,000.
The inventory portion of the loan could never exceed 50% of the outstanding balance. Interest on the line of credit was the prime
rate (with a floor of 3.25%), plus 3.75% which increased to 4.75% in 2022. The Borrowers paid Lighthouse a facility fee of $50,000 in three instalments of $16,667
in March, April and May 2021 and an additional facility fee of $25,000 on each anniversary of March 31, 2021. On January 14, 2022,
the maximum inventory advance under the line of credit was adjusted from 50% to 70% until June 30, 2022, 65% to July 31, 2022, 60%
to August 31, 2022 and 55% to September 30, 2022 at a monthly fee of 0.25% on the portion of the loan in excess of the 50% advance,
in order to increase imports to meet customer demand.

 The
line of credit was secured by a first priority security interest on all the assets of each Borrower. Pursuant to the terms of a guaranty
agreement, the Company guaranteed the obligations of the Borrowers under the note and John Keeler, Executive Chairman and Chief Executive
Officer of the Company, provided a personal guaranty of up to $ 1,000,000 to Lighthouse.

 For
the year ended December 31, 2022, cash proceeds from the working capital line of credit totaled $ 12,552,008 and
cash payments to the working capital line of credit totaled $ 13,144,141.
The outstanding balance owed to Lighthouse as of December 31, 2022 was $ 1,776,068.

 On
June 16, 2023, the Company terminated the Loan Agreement and paid a total of approximately $ 108,400 to Lighthouse which included, as
of June 16, 2023, an outstanding principal balance of approximately $ 93,400, accrued interest of approximately $ 9,900, and other fees
incurred in connection with the line of credit of approximately $ 4,900. Upon the repayment of the total outstanding indebtedness owing
to Lighthouse, the Loan Agreement and all other related financing agreements and documents entered into in connection with the Loan Agreement
were deemed terminated.

 John
Keeler Promissory Notes – Subordinated

 The
Company had unsecured promissory notes outstanding to John Keeler of $ 165,620 and $ 893,000 as of December 31, 2023 and
2022, respectively. These notes are payable on demand and bear an annual interest rate of 6 %. Since March 31, 2021, these notes are subordinated
to the Lighthouse note. The Company made principal payments during the year ended December 31, 2023 and 2022 of $ 157,380 and $ 67,000,
respectively. During the year ended December 31, 2023, the Company issued 3,958,333 shares of its common stock to settle $ 570,000
principal of the subordinated notes.

 Walter
Lubkin Jr. Note

 On
November 26, 2019, the Company issued a five-year unsecured promissory note in the principal amount of $ 500,000 to Walter Lubkin Jr.
as part of the purchase price for the Coastal Pride acquisition. The note bears interest at the rate of 4% per annum. The note is payable
quarterly in an amount equal to the lesser of (i) $25,000 or (ii) 25% of the EBITDA of Coastal Pride, as determined on the first day
of each quarter.

 For
the year ended December 31, 2022, $ 38,799 of the outstanding principal and accrued interest was paid in cash and $ 104,640 of the outstanding
principal and accrued interest was paid in shares of common stock of the Company.

 F- 15

 For
the year ended December 31, 2023, $ 250,000
 of the outstanding principal was paid in shares
of common stock of the Company.

 Interest
expense for the note totaled approximately $ 14,100 and $ 18,000 during the year ended December 31, 2023 and December 31, 2022, respectively.

 As
of December 31, 2023 and December 31, 2022, the outstanding principal balance on the note totaled $ 100,000 and $ 350,000, respectively.

 Lind
Global Fund II LP notes

 2022
Note

 On
January 24, 2022, the Company entered into a securities purchase agreement with Lind Global Fund II LP, a Delaware limited partnership
("Lind"), pursuant to which the Company issued Lind a secured, two-year, interest free convertible promissory note in the
principal amount of $ 5,750,000 (the "2022 Lind Note) and a five -year warrant to purchase 1,000,000 shares of common stock at an
exercise price of $ 4.50 per share, subject to customary adjustments ( 50,000 shares of common stock at an exercise price of $ 90 per share
after taking into account the Company's Reverse Stock Split). The warrant provides for cashless exercise and for full ratchet anti-dilution
if the Company issues securities at less than $ 4.50 per share (exercise price of $ 90 per share after taking into account the Company's
Reverse Stock Split). In connection with the issuance of the 2022 Lind Note and the warrant, the Company paid a $ 150,000 commitment fee
to Lind and $ 87,144 of debt issuance costs. The Company recorded a total of $ 2,022,397 debt discount at issuance of the debt, including
original issuance discount of $ 750,000, commitment fee of $ 150,000, $ 87,144 debt issuance cost, and $ 1,035,253 related to the fair value
of warrants issued. Amortization expense recorded in interest expense totaled $ 643,777 and $ 1,378,620 for the year ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and December 31, 2022, the unamortized discount on the 2022 Lind Note was $ 0
and $ 643,777, respectively.

 The
outstanding principal under the 2022 Lind Note is payable commencing July 24, 2022, in 18 consecutive monthly installments of $ 333,333,
at the Company's option, in cash or shares of common stock at a price (the "Repayment Share Price") based on 90% of
the five lowest volume weighted average prices ("VWAP") during the 20-days prior to the payment date with a floor price of
$1.50 per share (the "Floor Price") (floor price of $30 per share after taking into account the Company's Reverse Stock
Split), or a combination of cash and stock provided that if at any time the Repayment Share Price is deemed to be the Floor Price, then
in addition to shares, the Company will pay Lind an additional amount in cash as determined pursuant to a formula contained in the 2022
Lind Note.

 In
connection with the issuance of the 2022 Lind Note, the Company granted Lind a first priority security interest and lien on all of its
assets, including a pledge of its shares in Keeler & Co., pursuant to a security agreement and a stock pledge agreement with Lind,
dated January 24, 2022 (the "2022 Security Agreement). Each subsidiary of the Company also granted a second priority security interest
in all of its respective assets.

 The
2022 Lind Note is mandatorily payable prior to maturity if the Company issues any preferred stock (with certain exceptions described
in the note) or, if the Company or its subsidiaries issues any indebtedness. The Company also agreed not to issue or sell any securities
with a conversion, exercise or other price based on a discount to the trading prices of the Company's stock or to grant the right
to receive additional securities based on future transactions of the Company on terms more favorable than those granted to Lind, with
certain exceptions.

 If
the Company fails to maintain the listing and trading of its common stock, the note will become due and payable and Lind may convert
all or a portion of the outstanding principal at the lower of the then current conversion price and 80 % of the average of the 3-day VWAP
during the 20 days prior to delivery of the conversion notice.

 F- 16

 If
the Company engages in capital raising transactions, Lind has the right to purchase up to 10 % of the new securities.

 The
2022 Lind Note is convertible into common stock at $ 5.00 per share ($ 100 per share after taking into account the Company's Reverse
Stock Split), subject to certain adjustments, on April 22, 2022; provided that no such conversion may be made that would result in beneficial
ownership by Lind and its affiliates of more than 4.99 % of the Company's outstanding shares of common stock. If shares are issued
by the Company at less than the conversion price, the conversion price will be reduced to such price.

 Upon
a change of control of the Company, as defined in the 2022 Lind Note, Lind has the right to require the Company to prepay 10% of the
outstanding principal amount of the 2022 Lind Note. The Company may prepay the outstanding principal amount of the note, provided Lind
may convert up to 25% of the principal amount of the 2022 Lind Note at a price per share equal to the lesser of the Repayment Share Price
or the conversion price. The 2022 Lind Note contains certain negative covenants, including restricting the Company from certain distributions,
stock repurchases, borrowing, sale of assets, loans and exchange offers.

 Upon
an event of default as described in the 2022 Lind Note, the 2022 Lind Note will become immediately due and payable at a default interest
rate of 125 % of the then outstanding principal amount. Upon a default, all or a portion of the outstanding principal amount may be converted
into shares of common stock by Lind at the lower of the conversion price and 80 % of the average of the three lowest daily VWAPs.

 During the year ended December 31, 2022,
the Company made principal payments on the note totaling $ 1,666,666 through the issuance of an aggregate of 666,666 shares of common
stock and cash payments of $ 1,175,973 which included $ 899,999 principal payments and additional payments requested by Lind pursuant to
the terms of the note. As of December 31, 2022, the outstanding balance on the 2022 Lind Note was $ 3,439,558, net of debt discount of
$ 643,777.

the year ended December 31, 2023, the Company made aggregate principal payments on the 2022 Lind Note of $ 2,075,900
 through the issuance of an aggregate of 1,379,211
 shares of common stock. On September 15, 2023,
the Company paid $ 2,573,142
 to Lind and the 2022 Lind Note was extinguished.

 2023
Note

 On
May 30, 2023, the Company entered into a securities purchase agreement (the "Purchase Agreement") with Lind pursuant to which
the Company issued to Lind a secured, two-year, interest free convertible promissory note in the principal amount of $ 1,200,000 (the
"2023 Lind Note") and a warrant (the "Lind Warrant") to purchase 435,035 shares of common stock of the Company
commencing six months after issuance and exercisable for five years at an exercise price of $ 2.45 per share. The Lind Warrant includes
cashless exercise and full ratchet anti-dilution provisions. In connection with the issuance of the Lind Note and the Lind Warrant, the
Company paid Lind a $ 50,000 commitment fee. The proceeds from the sale of the Note and Warrant are for general working capital purposes.

 In
connection with the issuance of the 2022 Lind Note, the Company and Lind amended the 2022 Security Agreement to include the new 2023
Lind Note, pursuant to an amended and restated security agreement, dated May 30, 2023, between the Company and Lind.

 The
Company agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common
stock issuable pursuant to the 2023 Lind Note and Lind Warrant. If the registration statement is not declared effective within 90 days
the 2023 Lind Note will be in default. Lind was also granted piggyback registration rights.

 If
the Company engages in capital raising transactions, Lind has the right to purchase up to 20 % of the new securities for 24 months.

 F- 17

 The
2023 Lind Note is convertible into common stock of the Company after the earlier of 90 days from issuance or the date the registration
statement is effective, provided that no such conversion may be made that would result in beneficial ownership by Lind and its affiliates
of more than 4.99 % of the Company's outstanding shares of common stock. The conversion price of the 2023 Lind Note is equal to
the lesser of: (i) $ 2.40; or (ii) 90 % of the lowest single volume-weighted average price during the twenty-trading day period ending
on the last trading day immediately preceding the applicable conversion date, subject to customary adjustments. The maximum number of
shares of common stock to be issued in connection with the conversion of the 2023 Lind Note and the exercise of the Lind Warrant, in
the aggregate, will not, exceed 19.9 % of the outstanding shares of common stock of the Company immediately prior to the date of the 2023
Lind Note, in accordance with NASDAQ rules and guidance. Due to the variable conversion price of the 2023 Lind Note, the embedded conversion
feature was accounted as a derivative liability. The Company estimated the fair values of the derivative liability using the Black-Scholes
option pricing model and using the following key assumptions at issuance and at December 31, 2023: stock price of $ 2.14 and $ 0.14; exercise
price of $ 2.40 and $ 0.13, risk free rate of 4.46 % and 4.79 %, volatility of 150.46 % and 134.99 %; and expected term of two years and one
and a half years.

 The
2023 Lind Note contains certain negative covenants, including restricting the Company from certain distributions, stock repurchases,
borrowing, sale of assets, loans and exchange offers.

 Upon
the occurrence of an event of default as described in the 2023 Lind Note, the 2023 Lind Note will become immediately due and payable
at a default interest rate of 120 % of the then outstanding principal amount of the Lind Note.

 The
Warrant entitles the Investor to purchase up to 435,035 shares of common stock of the Company during the exercise period commencing on
the date that is six months after the issue date ("Exercise Period Commencement") and ending on the date that is sixty months
from the Exercise Period Commencement at an exercise price of $ 2.45 per share, subject to customary adjustments. The Warrant includes
cashless exercise and full ratchet anti-dilution provisions.

 On
July 27, 2023, the Company, entered into a First Amendment to the Purchase Agreement (the "Purchase Agreement Amendment")
with Lind, which provided for the issuance of further senior convertible promissory notes up to an aggregate principal amount of up to
$ 1,800,000 and the issuance of additional warrants in such amounts as the Company and Lind shall mutually agree.

to the Purchase Agreement Amendment, the Company issued to Lind a two-year, interest free convertible promissory note in the principal
amount of $ 300,000 and a warrant to purchase 175,234 shares of common stock of the Company at an exercise price of $ 1.34 per share for
$ 250,000. In connection with the issuance of the note and the warrant, the Company paid a $ 12,500 commitment fee. The proceeds from the
sale of the note and warrant are for general working capital purposes.

 Due
to the variable conversion price of the Purchase Agreement Amendment, the embedded conversion feature was accounted as a derivative liability.
The Company estimated the fair values of the derivative liability using the Black-Scholes option pricing model and using the following
key assumptions at issuance and at December 31, 2023: stock price of $ 1.07 and $ 0.14; exercise price of $ 0.93 and $ 0.14, risk free rate
of 4.91 % and 4.79 %, volatility of 45.51 % and 133.54 %; and expected term of two years and one and a half years.

 As
of December 31, 2023, the outstanding balance on the notes was $ 1,500,000, net of debt discount of $ 1,018,671, and totaling $ 481,329. As of December 31, 2023, the total derivative liability and warrant liability was $ 1,047,049
and $ 1,574, respectively.

 Agile
Lending, LLC loan

 On
June 14, 2023, the Company, and Keeler & Co. (the "Borrowers") entered into a subordinated business loan and
security agreement with Agile Lending, LLC as lead lender ("Agile") and Agile Capital Funding, LLC as collateral agent ("Agile Capital"),
which provides for a term loan to the Company in the amount of $ 525,000
which principal and interest (of $ 231,000)
is due on December
15, 2023. Commencing June 23, 2023, the Company is required to make weekly payments of $ 29,077
until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $ 25,000
was paid on the loan which was recognized as a debt discount and amortized over the term of the loan. In connection with the loan,
Agile was issued a subordinated secured promissory note, dated June 14, 2023, in the principal amount of $ 525,000
which note is secured by all of the Borrowers' assets, including receivables. For the year ended December 31, 2023, the
Company made principal and interest payments on the loan totaling $ 525,000
and $ 114,692,
respectively, and the outstanding interest balance was refinanced in the January 2024 loan.

