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10-K - Blue Star Foods Corp. (0001730773) (Filer)

Mon, Jun 23, 10:06 AM (20 days ago)

### Summary of Blue Star Foods Corp. (BSFC) **Financial Performance:** - **Revenue:** $3,593,881 (down 41.3% YoY) - **Net Income:** -$12,478,487 (loss increased from -$4,471,612) - **Gross Profit Margin:** -35.9% (down from 2.6%) **Operational Highlights:** - **Strategic Overview:** Focus on becoming a vertically integrated seafood company with a focus on food safety, traceability, and sustainability. - **Future Outlook:** Plans to grow organically and through strategic acquisitions, with a goal to reach 21,000 metric tons of steelhead salmon production by 2028. - **Risk Factors:** Includes supply chain disruptions, regulatory changes, and market volatility. **Market Position Changes:** - **Customer Base:** 5 customers accounted for 48% of revenue. - **Supplier Concentration:** 4 major suppliers accounted for 61% of total purchases. **Financial Condition:** - **Cash:** $326,854 - **Working Capital Deficit:** $411,225 - **Liquidity:** Historically financed through cash flow, loans, and private offerings. **Strategic Overview:** - **Core Values:** Food safety, traceability, and certified resource sustainability. - **Growth Strategy:** Organic growth and strategic acquisitions. **Future Outlook:** - **Expansion Plans:** Scaling RAS business and expanding into new territories. - **Risk Factors:** Supply chain disruptions, regulatory changes, and market volatility. **Risk Factors:** - **Operational Risks:** Supply chain disruptions, regulatory changes, and market volatility. - **Financial Risks:** Need for additional capital, potential dilution of shares. **Financial Condition:** - **Cash Flow:** Historically financed through cash flow, loans, and private offerings. - **Debt:** Significant debt obligations, including convertible notes and promissory notes. **Market Position Changes:** - **Customer Base:** Concentration among a few large customers. - **Supplier Concentration:** Dependence on a few major suppliers. **Strategic Overview:** - **Core Values:** Emphasis on food safety, traceability, and sustainability. - **Growth Strategy:** Focus on organic growth and strategic acquisitions. **Future Outlook:** - **Expansion Plans:** Plans to scale RAS business and expand into new markets. - **Risk Factors:** Potential supply chain disruptions and regulatory changes. **Risk Factors:** - **Operational Risks:** Supply chain disruptions and regulatory changes. - **Financial Risks:** Need for additional capital and potential dilution of shares. **