 On October 19, 2023, the Borrowers
entered into a subordinated business loan and security agreement with Agile and Agile Capital as collateral agent, which provides
for a term loan to the Company in the amount of $ 210,000
which principal and interest (of $ 84,000)
is due on April
1, 2024. Commencing October 19, 2023, the Company is required to make weekly payments of $ 12,250
until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $ 10,000
was paid on the loan which was recognized as a debt discount and amortized over the term of the loan. In connection with the loan,
Agile was issued a subordinated secured promissory note, dated October 19, 2023, in the principal amount of $ 210,000
which note is secured by all of the Borrowers' assets, including receivables. For the year ended December 31, 2023, the
Company made principal payments on the loan totaling $ 98,000
and no
interest payments were made.

 F- 18

 First
West Credit Union CEBA Loan

 On
June 24, 2021, the Company assumed a commercial term loan with First West Credit Union Canada Emergency Business Account
("CEBA") in the principal amount of CAD$ 60,000 in
connection with the acquisition of TOBC. The
loan initially bears no interest and is due on December 31, 2025. The loan was amended on October 19, 2022 to extend the loan
forgiveness date from December 31, 2022 to December 31, 2023. If less than 75% of the loan amount was outstanding at December 31,
2023, the then outstanding balance will be
converted to interest only monthly payments at 5.0 %.
As of December 31, 2023, the outstanding balance on the loan was CAD$ 60,000.

 Note
8. Acquisitions

 Acquisition
of Gault Seafood

 On
February 3, 2022, Coastal Pride entered into an asset purchase agreement with Gault Seafood and Robert J. Gault II pursuant to which
Coastal Pride acquired all of Gault Seafood'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 operations.
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. The
acquisition was accounted for as an asset acquisition.

 Fair
Value of Consideration Transferred and Recording of Assets Acquired

 The
following table summarizes the acquisition date fair value of the consideration paid and identifiable assets acquired.

of Fair Value of Assets Acquired and Liabilities Assumed

 Consideration Paid:

 Cash

 $
 359,250

 Common stock, 8,355 shares of common stock of the Company

 359,250

 Transaction costs

 39,231

 Fair value of total consideration

 $
 757,731

 Purchase Price Allocation:

 Fixed assets acquired

 $
 146,600

 Customer relationships

 611,131

 Fair market value of net assets acquired

 $
 757,731

 Note
9. Stockholders' Equity

 Preferred
Stock

 Our
Board of Directors has designated 10,000 shares of preferred stock as " 8 % Series A Convertible Preferred Stock". The Series
A Convertible Preferred Stock ("Series A Stock") has no maturity and is not subject to any sinking fund or redemption and
will remain outstanding indefinitely unless and until converted by the holder or the Company redeems or otherwise repurchases the Series
A Stock.

 Dividends.
 Cumulative dividends accrue on each share of Series A Stock at the rate of 8 % (the "Dividend Rate") of the purchase price
of $ 1,000.00 per share, commencing on the date of issuance. Dividends are payable quarterly, when and if declared by the Board, beginning
on September 30, 2018 (each a "Dividend Payment Date") and are payable in shares of common stock (a "PIK Dividend")
with such shares being valued at the daily volume weighted average price ("VWAP") of the common stock for the thirty trading
days immediately prior to each Dividend Payment Date or if not traded or quoted as determined by an independent appraiser selected in
good faith by the Company. Any fractional shares of a PIK Dividend will be rounded to the nearest one-hundredth of a share. All shares
of common stock issued in payment of a PIK Dividend will be duly authorized, validly issued, fully paid and non-assessable. Dividends
will accumulate whether or not the Company has earnings, there are funds legally available for the payment of those dividends and whether
or not those dividends are declared by the Board.

 F- 19

 For the year ended December 31, 2023 and 2022, the Company had no preferred
stock outstanding.

 Common
Stock

 The
Company is authorized to issue 100,000,000 shares of common stock at a par value of $ 0.0001 and had 23,086,077 and 1,338,321 shares of
common stock issued and outstanding as of December 31, 2023 and 2022, respectively.

 On
January 24, 2022, the Company issued 6,250
shares of common stock to an investor upon the exercise of warrants for total proceeds of $ 250,000.

 On
February 3, 2022, the Company issued 8,355
shares of common stock with a fair value of $ 359,250
 to Gault Seafood as partial consideration for
the purchase of certain of its assets.

 On
March 31, 2022, the Company issued 769 shares of common stock to Intelligent Investments I LLC, with a fair value of $ 30,000, for
legal services provided to the Company.

 On
March 31, 2022, the Company issued 250
shares of common stock with a fair value of $ 9,750
 to TraDigital Marketing Group for consulting

 On April 1, 2022, the Company issued 144 shares of common stock with a fair value of $ 6,000 to the designee of Clear Think Capital LLC ("ClearThink Capital")
for consulting services provided to the Company.

 On
April 4, 2022, the Company issued 478 shares of common stock with a fair value of $ 20,000 to SRAX, Inc. for consulting services provided
to the Company which is amortized to expense over the term of the agreement. The Company recognized stock compensation expense of $ 15,000
for the year ended December 31, 2022 in connection with these shares.

 On
April 5, 2022, the Company issued an aggregate of 1,241
shares of common stock with a fair value of $ 156,341
 to Newbridge Securities Corporation and its affiliates
for consulting services provided to the Company.

 On
May 1, 2022, the Company issued 196 shares of common stock with a fair value of $ 6,000 to the designee of Clear Think Capital for consulting

 On
June 1, 2022, the Company issued 222
shares of common stock with a fair value of $ 6,000
 to the designee of Clear Think Capital for consulting

 On
June 3, 2022, the Company issued 500 shares of common stock with a fair value of $ 13,800 to TraDigital Marketing Group for consulting

 On
June 30, 2022, the Company issued 1,210 shares of common stock to Intelligent Investments I LLC, with a fair value of $ 30,000, for legal

 On
July 1, 2022, the Company issued 242
shares of common stock with a fair value of $ 6,000
 to the designee of Clear Think Capital for consulting

 F- 20

 On
August 1, 2022, the Company issued 231 shares of common stock with a fair value of $ 6,000 to the designee of Clear Think Capital for
consulting services provided to the Company.

 On
August 25, 2022, the Company issued 11,111 shares of common stock to Lind, with a fair value of $ 271,111, in satisfaction of the convertible
promissory note.

 On
September 1, 2022, the Company issued 261 shares of common stock with a fair value of $ 6,000 to the designee of Clear Think Capital
for consulting services provided to the Company.

 On
September 26, 2022, the Company issued 11,111 shares of common stock to Lind, with a fair value of $ 176,666, in satisfaction of the
convertible promissory note.

 On
October 1, 2022, the Company issued 476
shares of common stock with a fair value of $ 6,000
 to the designee of Clear Think Capital for consulting

 On
November 1, 2022, the Company issued 330
shares of common stock with a fair value of $ 6,000
 to the designee of Clear Think Capital for consulting

 On
December 1, 2022, the Company issued 462 shares of common stock with a fair value of $ 6,000 to the designee of Clear Think Capital
for consulting services provided to the Company.

 On
December 21, 2022, the Company issued 11,111
shares of common stock to Lind with a fair value of $ 100,000,
in satisfaction of the convertible promissory note.

 On
December 31, 2022, the Company issued 3,125
 shares of common stock to each of Nubar Herian
and John Keeler, 5,000
 shares of common stock to each of Timothy McLellan
and Trond Ringstad, 2,170
shares of common stock to each of Juan Carlos Dalto and Silvia Alana and 7,188
 shares of common stock to Jeffrey Guzy with a
total fair value of $ 222,222
 for serving as directors of the Company.

 On
December 31, 2022, the Company issued an aggregate of 22,029
shares of common stock to Walter Lubkin Jr., Walter Lubkin III, Tracy Greco and John Lubkin in lieu of $ 176,228
 of outstanding principal and interest under promissory
notes issued by the Company to them in connection with the Coastal Pride acquisition.

 In
January 2023, the Company sold an aggregate of 23,705 shares of common stock for net proceeds of $ 182,982 in an "at the market"
offering pursuant to a sales agreement between the Company and Roth Capital Partners, LLC ("Roth"). On January 31, 2023,
 7,564 of shares were repurchased from Roth for $ 76,323. The offering was terminated on February 2, 2023.

 On
February 14, 2023, the Company issued 410,000 shares of common stock and 40,000 Pre-Funded Warrants to purchase common stock to Aegis
Capital Corp. ("Aegis") for net proceeds of $ 1,692,000 in connection with an underwritten offering.

 F- 21

 On
August 22, 2023, the Company issued 200,000
shares of common stock with a fair value of $ 157,980
to Mark Crone for consulting services to be provided to the Company starting on January 1, 2024, which will be amortized to expense
over the term of the agreement and the shares will vest when services are provided. The Company recognized no
stock compensation expense for the year ended December 31, 2023 in connection with these shares.

 On
September 11, 2023, the Company sold an aggregate of 690,000 shares of common stock for net proceeds of $ 321,195 in an underwritten public
offering pursuant to a securities purchase agreement. The Company issued an aggregate of 1,700,410 shares upon the exercise of warrants.

 On
December 31, 2023, the Company issued an aggregate of 3,958,333 shares
of common stock to John Keeler's designee in lieu of payment of $ 570,000 of the principal amount of outstanding
promissory notes held by Mr. Keeler.

 On
December 31, 2023, the Company issued 173,611 shares of common stock to each of Silvia Alana, Nubar Herian and John Keeler, 277,778 shares
of common stock to each of Timothy McLellan and Trond Ringstad, 101,273 shares of common stock to Juan Carlos Dalto and 399,306 shares
of common stock to Jeffrey Guzy with a total fair value of $ 227,083 for serving as directors of the Company.

 On
December 31, 2023, the Company issued 1,736,111 shares of common stock to Walter Lubkin Jr. in lieu of $ 250,000 of outstanding principal
payment due under promissory notes issued by the Company in connection with the Coastal Pride acquisition.

the year ended December 31, 2023, the Company issued an aggregate of 239,229 shares of common stock to the designee of ClearThink for
consulting services provided to the Company.

the year ended December 31, 2023, the Company issued an aggregate of 1,380,585 shares of common stock for cash proceeds of $ 343,849 pursuant
to a securities purchase agreement, dated May 16, 2023, with ClearThink. In connection with such agreement, the Company also issued 62,500
shares of common stock to ClearThink as a commitment fee, with a fair value of $ 141,250, which was recorded as stock issuance costs.

the year ended December 31, 2023, between October 2023 and November 2023, the Company issued an aggregate of 8,350,729 shares upon the
exercise of warrants pursuant to a securities purchase agreement.

the year ended December 31, 2023, the Company issued an aggregate of 1,379,211 shares of common stock to Lind with a fair value of $ 3,053,088
as payment of $ 2,075,900 of note principal due on a convertible promissory note, and recorded a loss of $ 977,188.

 Note
10. Options

the years ended December 31, 2023 and December 31, 2022, $ 69,125 and $ 187,385, respectively, in compensation expense was recognized on
the following:

 1.

 Ten -year
 option to purchase 156,000 shares of common stock at an exercise price of $ 40.00, which vest one year from the date of grant, were
 issued to Christopher Constable, the Company's former Chief Financial Officer, under the 2018 Plan during the year ended December
 31, 2018 and have vested during the year ended December 31, 2019. In connection with our underwritten public offering, such shares
 underlying the option are subject to a lock-up and may not be sold or otherwise transferred until May 3, 2022.

 F- 22

 2.

 Ten -year
 options to purchase an aggregate of 17,562 shares of common stock at an exercise price of $ 40.00, which vest as to 25 % of the shares
 subject to the option each year from the date of grant, were issued to various long-term employees under the 2018 Plan during the
 year ended December 31, 2019.

 3.

 Ten -year
 option to purchase 12,500 shares of common stock at an exercise price of $ 40.00, which vest as to 20 % of the shares subject to the
 option each year from the date of grant, were issued to an officer of the Company under the 2018 Plan during the year ended December
 31, 2019.

 4.

 Ten -year
 options to purchase an aggregate of 1,250 shares of common stock at an exercise price of $ 40.00, which vest as to 25 % of the shares
 subject to the option each year from the date of grant, were issued to various contractors during the year ended December 31, 2019.

 5.

 options to purchase an aggregate of 25,000 shares of common stock at an exercise price of $ 40.00, which vest in equal monthly installments
 during the first year from the date of grant, were issued to the Company's directors during the year ended December 31, 2021.

 6.

 option to purchase 351 shares of common stock at an exercise price of $ 120.00, which vest in equal monthly installments during the
 term of the option, were issued to an officer of the Company during the year ended December 31, 2021.

 7.

 Five -year
 options to purchase an aggregate of 8,750 shares of common stock at an exercise price of $ 40.00, which vest in equal monthly installments
 during the term of the option, were issued to the Company's directors during the year ended December 31, 2022.

 8.

 options to purchase 1,378 shares of common stock at an exercise price of $ 17.20, which vest in equal monthly installments during
 the term of the option, were issued to an employee during the year ended December 31, 2022.

 9.

 option to purchase 285 shares of common stock at an exercise price of $ 15.80, which vest in equal monthly installments during the
 term of the option, were issued to an employee during the year ended December 31, 2022.

 10.

 option to purchase 43,200 shares of common stock at an exercise price of $ 0.80, which vest in equal monthly installments during the
 term of the option, were issued to an officer of the Company during the year ended December 31, 2023.

 11.

 option to purchase 51,514 shares of common stock at an exercise price of $ 0.35, which vest in equal monthly installments during the
 term of the option, were issued to an employee during the year ended December 31, 2023.

 The
following table summarizes the assumptions used to estimate the fair value of the stock options granted for the years ended December
31, 2023 and 2022:

of Fair Value of Stock Options

 2023

 2022

 Expected
 Volatility

 35 %
 – 45
 %

 39 %
 – 48
 %

 Risk
 Free Interest Rate

 2.87 %
 – 4.72
 %

 2.87 %
 – 4.27
 %

 Expected
 life of options

 3.0
 – 5.0

 3.0
 – 5.0

 On
April 20, 2022, the Company's existing directors and two newly appointed directors each entered into a one-year director service
agreement with the Company, which will automatically renew for successive one-year terms unless either party notifies the other of its
desire not to renew the agreement at least 30 days prior to the end of the then current term, or unless earlier terminated in accordance
with the terms of the agreement. As compensation for serving on the Board of Directors, each director will be entitled to a $ 25,000 annual
stock grant and for serving on a Committee of the Board, an additional $ 5,000 annual stock grant, both based upon the closing sales price
of the common stock on the last trading day of the calendar year. Each director who serves as chairman of the Audit Committee, Compensation
Committee and Nominating and Governance Committee will be entitled to an additional $ 15,000, $ 10,000 and $ 7,500 annual stock grant, respectively.
As additional consideration for such Board service, on April 20, 2022, each director was granted a five-year option to purchase 1,250
shares of the Company's common stock at an exercise price of $ 40.00 per share, which shares will vest in equal quarterly installments
of 63 shares during the term of the option. The agreement also includes customary confidentiality provisions and one-year non-competition
and non-solicitation provisions.

 On
September 16, 2022, the Company granted an employee a three -year option to purchase 1,378 shares of common stock at an exercise price
of $ 17.20 which vests in equal monthly installments during the term of the option.

 On
November 22, 2022, the Company granted an employee a three -year option to purchase 285 shares of common stock at an exercise price of
$ 15.80 which vests in equal monthly installments during the term of the option.

 Under
the Black-Scholes option pricing model, the fair value of the 8,750
 options, 1,378
 options and 285
 options granted during the year ended December
31, 2022 is estimated at $ 84,334,
$ 8,409,
and $ 1,615,
respectively, on the date of grant using the following assumptions: stock price of $ 31.40,
$ 17.20
 and $ 15.80
at the grant date, exercise price of the option, option term, volatility rate of 39.23 %,
 46.72 %
and 46.72 %
and risk-free interest rate of 2.87 %,
 3.81 %
and 4.27 %,
respectively. The unrecognized portion of the expense remaining at December 31, 2022 is $ 72,620,
$ 7,600,
and $ 1,558,
respectively, which is expected to be recognized to expense over a period of three years.

 F- 23

 For
the year ended December 31, 2022, the Company determined that the five -year
option to purchase 8,822
shares of common stock at an exercise price of $ 46.00
 granted to an employee of TOBC in 2021 does not
meet the vesting requirements pursuant to the terms of the option grant and accordingly, reversed the expense recorded of approximately
$ 76,400
 and $ 79,023
 for the years ended December 31, 2022 and 2021,
respectively.

 On
August 3, 2023, the Company granted an officer a three -year option to purchase 43,200 shares of common stock at an exercise price of
$ 0.80, which vest in equal monthly installments during the term of the option.

 On
October 1, 2023, the Company granted an employee a three -year option to purchase 51,514 shares of common stock at an exercise price of
$ 0.36, which vest in equal monthly installments during the term of the option.

 Under
the Black-Scholes option pricing model, the fair value of the 43,200 options and 51,514 options granted during the year ended December
31, 2023 is estimated at $ 12,261 and $ 5,489, respectively, on the date of grant using the following assumptions: stock price of $ 0.80
and $ 0.36 at the grant date, exercise price of the option, option term, volatility rate of 45.44 % and 35.97 % and risk-free interest rate
of 4.58 % and 4.72 %, respectively. The unrecognized portion of the expense remaining at December 31, 2023 is $ 10,592 and $ 4,961, respectively,
which is expected to be recognized to expense over a period of three years.

 The
following table represents option activity for the years ended December 31, 2023 and 2022:

of Option Activity

 Number
 of Options

 Weighted
 Average Exercise Price

 Weighted
 Average Remaining Contractual Life in Years

 Aggregate
 Intrinsic Value

 - December 31, 2021

 221,484

 $
 40.00

 6.23

 - December 31, 2021

 190,356

 $
 40.00

 6.83

 $
 -

 Granted

 10,412

 $
 36.40

 Forfeited

 ( 8,822
)

 $
 46.00

 Vested

 206,082

 -

 - December 31, 2022

 223,076

 $
 40.00

 5.25

 - December 31, 2022

 206,082

 $
 40.00

 5.28

 $
 -

 Granted

 94,714

 $
 0.58

 Forfeited

 ( 1,250
)

 $
 40.00

 Vested

 219,908

 -

 - December 31, 2023

 316,540

 $
 31.11

 3.80

 - December 31, 2023

 219,908

 $
 31.11

 4.27

 $
 -

 For
the year ended December 31, 2023, the Company determined that the five -year option to purchase 1,250 shares of common stock at an exercise
price of $ 40.00 granted to a director in 2022 was forfeited as the director resigned in 2023.

 The
non-vested options outstanding are 96,632 and 16,994 for the years ended December 31, 2023 and 2022, respectively.

 Note
11. Warrants

of Warrant Activity

 Number
 of Warrants

 Weighted

 Average
 Exercise
 Price

 Weighted
 Average Remaining Contractual
 Life in
 Years

 Aggregate
 Intrinsic
 Value

 – December 31, 2022

 120,675

 $
 62.20

 1.32

 – December 31, 2022

 120,675

 $
 62.20

 1.32

 $
 -

 Granted

 10,701,408

 $
 0.15

 Exercised

 ( 10,091,139
)

 $
 0.03

 Forfeited
 or Expired

 -

 $
 -

– December 31, 2023

 730,944

 $
 12.04

 4.20

– December 31, 2023

 555,710

 $
 15.41

 5.52

 $
 -

 F- 24

 On
January 24, 2022, in connection with the issuance of the $ 5,750,000 promissory note to Lind pursuant to a securities purchase agreement,
the Company issued Lind a five -year warrant to purchase 50,000 shares of common stock at an exercise price of $ 90.00 per share. The
warrant provides for cashless exercise and full ratchet anti-dilution if the Company issues securities at less than $ 90.00 per share.
Under the Black-Scholes pricing model, the fair value of the warrant issued to purchase 50,000 shares of common stock was estimated
at $ 1,412,213 on the date of issuance using the following assumptions: stock price of $ 79.40 at the date of the agreement, exercise price
of the warrant, warrant term, volatility rate of 43.21 % and risk-free interest rate of 1.53 % from the Department of Treasury. The relative
fair value of $ 1,035,253 was calculated using the net proceeds of the convertible note and accounted for as paid in capital.

 For
the year ended December 31, 2022, the Company issued 6,250 shares of common stock at an exercise price of $ 40.00 to an investor upon
exercise of a warrant.

 On
May 30, 2023, in connection with the issuance of the $ 1,200,000 promissory note to Lind pursuant to a securities purchase agreement,
the Company issued Lind a five -year warrant exercisable six months from the date of issuance to purchase 435,035 shares of common stock
at an exercise price of $ 2.45 per share. The warrant provides for cashless exercise and full ratchet anti-dilution provisions. Under
the Black-Scholes pricing model, the fair value of the warrants issued to purchase 435,035 shares of common stock was estimated at $ 381,538
on the date of issuance of the warrant and $ 664 as of December 31, 2023 using the following assumptions: stock price of $ 2.14 and $ 0.14;
exercise price of $ 2.45, risk free rate of 3.81 % and 3.84 %, volatility of 46.01 % and 50.12 %; and expected term of five years. The fair
value of the warrants of $ 381,538 was recorded as a discount to the 2023 Lind Note and classified as liabilities.

 On
July 27, 2023, in connection with the issuance of the $ 300,000 promissory note to Lind pursuant to the Purchase Agreement Amendment,
the Company issued Lind a five -year warrant exercisable six months from the date of issuance to purchase 175,234 shares of common stock
at an exercise price of $ 1.34 per share. The warrant provides for cashless exercise and full ratchet anti-dilution provisions. Under
the Black-Scholes pricing model, the fair value of the warrants is estimated at $ 72,208 on the date of issuance of the warrant and $ 910
as of December 31, 2023 using the following assumptions: stock price of $ 1.07 and $ 0.14; exercise price of $ 1.34; risk free rate of 4.24 %
and 3.84 %; volatility of 45.51 % and 49.76 %; and expected term of five years. The fair value of the warrants of $ 72,208 was recorded as
a discount to the 2023 Purchase Agreement Amendment and classified as a liability.

 On
September 11, 2023, in connection with the underwritten public offering pursuant to a securities purchase agreement, the Company issued
pre-funded warrants with the public offering price of $ 0.4555
 immediately exercisable to purchase up to 10,051,139
 shares of common stock at an exercise price of
$ 0.01
 per share for gross proceeds of $ 4,578,294.
Under the Black-Scholes pricing model, the fair value of the warrants issued to purchase 10,051,139
 shares of common stock was estimated at $ 4,619,851
 on the date of issuance of the warrant using
the following assumptions: stock price of $ 0.469;
exercise price of $ 0.01;
warrant term; volatility rate of 149.06 %;
and risk-free interest rate of 5.40 %
from the US Department of Treasury.

 On
September 11, 2023, in connection with the underwritten public offering, the Company issued five -year Series A-1 warrants to purchase
up to 10,741,139 shares of common stock which warrants are exercisable upon stockholder approval at an exercise price of $ 0.4655 per
share. Since the exercise of these warrants is contingent upon stockholder approval, which stockholder approval has not been obtained,
such warrants were not considered as outstanding as of December 31, 2023.

 On
September 11, 2023, in connection with the underwritten public offering, the Company issued eighteen -month Series A-2 warrants to purchase
up to 10,741,139 shares of common stock which warrants are exercisable upon stockholder approval at an exercise price of $ 0.4655 per
share. Since the exercise of these warrants is contingent upon stockholder approval, which stockholder approval has not been obtained,
such warrants were not considered as outstanding as of December 31, 2023.

the year ended December 31, 2023, the Company issued 40,000 shares of common stock at an exercise price of $ 3.98 per share pursuant to
pre-funded warrants issued to Aegis in connection with an underwritten offering.

 For the year ended December 31, 2023, between October 2023 and November 2023, the Company issued an aggregate of
 10,051,139 shares of common stock at an exercise price of $ 0.01 to two investors upon exercise of Pre-Funded Warrants.

 F- 25

 Note
12. Income taxes

 Federal
income tax expense differs from the statutory federal rates of 21% for the years ended December 31, 2023 and December 31, 2022 due to
the following:

of Rate Reconciliation

 Rate
 Reconciliation

 31, 2023

 31, 2022

 Provision/(Benefit)
 at statutory rate

 $
 851,925

 21.00
 %

 $
 ( 2,770,944
)

 21.00
 %

 State
 tax Provision/(Benefit) net of federal benefit

 ( 206,832
)

 5.10
 %

 ( 309,886
)

 2.35
 %

 Permanent
 book/tax differences

 ( 237,419
)

 5.85
 %

 10,621

 ( 0.048
)%

 Change
 in valuation allowance

 74,848

 ( 1.85
)%

 2,751,592

 ( 20.85
)%

 Other

 1,221,327

 ( 30.11
)%

 318,617

 ( 2.42
)%

 Income
 Tax Provision/(Benefit)

 -

 -

 -

 -

 The
components of the net deferred tax asset at December 31, 2023 and 2022, are as follows:

of Deferred Income Tax Asset

 31,
 2023

 31,
 2022

 Tax Assets

 Business
 interest limitation

 $
 -

 $
 627,930

 Allowance for bad debt

 5,797

 -

 Fixed
 assets

 136,208

 140,494

 Stock
 based compensation

 -

 1,017,629

 Net
 operating loss carryovers

 3,626,165

 2,089,409

 Non-capital
 Losses

 511,340

 365,053

 Other

 83,687

 46,385

 Net
 Deferred Tax Asset/(Liability)

 4,363,197

 4,286,900

 Valuation
 Allowance

 ( 4,363,197
)

 ( 4,286,900
)

 Net
 Deferred Tax Asset/(Liability)

 $
 -

 $
 -

 Tax
periods for all fiscal years after 2019 remain open to examination by the federal and state taxing jurisdictions to which the Company
is subject. As of December 31, 2023, the Company has cumulative net federal and state operating losses of $ 14,896,960
 and $ 11,456,916,
respectively.

 ASC
740, "Income Taxes" requires that a valuation allowance be established when it is "more likely than not" that
all, or a portion of, deferred tax assets will not be recognized. A review of all available positive and negative evidence needs to be
considered, including the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies.
After consideration of all the information available, management believes that uncertainty exists with respect to future realization
of its deferred tax assets and has, therefore, established a full valuation allowance as of December 31, 2023.

 As
of December 31, 2023, and 2022, the Company has evaluated and concluded that there were no material uncertain tax positions requiring
recognition in the Company's financial statements. The Company's policy is to classify assessments, if any, for tax related
interest as income tax expenses. No interest or penalties were recorded during the years ended December 31, 2023, and 2022.

 F- 26

 Note
13. Commitment and Contingencies

 Office
lease

 On
January 1, 2022, the Company entered into a verbal month-to-month lease agreement for its executive offices with an unrelated third party
and paid $ 23,200 on the lease for the three months ended March 31, 2022. For the year ended December 31, 2023, the Company has paid $ 69,900
on this lease.

Pride leased an aggregate of 1,600
square feet of office space in Beaufort, South Carolina under two leases for $ 1,255
and $ 750
per month. On October 1, 2023, both leases were terminated and Coastal Pride entered into a new one-year office lease for
 1,100 square feet for $ 1,000
per month.

Pride also leased a 9,050 square foot facility for $ 1,000 per month from Gault for its soft-shell crab operations in Beaufort, South
Carolina under a one -year lease that expired in February 2023. On February 3, 2023, the lease was renewed for $ 1,500 per month until
February 2024. On February 3, 2024, the Coastal Pride entered into a verbal month-to-month lease agreement with Gault for $ 1,500 per
month.

 The
offices and facility of TOBC are located in Nanaimo, British Columbia, Canada and are on land which was leased to TOBC for approximately
$ 2,500 per month plus taxes, from Steve and Janet Atkinson, the former TOBC owners. On April 1, 2022, TOBC entered into a new five-year
lease with Steve and Janet Atkinson for CAD$ 2,590 per month plus taxes, and an additional five-year lease with Kathryn Atkinson for CAD$ 2,370
per month plus. Both leases are renewable for two additional five-year terms.

 Rental
and equipment lease expenses were approximately $ 166,000 and $ 168,000 for the years ended December 31, 2023 and 2022, respectively.

 Legal

 The
Company has reached a settlement agreement with a former employee. Although the agreement is not finalized the Company has reserved $ 70,000,
representing the entire amount of the settlement.

 Note
14. Employee Benefit Plan

 The
Company provides and sponsors a 401(k) plan for its employees. For the years ended December 31, 2023 and 2022, no contributions were
made to the plan by the Company.

 Note
15. Subsequent Events

 In order to refinance interest due on the June 14, 2023 note issued to
Agile, on
January 2, 2024, the Company, and Keeler & Co. entered into a subordinated business loan and
security agreement with Agile and Agile Capital as collateral agent,
which provides for a term loan to the Company in the amount of $ 122,491
which principal and interest (of $ 48,996)
is due on May 31, 2024. Commencing January 5, 2024, the Company is required to make weekly payments of $ 7,795
until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $ 5,833
was paid on the loan. A default interest rate of 5 %
will become effective upon the occurrence of an event of default. In connection with the loan, Agile was issued a subordinated
secured promissory note, dated January 2, 2024, in the principal amount of $ 122,491
which note is secured by all of the Borrower's assets, including receivables.

 ClearThink Term Loan

 On
January 18, 2024, the Company entered into the Revenue-Based Factoring MCA Plus Agreement with ClearThink which provides, among
other things, for a 33-week term loan in the principal amount of $ 200,000
(with an additional one-time commitment fee of $ 50,000).
Interest accrues at the rate of 25 %
per annum with an additional 5 %
default interest rate in the event of circumstances described in the agreement or $ 50,000
will be added to the principal amount and accrue after principal is paid. The Company is required to make biweekly payments of
$ 14,706,
commencing February 1, 2024 for the term of the Agreement. On January 25, 2024, the Company issued 354,610
shares of common stock to ClearThink as a commitment fee, with a fair value of $ 50,000.

 On January 23, 2024 and February 1, 2024, the Company
issued 76,388 and 82,706 shares of common stock, respectively, to the designee of ClearThink for consulting services provided to the Company.

 During February 2024 and March 2024, the Company issued an aggregate of 11,332,787 shares of common stock for cash
proceeds of $ 836,360 pursuant to a securities purchase agreement, dated May 16, 2023 with ClearThink.

 Afritex
Agreements

 On
February 1, 2024, the Company entered into a ninety-day Master Services Agreement (the "Services Agreement") with Afritex
Ventures, Inc. a Texas corporation ("Afritex"), pursuant to which the Company will be responsible for all of Afritex's
operations and finance functions. The Company will provide Afritex with working capital in order to sustain operations and will purchase
certain inventory listed in the Services Agreement. In consideration for its services, during the term of the Services Agreement, the
Company will be entitled to all of the revenue and profits earned by Afritex. Under the Services Agreement, Afritex may not sell or otherwise
use as consideration any of its intellectual property without the Company's consent. The Company must maintain certain commercial
liability insurance during the term of the Services Agreement. The Services Agreement also provides that the Company may not solicit
Afritex employees for 24 months nor circumvent existing business relationships of Afritex for three years, after the term of the Services
Agreement. The term of the Services Agreement will automatically extend for three thirty-day periods, if Afritex's outstanding
debt is no greater than $325,000.

 In
connection with the Services Agreement, on February 12, 2024, the Company entered into an Intangibles Assets and Machinery Option To
Purchase Agreement with Afritex (the "Option Agreement"). Pursuant to the Option
Agreement, the Company has the option to purchase Afritex's intangible assets, machinery and equipment set forth in the Option
Agreement for a purchase price of $ 554,714
for machinery and equipment and 5,000,000
shares of the Company's common stock were issued on February 12, 2024 to be held in escrow, for intangible assets. In
addition, for one year from the date of the Option Agreement, Afritex has an option to purchase up to $ 1,000,000
shares of the Company's common stock at a 10 %
discount to the lowest volume-weighted average price in the immediately prior five days. The sale of any shares acquired by Afritex
under the Option Agreement are subject to a "leak-out" provision as set forth in the Option Agreement. The
closing of the Option Agreement is subject to, among other things, the successful restructuring of Afritex's accounts payable
debts so that no individual debt of $85,000 or aggregate debt of more than $325,000 is outstanding. The
Option Agreement may be terminated if, among others, the closing has not has not occurred within 90 days, unless extended for two
additional 30-day periods at the Company's sole discretion. To date, the Company has not exercised its option to purchase such
intangibles assets, machinery and equipment.

 On March 11, 2024, the Company issued 750,000 shares of common stock to Lind, with a fair value of $ 60,000, as partial conversion of the principal
 pursuant
to the May 2023 convertible promissory note.

 F- 27

 ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 None.

 ITEM
9A. CONTROLS AND PROCEDURES

 Evaluation
of Disclosure Controls and Procedures

 Under
the supervision and with the participation of our management, including our principal executive officer and principal financial officer,
as of December 31, 2023, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e)
and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended. Based on this evaluation, our principal executive
officer and principal financial officer have concluded that our disclosure controls and procedures were not effective as of such date
to ensure that information required to be disclosed by us in reports filed or submitted under the Securities Exchange Act were recorded,
processed, summarized, and reported within the time periods specified in the SEC's rules and forms and that our disclosure controls
are not effectively designed to ensure that information required to be disclosed by us in the reports that we file or submit under the
Securities Exchange Act is accumulated and communicated to management, including our principal executive officer and principal financial
officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 Management's
Report on Internal Control Over Financial Reporting

 Our
management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over
financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the
supervision of, our principal executive and principal financial officers and effected by our board of directors, management and other
personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with GAAP and includes those policies and procedures that:

 Pertain
 to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;

 Provide
 reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
 accounting principles generally accepted in the United States of America and that our receipts and expenditures are being made only
 in accordance with authorizations of our management and board of directors; and

 Provide
 reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that
 could have a material effect on the financial statements.

 Our
management assessed the effectiveness of our internal control over financial reporting, existing as of December 31, 2023, based on the
criteria for effective internal control over financial reporting established in Internal Control—Integrated Framework (2013) issued
by the Committee of Sponsoring Organizations of the Treadway Commission and SEC guidance on conducting such assessments. Based on that
evaluation, we believe that, during the period covered by this Report, such internal controls and procedures were not effective.

 The
matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the
Public Company Accounting Oversight Board were:

inadequate control over the monitoring of inventory maintained in the Company's third-party warehouse;

ineffective controls over the Company's financial close and reporting process; and

inadequate segregation of duties consistent with control objectives, including lack of personnel resources and technical accounting expertise
within the accounting function of the Company.

 Management
believes that the material weaknesses that were identified did not have an effect on our financial results. However, management believes
that these weaknesses, if not properly remediated, could result in a material misstatement in our financial statements in future periods.

 Management's
Remediation Initiatives

 In
an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we plan to further
initiate the following measures, subject to the availability of required resources:

 We
 plan to create an internal control framework that will address financial close and reporting process, among other procedures; and

 We
 plan to create a position to segregate duties consistent with control objectives and hire
 personnel resources with technical accounting expertise within the accounting function.

 Attestation Report of the Registered Public Accounting Firm

 This
Annual Report does not include an attestation report of our registered public accounting firm regarding our internal control over financial
reporting. Management's report was not subject to attestation by our registered public accounting firm pursuant to rules of the
SEC that exempt smaller reporting companies from this requirement.

 Changes
in Internal Control over Financial Reporting

 There
have been no changes in our internal control over financial reporting that occurred during our fourth quarter that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.

 ITEM
9B. OTHER INFORMATION

 None

 ITEM
9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

 Not
applicable.

 PART
III

 ITEM
10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 Directors
and Executive Officers

 Below
are the names of and certain information regarding the Company's current executive officers and directors:

 Name

 Age

 Position

 John

 Executive
 Chairman and Chairman of the Board and Chief Executive Officer

 Nubar
 Herian

 Jeffrey
 J. Guzy

 Timothy
 McLellan

 Trond
 Ringstad

 Silvia
 Alana

 and Chief Financial Officer

 Miozotis
 Ponce

 Chief
 Operating Officer

 Our
directors hold office for three-year terms and until their successors have been elected and qualified. Our officers are elected by the
board of directors and serve at the discretion of the board of directors.

 The
principal occupation and business experience during the past five years for our executive officer and directors is as follows:

 John
Keeler has been Executive Chairman of the Board since November 8, 2018. Mr. Keeler founded John Keeler & Co., d/b/a Blue
Star Foods in May 1995 and served as its Executive Chairman of the Board since inception during which time he grew the company to become
one of the leading marketers of imported blue swimming crab meat in the United States. Mr. Keeler built sales over the past 20 years
to $35+ million annually through 2017. Mr. Keeler oversees procurement as well as operating facilities in the Philippines and Indonesia.
Mr. Keeler is an executive committee member of the National Fisheries Institute-Crab Council and a founding member of the Indonesia and
Philippines crab meat processors associations. Mr. Keeler received his BS in Economics from Rutgers University in 1995 and attended Harvard
Business School executive programs in supply chain management, negotiations and marketing in 2005. Mr. Keeler's extensive experience
in the industry led to the decision to appoint him to the board of directors.

 Nubar
Herian has served as a director since November 8, 2018. Since 2014, Mr. Herian has been the chief executive officer of Monaco
Group Holdings, a privately-held company headquartered in Miami, Florida, which owns and operates Monaco Foods, Inc., an importer, exporter
and distributor of premium gourmet foods from around the world. Since 1995, Mr. Herian has been the commercial director of Casa de Fruta
Caracas, a privately-held company based in Caracas, Venezuela, that focuses on importing foods. Mr. Herian is also the president of Lunar
Enterprises, Corp. ("Lunar"), a holding company for his family's public and private equity investments and real estate
holdings. Mr. Herian received his BS in Mechanical Engineering from Florida Atlantic University in 1994 and an Executive M.B.A. from
the University of Miami in 2014. Mr. Herian's experience in the food import industry led to the decision to appoint him to the
board of directors.

 Jeffrey
J. Guzy has served as a director since April 12, 2021. Mr. Guzy served as a director of Leatt Corp. (OTC: LEAT), since April
2007 and from October 2007 to August 2010, as its President. Mr. Guzy has served as an independent director and chairman of the audit
committee of Capstone Companies, Inc. (OTC: CAPC), a public holding company, since April 2007, as an independent director and chairman
of the audit committee of Purebase Corporation (OTC: PUBC), a diversified resource company, since April 2020 and as Chairman of CoJax
Oil and Gas Corporation, an early stage oil and gas exploration and production company, since May 2018, and was appointed as its chief
executive officer in January 2020. Mr. Guzy has served as an executive manager or consultant for business development, sales, customer
service, and management in the telecommunications industry, specifically, with IBM Corp., Sprint International, Bell Atlantic Video Services,
Loral CyberStar, and FaciliCom International. Mr. Guzy has also started his own telecommunications company providing Internet services
in Western Africa. Mr. Guzy has an MBA in Strategic Planning and Management from The Wharton School of the University of Pennsylvania,
an M.S. in Systems Engineering from the University of Pennsylvania, a B.S. in Electrical Engineering from Penn State University, and
a Certificate in Theology from Georgetown University. Mr. Guzy's extensive public company board experience led to the decision
to appoint him to the board of directors.

 Timothy
McLellan has served as a director since April 12, 2021. Mr. McLellan has more than 35 years of operating experience and has served
as a seafood executive in both the U.S. and Asia. Mr. McLellan has been managing director of Maijialin Consulting Company Ltd. which
provides international business development consulting services for import/export cold chain supply logistics and foodservice distribution,
since April 2012. From April 2009 until February 2019, Mr. McLellan was managing director, business development for Preferred Freezer
Services (Shanghai) Co. Ltd, a Hong-Kong-based logistics and industrial infrastructure provider. Between 2019 and 2020, Mr. McLellan
served as a private equity operating partner for CITIC Capital Partners (Shanghai) Ltd. Prior to that, from 2009 through 2019, Mr. McLellan
served in various executive capacities, including Chairman for SinotransPFS Cold Chain Logistics Company, Ltd., a logistics company.
Between 2004 and 2009, Mr. McLellan served as President of Empress International, a division of Thai Union Group. Between 2003 and 2004,
he served in a senior manager position with the seafood division of ConAgra Foods. Mr. McLellan's knowledge and background in seafood
operations management led to the decision to appoint him to the Board.

 Trond
Ringstad has served as a director since April 12, 2021 and has more than 20 years of operating experience as a seafood executive
in both the U.S. and Europe. Since April 2017, Mr. Ringstad has been managing partner of American Sea, LLC, a seafood processing and
sales company, and since October 2013, Mr. Ringstad has been an independent consultant for AGR Partners. Between 2003 and 2007, he served
as president of Pacific Supreme Seafoods, a global importing and wholesaling seafood company. Between 2001 and 2003, he served as vice
president of sales and marketing for Royal Supreme Seafoods, a Norwegian / Chinese seafood importer and sales company. Mr. Ringstad graduated
from the BI Norwegian Business School with a Degree in International Marketing and has a BA in Business Management from Washington State
University. Mr. Ringstad's knowledge and background with regard to seafood operations management led to the decision to appoint
him to the board of directors.

 Silvia
Alana has served as a director since April 20, 2022 and has been chief financial officer of the Company since May 2021. Ms. Alana
was the corporate controller of the Company from August 2020 to May 2021. Prior thereto, Ms. Alana was Global Technical Accounting Manager
at Brightstar Corporation from April 2018 to July 2020 and Audit Manager at Crowe Horwath, LLP from July 2016 to April 2018. Ms. Alana
was a Senior Accountant in Global Accounting and Reporting Services at Carnival Corporation & Plc., from May 2013 to February 2015,
and an Auditor in Assurance at Pricewaterhouse Coopers, LLP, from January 2010 to May 2013. Ms. Alana graduated from Florida International
University with a Bachelor degree in Accounting in 2008 and a Master of Accounting in 2009. Ms. Alana is a Certified Public Accountant.

 Miozotis
Ponce has served as Chief Operating Officer since April 19, 2022. From May 2012, Ms. Ponce was the Company's Vice President
of Operations, where she has led sales and marketing and operations. Prior thereto, from June 2005, Ms. Ponce served as Operations Manager.
Ms. Ponce joined the Company in June 2004 as Customer Service Director and has over 25 years of experience in the food industry. Ms.
Ponce holds an AA degree in Business from Miami Dade College.

 Committees

 We
have established three committees under the board of directors: an audit committee, a compensation committee and a nominating and corporate
governance committee. We have adopted a charter for each of the three committees. Each committee's members and functions are described
below.

 Audit
Committee. Our audit committee consists of Jeffrey Guzy, Trond Ringstad and Timothy McLellan. Mr. Guzy is the chairman of the
audit committee. We have determined that Messrs. Guzy, Ringstad and McLellan each satisfy the "independence" requirements
of NASDAQ Listing Rule 5605(a)(2) and meets the independence standards under Rule 10A-3 under the Exchange Act. We have determined that
Mr. Guzy qualifies as an "audit committee financial expert." The audit committee oversees our accounting and financial reporting
processes and the audits of the financial statements of our company. The audit committee is responsible for: (a) representing and assisting
the Board in its oversight responsibilities regarding the Company's accounting and financial reporting processes, the audits of
the Company's financial statements, including the integrity of the financial statements, and the independent auditors' qualifications
and independence; (b) overseeing the preparation of the report required by SEC rules for inclusion in the Company's annual proxy
statement; (c) retaining and terminating the Company's independent auditors; (d) approving in advance all audit and permissible
non-audit services to be performed by the independent auditors; (e) reviewing related person transactions.(d) approving in advance all
audit and permissible non-audit services to be performed by the independent auditors; and (f) performing such other functions as the
Board may from time to time assign to the Committee.

Committee. Our compensation committee consists of Jeffrey Guzy, Trond Ringstad and Timothy McLellan. Mr. Guzy is the chairman
of our compensation committee. We have determined that Messrs. Guzy, Ringstad and McLellan each are "independent," as such
term is defined for directors and compensation committee members in the listing standards of the NASDAQ Stock Market LLC. Additionally,
each qualify as "non-employee directors" for purposes of Rule 16b-3 under the Securities Exchange Act of 1934 and as "outside
directors" for purposes of Section 162(m) of the Internal Revenue Code. The Committee has been established to: (a) assist the Board
in seeing that a proper system of long-term and short-term compensation is in place to provide performance oriented incentives to attract
and retain management, and that compensation plans are appropriate and competitive and properly reflect the objectives and performance
of management and the Company; (b) assist the Board in discharging its responsibilities relating to compensation of the Company's
executive officers; (c) evaluate the Company's Chief Executive Officer and set his or her remuneration package; (d) make recommendations
to the Board with respect to incentive compensation plans and equity-based plans; and (e) perform such other functions as the Board may
from time to time assign to the Committee.

 In
determining the amount, form, and terms of such compensation, the Compensation Committee will consider the annual performance of such
officers in light of company goals and objectives relevant to executive officer compensation, competitive market data pertaining to executive
officer compensation at comparable companies, and such other factors as it deems relevant, and is guided by, and seeks to promote, the
best interests of the Company and its shareholders.

 Nominating
and Corporate Governance Committee. Our nominating and corporate governance committee consists of Jeffrey Guzy, Trond Ringstad
and Timothy McLellan. Mr. Guzy is the chairman of our nominating and corporate governance. We have determined that each of Messrs. Guzy,
Ringstad and McLellan qualify as "independent" as that term is defined by NASDAQ Listing Rule 5605(a)(2). The Committee is
responsible for: (a) assisting the Board in determining the desired experience, mix of skills and other qualities to provide for appropriate
Board composition, taking into account the current Board members and the specific needs of the Company and the Board; (b) identifying
qualified individuals meeting those criteria to serve on the Board; (c) proposing to the Board the Company's slate of director
nominees for election by the shareholders at the Annual Meeting of Shareholders and nominees to fill vacancies and newly created directorships;
(d) reviewing candidates recommended by shareholders for election to the Board and shareholder proposals submitted for inclusion in the
Company's proxy materials; (e) advising the Board regarding the size and composition of the Board and its committees; (f) proposing
to the Board directors to serve as chairpersons and members on committees of the Board; (g) coordinating matters among committees of
the Board; (h) proposing to the Board the slate of corporate officers of the Company and reviewing the succession plans for the executive
officers; (i) recommending to the Board and monitoring matters with respect to governance of the Company; and (j) overseeing the Company's
compliance program; and performing such other functions as the Board may from time to time assign to the Committee.

 The
Nominating Committee will consider any director candidates recommended by stockholders, although there is no formal policy with regard
to directors recommended by stockholders, when considering a candidate submitted by stockholders, the Nominating Committee will take
into consideration the needs of the Board and the qualifications of the candidate. Nevertheless, the Board may choose not to consider
an unsolicited recommendation if no vacancy exists on the Board and/or the Board does not perceive a need to increase the size of the
Board.

 There
are no specific minimum qualifications that the Nominating Committee believes must be met by a Nominating Committee-recommended director
nominee. However, the Nominating Committee believes that director candidates should, among other things, possess high degrees of integrity
and honesty; have literacy in financial and business matters; have no material affiliations with direct competitors, suppliers or vendors
of the Company; and preferably have experience in the Company's business and other relevant business fields (for example, finance,
accounting, law and banking). The Nominating Committee considers diversity together with the other factors considered when evaluating
candidates but does not have a specific policy in place with respect to diversity.

 Members
of the Nominating Committee plan to meet in advance of each of the Company's annual meetings of stockholders to identify and evaluate
the skills and characteristics of each director candidate for nomination for election as a director of the Company. The Nominating Committee
reviews the candidates in accordance with the skills and qualifications set forth in the Nominating Committee's charter and the
rules of the NASDAQ. There are no differences in the manner in which the Nominating Committee plans to evaluate director nominees based
on whether or not the nominee is recommended by a stockholder.

 Each
Committee has adopted a formal written charter which is available on the Company's website at www.bluestarfoods.com.

 Role
of Board in Risk Oversight Process

 Risk
assessment and oversight are an integral part of our governance and management processes. Our board of directors encourages management
to promote a culture that incorporates risk management into our corporate strategy and day-to-day business operations. Management discusses
strategic and operational risks at regular management meetings and conducts strategic planning and review sessions during the year that
include a discussion and analysis of the risks facing us.

Independence

 Our
board of directors currently consists of six members. We were not subject to listing requirements of any national securities exchange
that has requirements that a majority of the board of directors be "independent." However, as a NASDAQ listed company, we
are required to comply with NASDAQ's corporate governance standards applicable to director independence upon listing. Rule 5605
therein requires companies listed on NASDAQ to maintain a majority independent board. In addition, the rules of the NASDAQ Capital Market
require that each member of a listed company's audit, compensation, and corporate governance and nominating committees be independent.
Our board of directors has determined that all of our directors except John Keeler, our Executive Chairman and Chief Executive Officer,
and Silvia Alana, our Chief Executive Officer, are "independent" within the definition of independence provided in the rules
of NASDAQ Capital Market and the independence requirements contemplated by Rule 10A-3 under the Securities Exchange Act of 1934.

 Board
Diversity

 The
board of directors' reviews, on an annual basis, the appropriate characteristics, skills and experience required for the board
of directors as a whole and its individual members. In evaluating the suitability of individual candidates (both new candidates and current
members), the board of directors, in approving (and, in the case of vacancies, appointing) such candidates, will take into account many
factors, including the following:

 personal
 and professional integrity;

 ethics
 and values;

 experience
 in the industries in which we compete;

 experience
 as a director or executive officer of another publicly held company;

 diversity
 of expertise and experience in substantive matters pertaining to our business relative to other board members;

 conflicts
 of interest; and

 practical
 business judgment.

 The
board of directors reviews on an annual basis the appropriate characteristics, skills and experience required for the board of directors
as a whole and its individual members. In evaluating the suitability of individual candidates (both new candidates and current members),
the board of directors, in approving (and, in the case of vacancies, appointing) such candidates, will take into account many factors,
including the following:

 personal
 and professional integrity;

 ethics
 and values;

 experience
 in the industries in which we compete;

 experience
 as a director or executive officer of another publicly held company;

 diversity
 of expertise and experience in substantive matters pertaining to our business relative to other board members;

 conflicts
 of interest; and

 practical
 business judgment.

 The
entire Board participates in the nomination and audit oversight processes and considers executive and director compensation. Given the
size of the Company and its stage of development, the entire Board is involved in such decision-making processes. Thus, there is a potential
conflict of interest in that our directors and officers have the authority to determine issues concerning management compensation, nominations,
and audit issues that may affect management decisions. We are not aware of any other conflicts of interest with any of our executive
officers or directors.

 Family
Relationships

 There
are no family relationships between our directors or executive officers.

 Involvement
in Certain Legal Proceedings

 There
are no legal proceedings that have occurred within the past ten years concerning our directors, or control persons which involved a criminal
conviction, a criminal proceeding, an administrative or civil proceeding limiting one's participation in the securities or banking
industries, or a finding of securities or commodities law violations.

 Delinquent
Section 16(a) Reports

 Section
16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors, and persons who beneficially own more
than 10% percent of our equity securities ("Reporting Persons") to file reports of ownership and changes in ownership
with the SEC. Based solely on our review of copies of such reports and representations from the Reporting Persons, we believe that
during the year ended December 31, 2023, all of the Reporting Persons timely filed all such reports except that on December 31, 2023
each of (i) Jeffrey Guzy, a director, was issued 399,306 shares of common stock; (ii) Trond Ringstad, a director, was issued 277,778
shares of common stock; (iii) Timothy McLellan, a director, was issued 277,778 shares of common stock; (iv) John Keeler, Chief
Executive Officer and a director, was issued 173,611 shares of common stock; (v) Nubar Herian, a director was issued 173,611 shares
of common stock; (vi) Juan Dalto, a former director, was issued 101,273 shares of common stock; and (vii) Silvia Alana, Chief
Financial officer and a director, was issued 173,611 shares of common stock, for serving as directors of the Company, for which Form
4s were not timely filed.

 Code
of Ethics

 We
have adopted a code of ethics that applies to our executive officers, directors and employees. We have filed a copy of our Code of Ethics
as an exhibit to this Annual Report. Our Code of Ethics and the charters of the committees
of our board of directors are available on our website www.bluestarfoods.com. In addition,
a copy of the Code of Ethics will be provided without charge upon request from us.

 Insider Trading
Policy

 Our Insider Trading Policy governs the purchase, sale,
trade, and other dispositions of our securities by our officers, directors, and employees, to promote compliance with the insider trading
laws, rules and regulations and listing standards applicable to us.

 Change
in Procedures for Recommending Directors

 There have been no material changes to the procedures
by which our stockholders may recommend nominees to our Board of Directors from those procedures set forth in our Proxy Statement for
our 2023 Annual Meeting of Stockholders, filed with the SEC on November 17, 2023.

 ITEM
11. EXECUTIVE COMPENSATION

 Clawback Policy

 Following the SEC's approval of Nasdaq's
proposed clawback listing standards, under Rule 10D-1, which directed companies to adopt and comply with a written clawback policy, to
disclose and file the policy as an exhibit to its annual report, we adopted a clawback policy on December 1, 2023, as filed as Exhibit
97 to this Annual Report.

 EXECUTIVE
COMPENSATION

 The
table below sets forth certain information about the compensation awarded to, earned by or paid to our Chief Executive Officer and our
other two most highly compensated executive officers whose total compensation exceeded $100,000 during 2023 (each, a "Named Executive
Officer").

 Summary
Compensation Table

 Name and Principal Position

 Year

 Salary ($)

 Stock awards ($)

 Option awards ($)(1)

 All other compensation ($)

 Total ($)

 John Keeler -

 2023

 76,878

 (2)

 -

 43,831
 (3)

 145,709

 Executive Chairman and Chief Executive Officer and Director

 2022

 79,409

 (4)

 50,000
 (5)

 38,543
 (3)

 192,952

 Silvia Alana -
 Chief Financial Officer and

 2023

 147,000

 (2)

 12,261
 (6)

 5,700
 (3)

 189,961

 2022

 150,000

 17,361
 (7)

 50,000
 (5)

 5,400
 (3)

 222,761

 Miozotis Ponce -

 2023

 166,600

 -

 -

 5,700
 (3)

 172,300

 Chief Operating Officer

 2022

 170,000

 -

 -

 5,400
 (3)

 175,400

 (1)

 All option grants are calculated at the grant date fair value computed in accordance with FASB ASC Topic 718.

 (2)

 Represents 173,611 shares of common stock at $0.144 per share issued on December 31, 2023.

 (3)

 Represents health insurance premiums paid by the Company on behalf of such officer.

 (4)

 Represents 3,125 shares of common stock at $8.00 per share issued on December 31, 2022.

 (5)

 Represents an option to purchase 1,250 shares of common stock at $40.00 per share granted on December 31, 2022.

 (6)

 Represents an option to purchase 43,200 shares of common stock at $0.80 per share granted on December 31, 2023.

 (7)

 Represents 2,170 shares of common stock at $8.00 per share issued on December 31, 2022.

 We
offer a 401(k) plan to eligible employees, including our executive officer. In accordance with this plan, all eligible employees may
contribute a percentage of compensation up to a maximum of the statutory limits per year. We intend for the 401(k) plan to qualify, depending
on the employee's election, under Section 401(a) of the Code, so that contributions by employees, and income earned on those contributions,
are not taxable to employees until withdrawn from the 401(k) plan.

 Employment
Agreements

 We
do not currently have employment agreements in effect with our executive officers.

 OUTSTANDING
EQUITY AWARDS AT DECEMBER 31, 2023

Equity Awards

 The
table below reflects all equity awards made to each Named Executive Officer that were outstanding on December 31, 2023.

 Name

 Grant
 Date

 Number of
 Underlying
 Unexercised
 Options (#)

 Number of
 Underlying
 Unexercised
 Options (#)
 Unexercisable

 Option
 Exercise
 Price
 ($)

 Option
 Expiration
 Date

 John Keeler

 4/20/22

 1,250
 (1)

 -

 40.00

 4/20/27

 4/12/21

 5,000
 (2)

 -

 40.00

 4/12/24

 Silvia Alana

 8/3/23

 43,200
 (3)

 -

 0.80

 8/3/26

 4/20/22

 1,250
 (1)

 -

 40.00

 4/20/27

 8/3/21

 (4)

 -

 120.00

 8/3/24

 Miozotis Ponce

 1/15/19

 7,500
 (5)

 5,000
 (5)

 40.00

 1/14/29

 (1)

 subject to the option vest in equal quarterly installments of 63 shares for the term of the option.

 (2)

 subject to the option vest in equal quarterly installments of 1,250 shares during the first year of the grant.

 (3)

 subject to the option vest in equal monthly installments of 1,200 shares for the term of the option.

 (4)

 subject to the option vest in equal monthly installments of 10 shares for the term of the option.

 (5)

 subject to the option vest as to 2,500 shares on each of January 15, 2020, January 15, 2021, January 15, 2022, January 15, 2023 and
 January 15, 2024.

 2018
Equity Incentive Award Plan

 In
connection with the Merger, we adopted the 2018 Equity Incentive Award Plan (the "2018 Plan"), which was effective immediately
prior to the consummation of the Merger. The principal purpose of the 2018 Plan is to attract, retain and motivate selected employees,
consultants and non-employee directors through the granting of stock-based compensation awards and cash-based performance bonus awards.

 Under
the 2018 Plan, we are authorized to issue incentive stock options intended to qualify under Section 422 of the Code and non-qualified
stock options. The 2018 Plan is administered by our board of directors. In connection with the Merger, we issued options to purchase
an aggregate of 312,000 shares of common stock to certain executive officers and directors (156,000 of which were subsequently forfeited
unexercised).

 Share
Reserve. 375,000 shares of common stock are reserved for issuance under the 2018 Plan pursuant to a variety of stock-based compensation
awards, including stock options, stock appreciation rights ("SARs"), restricted stock awards, restricted stock unit awards,
deferred stock awards, dividend equivalent awards, stock payment awards, performance awards and other stock-based awards.

to the extent that an award terminates, expires or lapses for any reason or an award is settled in cash without the delivery of shares,
any shares subject to the award at such time will be available for future grants under the 2018 Plan;

to the extent shares are tendered or withheld to satisfy the grant, exercise price or tax withholding obligation with respect to any
award under the 2018 Plan, such tendered or withheld shares will be available for future grants under the 2018 Plan;

to the extent that shares of common stock are repurchased by us prior to vesting so that shares are returned to us, such shares will
be available for future grants under the 2018 Plan;

the payment of dividend equivalents in cash in conjunction with any outstanding awards will not be counted against the shares available
for issuance under the 2018 Plan; and

to the extent permitted by applicable law or any exchange rule, shares issued in assumption of, or in substitution for, any outstanding
awards of any entity acquired in any form of combination by us or any of our subsidiaries will not be counted against the shares available
for issuance under the 2018 Plan.

 Administration.
 The compensation committee is expected to administer the 2018 Plan unless our board of directors assumes authority for administration.
The compensation committee must consist of at least three members of our board of directors, each of whom is intended to qualify as an
"outside director," within the meaning of Section 162(m) of the Code, a "non-employee director" for purposes
of Rule 16b-3 under the Exchange Act and an "independent director" within the meaning of the NASDAQ rules. The 2018 Plan
provides that the board of directors or compensation committee may delegate its authority to grant awards to employees other than executive
officers to a committee consisting of one or more members of our board of directors or one or more of our officers, other than awards
made to our non-employee directors, which must be approved by our full board of directors.

 Subject
to the terms and conditions of the 2018 Plan, the administrator has the authority to select the persons to whom awards are to be made,
to determine the number of shares to be subject to awards and the terms and conditions of awards, and to make all other determinations
and to take all other actions necessary or advisable for the administration of the 2018 Plan. The administrator is also authorized to
adopt, amend or rescind rules relating to administration of the 2018 Plan. Our board of directors may at any time remove the compensation
committee as the administrator and revest in itself the authority to administer the 2018 Plan. The full board of directors will administer
the 2018 Plan with respect to awards to non-employee directors.

 Eligibility.
 Options, SARs, restricted stock and all other stock-based and cash-based awards under the 2018 Plan may be granted to individuals
who are then our officers, employees or consultants or are the officers, employees or consultants of subsidiaries. Such awards also may
be granted to our directors. Only employees of the Company or certain subsidiaries may be granted ISOs.

 Awards.
 The 2018 Plan provides that the administrator may grant or issue stock options, SARs, restricted stock awards, restricted stock unit
awards, deferred stock awards, deferred stock unit awards, dividend equivalent awards, performance awards, stock payment awards and other
stock-based and cash-based awards, or any combination thereof. Each award will be set forth in a separate agreement with the person receiving
the award and will indicate the type, terms and conditions of the award.

 Nonstatutory
Stock Options ("NSOs"). NSOs will provide for the right to purchase shares of common stock at a specified price that
may not be less than the fair market value of a share of common stock on the date of grant, and usually will become exercisable (at the
discretion of the administrator) in one or more installments after the grant date, subject to the participant's continued employment
or service with us and/or subject to the satisfaction of corporate performance targets and individual performance targets established
by the administrator. NSOs may be granted for any term specified by the administrator that does not exceed 10 years.

 Incentive
Stock Options ("ISOs"). ISOs will be designed in a manner intended to comply with the provisions of Section 422 of the
Code and will be subject to specified restrictions contained in the Code. Among such restrictions, ISOs must have an exercise price of
not less than the fair market value of a share of our Common Stock on the date of grant, may only be granted to employees, and must not
be exercisable after a period of 10 years measured from the date of grant. In the case of an ISO granted to an individual who owns (or
is deemed to own) at least 10% of the total combined voting power of all classes of our capital stock, the 2018 Plan provides that the
exercise price must be at least 110% of the fair market value of a share of our Common Stock on the date of grant and the ISO must not
be exercisable after a period of five years measured from the date of grant.

 Restricted
Stock Awards. Restricted stock awards may be granted to any eligible individual and made subject to such restrictions as may be determined
by the administrator. Restricted stock, typically, may be forfeited for no consideration or repurchased by us at the original purchase
price if the conditions or restrictions on vesting are not met. In general, restricted stock may not be sold or otherwise transferred
until restrictions are removed or expire. Purchasers of restricted stock, unlike recipients of options, will have voting rights and will
have the right to receive dividends, if any, prior to the time when the restrictions lapse; however, extraordinary dividends will generally
be placed in escrow, and will not be released until restrictions are removed or expire.

 Restricted
Stock Unit Awards ("RSU"). Restricted stock units may be awarded to any eligible individual, typically without payment
of consideration, but subject to vesting conditions based on continued employment or service or on performance criteria established by
the administrator. Like restricted stock, restricted stock units may not be sold, or otherwise transferred or hypothecated, until vesting
conditions are removed or expire. Unlike restricted stock, stock underlying restricted stock units will not be issued until the restricted
stock units have vested, and recipients of restricted stock units generally will have no voting or dividend rights prior to the time
when vesting conditions are satisfied.

Stock Awards. Deferred stock awards represent the right to receive shares of common stock on a future date. Deferred stock may not
be sold or otherwise hypothecated or transferred until issued. Deferred stock will not be issued until the deferred stock award has vested,
and recipients of deferred stock generally will have no voting or dividend rights prior to the time when the vesting conditions are satisfied
and the shares are issued. Deferred stock awards generally will be forfeited, and the underlying shares of deferred stock will not be
issued, if the applicable vesting conditions and other restrictions are not met.

Stock Units. Deferred stock units are denominated in unit equivalent of shares of common stock and vest pursuant to a vesting schedule
or performance criteria set by the administrator. The common stock underlying deferred stock units will not be issued until the deferred
stock units have vested, and recipients of deferred stock units generally will have no voting rights prior to the time when vesting conditions
are satisfied.

 Stock
Appreciation Rights ("SARs"). SARs may be granted in connection with stock options or other awards, or separately. SARs
granted in connection with stock options or other awards typically will provide for payments to the holder based upon increases in the
price of our Common Stock over a set exercise price. The exercise price of any SAR granted under the 2018 Plan must be at least 100%
of the fair market value of a share of our Common Stock on the date of grant. Except as required by Section 162(m) of the Code with respect
to a SAR intended to qualify as performance-based compensation as described in Section 162(m) of the Code, there are no restrictions
specified in the 2018 Plan on the exercise of SARs or the amount of gain realizable therefrom, although restrictions may be imposed by
the administrator in the SAR agreements. SARs under the 2018 Plan will be settled in cash or shares of common stock, or in a combination
of both, at the election of the administrator.

 Dividend
Equivalent Awards. Dividend equivalent awards represent the value of the dividends, if any, per share paid by us, calculated with
reference to the number of shares covered by the award. Dividend equivalents may be settled in cash or shares and at such times as determined
by our compensation committee or board of directors, as applicable.

 Performance
Awards. Performance awards may be granted by the administrator on an individual or group basis. Generally, these awards will be based
upon specific performance targets and may be paid in cash or in common stock or in a combination of both. Performance awards may include
"phantom" stock awards that provide for payments based upon the value of our Common Stock. Performance awards may also include
bonuses that may be granted by the administrator on an individual or group basis and that may be payable in cash or in common stock or
in a combination of both.

 Stock
Payment Awards. Stock payment awards may be authorized by the administrator in the form of common stock or an option or other right
to purchase common stock as part of a deferred compensation or other arrangement in lieu of all or any part of compensation, including
bonuses, that would otherwise be payable in cash to the employee, consultant or non-employee director.

 Change
in Control. In the event of a change in control where the acquirer does not assume or replace awards granted prior to the consummation
of such transaction, awards issued under the 2018 Plan will be subject to accelerated vesting such that 100% of such awards will become
vested and exercisable or payable, as applicable. Performance awards will vest in accordance with the terms and conditions of the applicable
award agreement. In the event that, within the 12 month period immediately following a change in control, a participant's services
with us are terminated by us other than for cause (as defined in the 2018 Plan) or by such participant for good reason (as defined in
the 2018 Plan), then the vesting and, if applicable, exercisability of 100% of the then-unvested shares subject to the outstanding equity
awards held by such participant under the 2018 Plan will accelerate effective as of the date of such termination. The administrator may
also make appropriate adjustments to awards under the 2018 Plan and is authorized to provide for the acceleration, cash-out, termination,
assumption, substitution or conversion of such awards in the event of a change in control or certain other unusual or nonrecurring events
or transactions. Under the 2018 Plan, a change in control is generally defined as:

the transfer or exchange in a single transaction or series of related transactions by our stockholders of more than 50% of our voting
stock to a person or group;

a change in the composition of our board of directors over a two-year period such that the members of the board of directors who were
approved by at least two-thirds of the directors who were directors at the beginning of the two-year period or whose election or nomination
was so approved cease to constitute a majority of the board of directors;

a merger, consolidation, reorganization or business combination in which we are involved, directly or indirectly, other than a merger,
consolidation, reorganization or business combination that results in our outstanding voting securities immediately before the transaction
continuing to represent a majority of the voting power of the acquiring company's outstanding voting securities and after which
no person or group beneficially owns 50% or more of the outstanding voting securities of the surviving entity immediately after the transaction;
or

stockholder approval of our liquidation or dissolution.

 Adjustments
of Awards. In the event of any stock dividend, stock split, spin-off, recapitalization, distribution of our assets to stockholders
(other than normal cash dividends) or any other corporate event affecting the number of outstanding shares of our Common Stock or the
share price of our Common Stock other than an "equity restructuring" (as defined below), the administrator may make appropriate,
proportionate adjustments to reflect the event giving rise to the need for such adjustments, with respect to:

the aggregate number and type of shares subject to the 2018 Plan;

the number and kind of shares subject to outstanding awards and terms and conditions of outstanding awards (including, without limitation,
any applicable performance targets or criteria with respect to such awards); and

the grant or exercise price per share of any outstanding awards under the 2018 Plan.

 In
the event of one of the adjustments described above or other corporate transactions, in order to prevent dilution or enlargement of the
potential benefits intended to be made available under the 2018 Plan, the administrator has the discretion to make such equitable adjustments
and may also:

provide for the termination or replacement of an award in exchange for cash or other property;

provide that any outstanding award cannot vest, be exercised or become payable after such event;

provide that awards may be exercisable, payable or fully vested as to shares of common stock covered thereby; or

provide that an award under the 2018 Plan cannot vest, be exercised or become payable after such event.

 In
the event of an equity restructuring, the administrator will make appropriate, proportionate adjustments to the number and type of securities
subject to each outstanding award and the exercise price or grant price thereof, if applicable. In addition, the administrator will make
equitable adjustments, as the administrator in its discretion may deem appropriate to reflect such equity restructuring, with respect
to the aggregate number and type of shares subject to the 2018 Plan. The adjustments upon an equity restructuring are nondiscretionary
and will be final and binding on the affected holders and the Company.

 For
purposes of the 2018 Plan, "equity restructuring" means a nonreciprocal transaction between us and our stockholders, such
as a stock dividend, stock split, spin-off, rights offering or recapitalization through a large, nonrecurring cash dividend, that affects
the number or kind of shares (or other securities) or the share price of our Common Stock (or other securities) and causes a change in
the per share value of the common stock underlying outstanding stock-based awards granted under the 2018 Plan. In the event of a stock
split in connection with an offering, the administrator will proportionately adjust (i) the number of shares subject to any outstanding
award under the 2018 Plan, (ii) the exercise or grant price of any such awards, if applicable, and (iii) the aggregate number of shares
subject to the 2018 Plan.

 Amendment
and Termination. Our board of directors or the compensation committee (with board approval) may terminate, amend or modify the 2018
Plan at any time and from time to time. However, we must generally obtain stockholder approval:

to increase the number of shares available under the 2018 Plan (other than in connection with certain corporate events, as described
above);

reduce the price per share of any outstanding option or SAR granted under the 2018 Plan;

cancel any option or SAR in exchange for cash or another award when the option or SAR price per share exceeds the fair market value of
the underlying shares; or

to the extent required by applicable law, rule or regulation (including any NASDAQ rule).

 Termination.
 Our board of directors may terminate the 2018 Plan at any time. No ISOs may be granted pursuant to the 2018 Plan after the 10th anniversary
of the effective date of the 2018 Plan, and no additional annual share increases to the 2018 Plan's aggregate share limit will
occur from and after such anniversary. Any award that is outstanding on the termination date of the 2018 Plan will remain in force according
to the terms of the 2018 Plan and the applicable award agreement.

 The
following table sets forth certain information concerning compensation earned by the Company's non-employee directors for services
rendered as a director during the year ended December 31, 2023:

Compensation Table

 Name

 Fees
 Earned
 or Paid
 in Cash

 Stock
 Awards(1)

 Option
 Awards(1)

 Non-Equity
 Incentive Plan

 Nonqualified
 Earnings

 All Other

 Total

 Nubar Herian

 $
 -

 $

 $
 -

 -

 -

 -

 $

 Jeffrey Guzy

 $
 -

 $
 57,500

 $
 -

 -

 -

 -

 $
 57,500

 Timothy McLellan

 $
 -

 $

 $
 -

 -

 -

 -

 $

 Trond Ringstad

 $
 -

 $

 $
 -

 -

 -

 -

 $

 Juan Carlos Dalto (2)

 $
 -

 $
 14,583

 $
 -

 -

 -

 -

 $
 14,583

 (1)
The aggregate grant date fair value is computed in accordance with FASB ASC Topic 718.

 (2)
Mr. Dalto resigned from the Board on July 31, 2023.

Service Agreements

 On
April 20, 2022, the Company entered into new one-year director service agreements (which replaced the agreements entered into in March
2021) with each of the current members of the Board. The agreement will automatically renew for successive one-year terms unless either
party notifies the other of its desire not to renew the agreement at least 30 days prior to the end of the then current term, or unless
earlier terminated in accordance with the terms of the agreement. As compensation for serving on the Board, each director will be entitled
to a $25,000 annual stock grant and for serving on a committee of the Board, an additional $5,000 annual stock grant, both based upon
the closing sales price of the common stock on the last trading day of the calendar year. The director who serves as chairman of the
Audit Committee, Compensation Committee and Nominating and Governance Committee will be entitled to an additional $15,000, $10,000 and
$7,500 annual stock grant, respectively. As additional consideration for such Board service, on April 20, 2022, each director was granted
a five-year option to purchase 1,250 shares of common stock at an exercise price of $40.00 per share, which shares vest in equal quarterly
installments of 63 shares during the term of the option.

 ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 Security
Ownership of Certain Beneficial Owners and Management

 The
following table sets forth, as of March 28, 2023, the number of shares of common stock beneficially owned by (i) each person, entity
or group (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934) known to the Company to be the beneficial
owner of more than 5% of its outstanding shares of common stock; (ii) each of the Company's directors (iii) each Named Executive
Officer and (iv) all of the Company's executive officers and directors as a group. The information relating to beneficial ownership
of Common Stock by our principal stockholders and management is based upon information furnished by each person using "beneficial
ownership" concepts under the rules of the SEC. Under these rules, a person is deemed to be a beneficial owner of a security if
that person directly or indirectly has or shares voting power, which includes the power to vote or direct the voting of the security,
or investment power, which includes the power to dispose or direct the disposition of the security. The person is also deemed to be a
beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the SEC rules,
more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner
of securities as to which he or she may not have any pecuniary interest. Unless otherwise indicated below, each person has sole voting
and investment power with respect to the shares beneficially owned and each stockholder's address is c/o Blue Star Foods Corp.,
3000 NW 109th Avenue, Miami, Florida 33172.

 The
percentages below are calculated based on 40,682,568 shares of common stock issued and outstanding as of April 1, 2024.

 Name
 and Address of Beneficial Owner

 Number
 of
 Beneficially
 Owned

 Percentage

 of Beneficial
 Ownership

 5% or Greater Stockholder

 John
 Keeler Real Estate Holdings (1)

 3,958,333

 10.4

 %

 3000 NW 109th Avenue

 Miami, Florida 33172

 Named
 Executive Officers and Directors

 John Keeler

 929,249
 (2)

 2.7
 %

 Jeffrey Guzy

 414,237
 (3)

 1.2
 %

 Nubar Herian

 184,184
 (4)

 *

 Timothy McLellan

 288,981
 (4)

 *

 Trond Ringstad

 289,241
 (4)

 *

 Silvia Alana

 184,321
 (5)

 *

 Miozotis Ponce

 11,666
 (6)

 *

 All current directors and
 executive officers as a group (7 persons)

 2,301,880

 6.6
 %

 *
Less than 1%

 (1)

 John R. Keeler III, Sarah Keeler and Andrea Keeler, trust beneficiaries of John Keeler Real Estate
 Holdings, Inc. ("Holdings") have voting and dispositive power over the shares held by Holdings.

 (2)

 923,801 of such shares are held with Mr. Keeler's wife as tenants in the entirety and are subject to the terms of a lock-up agreement pursuant to which Mr. Keeler may not sell more than one-third of the common stock held by him in any two-month period. Includes 5,448 shares underlying a stock option which are exercisable within 60 days.

 (3)

 Includes (i) 625 shares underlying a warrant and (ii) 5,448 shares underlying stock options exercisable within 60 days.

 (4)

 Includes 5,448 shares underlying stock options which are exercisable within 60 days.

 (5)

 Includes 8,540 shares underlying stock options which are exercisable within 60 days.

 (6)

 Includes 11,641 shares underlying stock options which are exercisable within 60 days.

 Change-in-Control
Agreements

 The
Company does not have any change-in-control agreements with any of its executive officers.

 ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 The
following is a description of transactions since January 1, 2022 to which we have been a party, in which the amount involved exceeded
or will exceed $120,000, and in which any of our directors, executive officers or holders of more than 5% of our capital stock, or an
affiliate or immediate family member thereof, had or will have a direct or indirect material interest.

 From
January 2006 through May 2017, Keeler & Co issued an aggregate of $2,910,000, 6% demand promissory notes to John Keeler, our
Chief Executive Officer, Executive Chairman and a director. We may prepay the notes at any time first against interest due
thereunder. If an event of default occurs under the notes, interest will accrue at 18% per annum and if not paid within 10 days of
payment becoming due, the holder of the note is entitled to a late fee of 5% of the amount of payment not timely received. On
December 30, 2020, we entered into a debt repayment agreement with Mr. Keeler pursuant to which we issued 796,650 shares of common
stock to a third party designated by Mr. Keeler as repayment for an aggregate principal amount of $1,593,300 due under four such
notes. All interest due on the notes had previously been paid on a monthly basis. On December 31, 2023, the Company issued an
aggregate of 3,958,333 shares of common stock to John Keeler's designee in lieu of payment of $570,000
of the principal outstanding promissory notes held by Mr. Keeler. As of January 1, 2024, the Company remains indebted to Mr. Keeler
under the remaining outstanding promissory notes in the aggregate principal amount of $165,620.

 John
Keeler, our Chief Executive Officer, Executive Chairman and director owns 95% of Bacolod, an exporter of pasteurized crab meat from the
Philippines.

 John
Keeler, our Chief Executive Officer, Executive Chairman and director, owns 95% of Bicol, a Philippine company, and an indirect supplier
of crab meat via Bacolod to the Company.

 There
were no transactions between the Company and Bicol for the years ended December 31, 2023 and 2022. From time to time, we may prepay Bacolod
for future shipments of product which may represent five to six months of purchases. There was $1,299,984 due as of December 31, 2023
for future shipments from Bacolod.

 John
Keeler, our Chief Executive Officer, Executive Chairman and director, and Christopher Constable, our former Chief Financial Officer and
director, own 80% and 20%, respectively, of Strike the Gold Foods, Ltd., a UK company, which sold the Company's packaged crab meat
in the United Kingdom in 2019.

 On
February 25, 2020, Christopher Constable, the Company's former Chief Financial Officer entered into a Separation and Mutual Release
Agreement pursuant to which Mr. Constable resigned as Chief Financial Officer, Secretary, Treasurer and a director of the Company. The
Agreement contained mutual general releases, a two-year confidentiality provision and provides for Mr. Constable's outstanding
stock options to remain in effect until November 8, 2028.

 On
April 20, 2022, the Company entered into new one-year director service agreements (which replaced the agreements entered into in March
2021) with each of the current members of the Board. The agreement will automatically renew for successive one-year terms unless either
party notifies the other of its desire not to renew the agreement at least 30 days prior to the end of the then current term, or unless
earlier terminated in accordance with the terms of the agreement. As compensation for serving on the Board, each director will be entitled
to a $25,000 annual stock grant and for serving on a committee of the Board, an additional $5,000 annual stock grant, both based upon
the closing sales price of the Common Stock on the last trading day of the calendar year. Each director who serves as chairman of the
Audit Committee, Compensation Committee and Nominating and Governance Committee will be entitled to an additional $15,000, $10,000 and
$7,500 annual stock grant, respectively. As additional consideration for such Board service, each director was granted a five-year option
to purchase 1,250 shares of the Company's common stock at an exercise price of $40.00 per share, which shares vest in equal quarterly
installments of 63 shares during the term of the option.

 On
February 14, 2023, each of the Company's executive officers and directors entered into the Aegis Lock-Up.

 In
connection with a settlement agreement between Nubar Herian, a director, and certain stockholders of the Company, on November 23, 2023,
Mr. Herian, paid $43,446 to the Company in full satisfaction of any stockholder claims.

Independence

 We
are not currently subject to listing requirements of any national securities exchange or inter-dealer quotation system that has requirements
that a majority of the board of directors be "independent." Our board of directors currently has six members, Jeffrey J.
Guzy, Timothy McLellan, Trond Ringstad, John Keeler, Nubar Herian and Silvia Alana. We believe that all of our directors except Mr. Keeler
who serves as our Executive Chairman, and Silvia Alana who serves as our Chief Executive Officer, are "independent" within
the definition of independence provided in the Marketplace Rules of the NASDAQ Stock Market and the independence requirements contemplated
by Rule 10A-3 under the Securities Exchange Act of 1934.

 ITEM
14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

 Audit
Fees

 The
aggregate fees billed to us by our principal accountants, MaloneBailey, LLP, for professional services rendered for the year ended December
31, 2023 and 2022 are set forth below:

 Fee Category

 Year ended
 December 31,
 2023

 Year ended December 31,
 2022

 Audit fees (1)

 $
 221,800

 $
 170,500

 Audit-related fees (2)

 53,560

 48,715

 Tax fees (3)

 -

 -

 All other fees (4)

 -

 -

 Total fees

 $
 275,360

 $
 219,215

 (1)

 Audit
 fees consist of fees incurred for professional services rendered for the audit of financial statements, for reviews of our interim
 consolidated financial statements included in our quarterly reports on Form 10-Q and for services that are normally provided in connection
 with statutory or regulatory filings or engagements.

 (2)

 Audit-related
 fees consist of fees billed for professional services that are reasonably related to the performance of the audit or review of our
 financial statements but are not reported under "Audit fees."

 (3)

 Tax
 fees consist of fees billed for professional services relating to tax compliance, tax planning, and tax advice.

 (4)

 All
 other fees consist of fees billed for services not associated with audit or tax.

 Audit
Committee's Pre-Approval Practice

 Prior
to our engagement of our independent auditor, such engagement was approved by our board of directors. The services provided under this
engagement may include audit services, audit-related services, tax services and other services. Pre-approval is generally provided for
up to one year and any pre-approval is detailed as to the particular service or category of services and is generally subject to a specific
budget. Pursuant our requirements, the independent auditors and management are required to report to our board of directors at least
quarterly regarding the extent of services provided by the independent auditors in accordance with this pre-approval, and the fees for
the services performed to date. Our board of directors may also pre-approve particular services on a case-by-case basis. All audit-related
fees, tax fees and other fees incurred by us were approved by our board of directors.

 Pre-Approval
of Audit and Permissible Non-Audit Services

 The
Company's Audit Committee approves our audit and non-audit services. The auditors engaged for these services are required to provide
and uphold estimates for the cost of services to be rendered. The percentage of hours expended on Malone Bailey's engagement to
audit our financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal
accountant's full-time, permanent employees was 0%.

 PART
IV

 ITEM
15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

 Exhibit
 No.

 Description

 1.1

 Underwriting Agreement, dated November 2, 2021 (incorporated by reference to Exhibit 1.1 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2021)

 2.1

 Agreement and Plan of Merger, dated as of November 8, 2018, by and among the Company, Blue Star, Acquisition Sub and John Keeler (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the SEC on November 14, 2018)

 2.2

 Articles of Merger between Blue Star and Acquisition Sub (incorporated by reference to Exhibit 2.2 to the Company's Current Report on Form 8-K filed with the SEC on November 14, 2018)

 3.1

 Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.3 to the Company's Form 10/A filed with the SEC on May 17, 2018)

 3.2

 Amended and Restated By-Laws (incorporated by reference to Exhibit 3.4 to the Company's Form 10/A filed with the SEC on May 17, 2018)

 3.3

 Certificate of Amendment, dated November 5, 2018 (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed with the SEC on November 9, 2018)

 3.4

 Certificate of Designation of 8% Series A Convertible Preferred Stock incorporated by reference to Exhibit 3.2 to the Company's Current Report on Form 8-K filed with the SEC on November 9, 2018)

 4.1

 Form of Promissory Note with TOBC (incorporated by reference to 4.1 to the Company's Current Report on Form 8-K filed with the SEC on June 30, 2021)

 4.2

 Description of Securities (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed with the SEC on April 15, 2021)

 4.3

 Form of Underwriters Warrant, issued November 5, 2021 (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2021)

 4.4

 $5,750,000 Senior Secured Convertible Promissory Note, dated January 24, 2022, issued to Lind Global Fund II LP (incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K filed with the SEC on January 28, 2022)

 4.5

 Form of Warrant Agent Agreement (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the SEC on February 15, 2023)

 4.6*

 Subordinated Secured Promissory Note, dated January 2, 2024, issued to Agile Lending, LLC

 10.1

 Form of Subscription Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.2

 Form of Amendment to Subscription Agreement (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.3

 Form of Warrant (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.4

 Form of Registration Rights Agreement (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.5

 Form of Settlement Agreement and Mutual General Release (incorporated by reference to Exhibit 10.5 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.6

 Forms of Lockup Agreement for Pre-Merger Stockholders and Officers and Directors (incorporated by reference to Exhibit 10.6 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.7

 Form of Redemption Agreement (incorporated by reference to Exhibit 10.7 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.8

 2018 Incentive Stock Option Plan (incorporated by reference to Exhibit 10.8 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.9

 Form of Stock Option Agreement (incorporated by reference to Exhibit 10.9 to the Company's Current Report on Form 8-K, dated November 8, 2018)

 10.10

 Loan and Security Agreement filed with the SEC on August 31, 2016 between the Company and ACF (incorporated by reference to Exhibit 10.10 to the Company's Current Report on Form 8-K, dated November 8, 2018)

 10.11

 First Amendment to Loan and Security Agreement and Reservation of Rights, dated November 18, 2016, between the Company and ACF (incorporated by reference to Exhibit 10.11 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.12

 Second Amendment to Loan and Security Agreement, dated June 19, 2017, between the Company and ACF (incorporated by reference to Exhibit 10.12 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.13

 Third Amendment to Loan and Security Agreement, dated October 16, 2017, between the Company and ACF (incorporated by reference to Exhibit 10.13 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.14

 Fourth Amendment to Loan and Security Agreement, dated September 19, 2018, between the Company and ACF (incorporated by reference to Exhibit 10.14 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.15

 Fifth Amendment to Loan and Security Agreement, dated November 8, 2018, between the Company and ACF (incorporated by reference to Exhibit 10.15 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.16

 $14,000,000 Revolving Credit Note, dated August 31, 2016 between the Company and ACF (incorporated by reference to Exhibit 10.16 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.17

 Patent Security Agreement, dated August 31, 2016, between Blue Star and ACF FINCO LP (incorporated by reference to Exhibit 10.17 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.18

 Lease Agreement, dated May 1, 2001, between Keeler & Co. and John Keeler Real Estate Holdings, Inc. (incorporated by reference to Exhibit 10.18 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.19

 Master Software Development Agreement, dated February 6, 2017 between the Company and Claritus Management Pvt. Ltd. (incorporated by reference to Exhibit 10.19 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.20

 $500,000 Demand Note, dated January 4, 2006 from Keeler & Co. in favor of John Keeler and Maria Keeler (incorporated by reference to Exhibit 10.20 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.21

 $200,000 Demand Note, dated March 31, 2006 from Keeler & Co. in favor of John Keeler and Maria Keeler (incorporated by reference to Exhibit 10.22 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.22

 $100,000 Demand Note, dated November 21, 2007, from Keeler & Co. in favor of John Keeler (incorporated by reference to Exhibit 10.23 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.23

 $516,833.83 Demand Note, dated July 31, 2013 from Keeler & Co. in favor of John Keeler (incorporated by reference to Exhibit 10.24 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2018)

 10.24

 Form of Subscription Agreement for February 1, 2019 offering (incorporated by reference to Exhibit 10.26 to the Company's Annual Report on Form 10-K, filed with the SEC on April 1, 2019)

 10.25

 $1,000,000 Promissory Note, dated March 26, 2019, issued to Kenar Overseas Corp. (incorporated by reference to Exhibit 10.27 to the Company's Annual Report on Form 10-K, filed with the SEC on April 1, 2019)

 10.26

 $100,000 Promissory Note, dated January 1, 2021, issued to Lobo Holdings, LLLP (incorporated by reference to Exhibit 10.26 to the Company's Annual Report on Form 10-K filed with the SEC on April 15, 2021)

 10.27

 Agreement and Plan of Merger and Reorganization, dated as of November 26, 2019, by and among John Keeler & Co., Inc., Coastal Pride Seafood, LLC, Coastal Pride Company, Inc., The Walter F. Lubkin, Jr. Irrevocable Trust dated 1/8/03, Walter F. Lubkin III, Tracy Lubkin Greco and John C. Lubkin (incorporated by reference to Exhibit 10.29 to the Company's Current Report on Form 8-K filed with the SEC on December 2, 2019)

 10.28

 4% Promissory Note in the principal amount of $500,000, dated November 26, 2019, issued by John Keeler & Co., Inc. to Walter Lubkin, Jr. (incorporated by reference to Exhibit 10.30 to the Company's Current Report on Form 8-K filed with the SEC on December 2, 2019)

 10.29

 Form of 4% Convertible Promissory Note, dated November 26, 2019, issued by John Keeler & Co., Inc. (incorporated by reference to Exhibit 10.31 to the Company's Current Report on Form 8-K filed with the SEC on December 2, 2019)

 10.30

 Form of Leak-Out Agreement, dated November 26, 2019 (incorporated by reference to Exhibit 10.32 to the Company's Current Report on Form 8-K filed with the SEC on December 2, 2019)

 10.31

 Joinder and Seventh Amendment to Loan and Security Agreement, dated November 26, 2019, by and among ACF Finco I LP, John Keeler & Co., Inc. and Coastal Pride Seafood, LLC (incorporated by reference to Exhibit 10.33 to the Company's Current Report on Form 8-K filed with the SEC on December 2, 2019)

 10.32

 Form of Lock-Up and Resale Restriction Agreement, dated December 26, 2019 (incorporated by reference to Exhibit 10.34 to the Company's Annual Report on Form 10-K filed with the SEC on May 29, 2020)

 10.33

 Loan Amendment, dated May 21, 2020 to Promissory Note issued to Kenar Overseas Corp. (incorporated by reference to Exhibit 10.36 to the Company's Annual Report on Form 10-K filed with the SEC on May 29, 2020)

 10.34

 Eight Amendment to Loan and Security Agreement, dated May 7, 2020, between the Company and ACF Separation and Mutual Release Agreement, dated February 25, 2020, between the Company and Christopher Constable (incorporated by reference to Exhibit 10.37 to the Company's Annual Report on Form 10-K filed with the SEC on May 29, 2020)

 10.35

 Separation and Mutual Release Agreement, dated February 25, 2020, between the Company and Christopher Constable (incorporated by reference to Exhibit 10.38 to the Company's Annual Report on Form 10-K filed with the SEC on May 29, 2020)

 10.36

 Mutual Lease Termination Agreement, dated December 31, 2020, between Keeler & Co. and John Keeler Real Estate Holdings, Inc. (incorporated by reference to Exhibit 10.36 to the Company's Annual Report on Form 10-K filed with the SEC on April 15, 2021)

 10.37

 Debt Repayment Agreement, dated December 30, 2020, between the Company and John Keeler (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 10-K filed with the SEC on February 9, 2021)

 10.38

 Investment Banking Agreement, dated July 1, 2020, between the Company and Newbridge Securities Corporation(incorporated by reference to Exhibit 10.38 to the Company's Annual Report on Form 10-K filed with the SEC on April 15, 2021)

 10.39

 Amendment No. 1 to Investment Banking Agreement, dated October 30, 2020, between the Company and Newbridge Securities Corporation(incorporated by reference to Exhibit 10.39 to the Company's Annual Report on Form 10-K filed with the SEC on April 15, 2021)

 10.40

 Loan and Security Agreement dated March 31, 2021, by and among John Keeler & Co. Inc. and Coastal Pride Seafood, LLC and Lighthouse Financial Corp. (incorporated by reference to Exhibit 10.40 to the Company's Current Report on Form 10-K filed with the SEC on April 6, 2021)

 10.41

 Revolving Credit Note dated March 31, 2021 in the amount of up to $5,000,000 issued by John Keeler & Co. Inc. and Coastal Pride Seafood, LLC to Lighthouse Financial Corp. (incorporated by reference to Exhibit 10.41 to the Company's Current Report on Form 10-K filed with the SEC on April 6, 2021)

 10.42

 Guarantee Agreement dated March 31, 2021 executed by Blue Star Foods Corp. in favor of Lighthouse Financial Corp. (incorporated by reference to Exhibit 10.42 to the Company's Current Report on Form 10-K filed with the SEC on April 6, 2021)

 10.43

 Form of Director Services Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on March 31, 2021

 10.44

 Stock Purchase Agreement, dated April 27, 2021, by and among the Company, Taste of BC Aquafarms Inc., and Steve Atkinson and Janet Atkinson (incorporated by reference to Exhibit 10.44 to the Company's Current Report on Form 8-K filed with the SEC on April 29, 2021)

 10.45

 Second Loan Amendment, dated April 28, 2021 between the Company and Kenar Overseas Corp. (incorporated by reference to Exhibit 10.45 to the Company's Current Report on Form 8-K filed with the SEC on April 29, 2021)

 10.46

 Form of Subscription Agreement for common stock offering (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on June 23, 2021)

 10.47

 Form of Common Stock Purchase Warrant at $2.00 per share (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the SEC on June 23, 2021)

 10.48

 Form of Promissory Note with Taste of BC Aquafarms, Inc. Sellers (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the SEC on June 30, 2021)

 10.49

 First Amendment to Stock Purchase Agreement, dated June 24, 2021, by and among, the Company, Taste of BC Aquafarms, Inc, Steven Atkinson and Janet Atkinson (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on June 30, 2021)

 10.50

 Form of Confidentiality, Non-Competition and Non-Solicitation Agreement, dated June 24, 2021(incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the SEC on June 30, 2021)

 10.51

 $100,000 Promissory Note, dated July 1, 2021, issued to Lobo Holdings, LLC (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the SEC on July 7, 2021)

 10.52

 Note Payoff Indemnity Agreement, dated July 6, 2021 between the Company and Kenar Overseas Corp. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the SEC on July 7, 2021)

 10.53

 Employment At Will Agreement, dated August 3, 2020, between the Company and Silvia Alana (incorporated by reference to Exhibit 10.53 to the Company's Registration Statement on Form S-1 filed with the SEC on August 2, 2021)

 10.54

 Investment Banking Engagement Agreement, dated July 8, 2021, between the Company and Newbridge Securities Corporation (incorporated by reference to Exhibit 10.54 to the Company's Registration Statement on Form S-1 filed with the SEC on August 2, 2021)

 10.55

 Consulting Agreement, dated July 8, 2021, between the Company and MEC Consulting, Inc. (incorporated by reference to Exhibit 10.55 to the Company's Registration Statement on Form S-1 filed with the SEC on August 2, 2021)

 10.56

 Form of Warrant issuable to Newbridge Securities Corporation (incorporated by reference to Exhibit 10.56 to the Company's Registration Statement on Form S-1/A filed with the SEC on October 25, 2021)

 10.57

 Securities Purchase Agreement, dated January 24, 2022, between the Company and Lind Global Fund II LP (incorporated by reference to Exhibit 10.57 to the Company's Current Report on Form 8-K filed with the SEC on January 28, 2022)

 10.58

 Warrant, dated January 24, 2022, issued by the Company to Lind Global Fund II LP (incorporated by reference to Exhibit 10.58 to the Company's Current Report on Form 8-K filed with the SEC on January 28, 2022)

 10.59

 Security Agreement, dated as of January 24, 2022, between the Company and Lind Global Fund II LP (incorporated by reference to Exhibit 10.59 to the Company's Current Report on Form 8-K filed with the SEC on January 28, 2022)

 10.60

 Stock Pledge Agreement, dated as of January 24, 2022, between the Company and Lind Global Fund II LP (incorporated by reference to Exhibit 10.60 to the Company's Current Report on Form 8-K filed with the SEC on January 28, 2022)

 10.61

 Form of Warrant, dated November 5, 2021 issued to Newbridge Securities Corporation (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the SEC on November 8, 2021)

 10.62

 Asset Purchase Agreement, dated February 3, 2022, between Coastal Pride Seafood, LLC, Gault Seafood, LLC and Robert J. Gault II (incorporated by reference to Exhibit 10.61 to the Company's Current Report on Form 8-K filed with the SEC on February 9, 2022)

 10.63

 Consulting Agreement, dated February 3, 2022 between Coastal Pride Seafood, LLC and Robert J. Gault (incorporated by reference to Exhibit 10.62 to the Company's Current Report on Form 8-K filed with the SEC on February 9, 2022)

 10.64

 Leak-Out Agreement, dated February 3, 2022 for Robert J. Gault (incorporated by reference to Exhibit 10.63 to the Company's Current Report on Form 8-K filed with the SEC on February 9, 2022)

 10.65

 Fingerling Supply Agreement, dated December 3, 2021, between Taste of BC Aquafarms Inc. and West Coast Fishculture (Lois Lake) Ltd. (incorporated by reference to Exhibit 10.65 to the Company's Annual Report on Form 10-K filed with the SEC on March 31, 2022)

 10.66

 Form of Director Service Agreement, dated April 20, 2022 (incorporated by reference to Exhibit 10.66 to the Company's Current Report of Form 8-K filed with the Sec on April 25, 2022)

 10.67

 Land Lease Agreement, dated April 1, 2022, between Taste of BC Aquafarms Inc. and Steven and Janet Atkinson (incorporated by reference to Exhibit 10.67 to the Company's Annual Report on Form 10-K filed with the SEC on April 17, 2023)

 10.68

 Land Lease Agreement, dated April 1, 2022, between Taste of BC Aquafarms Inc. and Kathryn Atkinson (incorporated by reference to Exhibit 10.68 to the Company's Annual Report on Form 10-K filed with the SEC on April 17, 2023)

 10.69

 Vendor and Supply Agreement, effective January 28, 2023, between the Company and Just Food For Dogs, LLC (incorporated by reference to Exhibit 10.69 to the Company's Annual Report on Form 10-K filed with the SEC on April 17, 2023)

 10.70

 Warrant Agent Agreement, dated February 10, 2023, between the Company and VStock Transfer, LLC, including the Pre-Funded Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the SEC on February 15, 2023)

 10.71*

 Revenue-Based Factoring MCA Plus Agreement, dated January 18, 2024 between the Company and ClearThink Capital Partners LLC

 10.72*

 Subordinated Business Loan and Security Agreement, dated January 2, 2024, between the Company and Agile Capital Funding, LLC

 10.73*

 Intangibles Assets and Machinery Option to Purchase Agreement, dated February 12, 2024, between the Company and Afritex Ventures, Inc.

 10.74*

 Master Services Agreement, dated February 1, 2024, between the Company and Afritex Ventures, Inc.

 14*

 Code of Ethics (incorporated by reference to Exhibit 14 to the Company's Current Report on Form 8-K filed with the SEC on July 19, 2021)

 21.1

 List of Subsidiaries (incorporated by reference to Exhibit 21.1 to the Company's Annual Report on Form 10-K filed with the SEC on May 29, 2020)

 31.1*

 Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 31.2*

 Certification of Principal Financial and accounting Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 32.1*

 Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 32.2*

 Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 97*

 Clawback Policy

 101.INS*

 101.SCH*

 101.CAL*

 101.DEF*

 101.LAB*

 101.PRE*

 Cover

 *

 Filed
 herewith

 ITEM
16. FORM 10–K SUMMARY

 None.

 SIGNATURES

to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Annual
Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 BLUE
 STAR FOODS CORP.

 Dated:

 By:

 /s/
 John Keeler

 Name:

 John

 Title:

 Chief
 Executive Officer and Executive Chairman

 (Principal
 Executive Officer)

 Dated:

 By:

 /s/
 Silvia Alana

 Name:

 Silvia
 Alana

 Title:

 Chief
 Financial Officer

 (Principal
 Financial and Accounting Officer)

to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.

 Signature

 Title

 Date

 /s/
 John Keeler

 Chief
 Executive Officer, Executive Chairman and Director

 John

 /s/
 Silvia Alana

 Chief
 Financial Officer and Director

 Silvia
 Alana

 /s/
 Nubar Herian

 Nubar
 Herian

 /s/
 Jeffrey J. Guzy

 Jeffrey
 J. Guzy

 /s/
 Timothy McLellan

 Timothy
 McLellan

 /s/
 Trond Ringstad

 Trond
 Ringstad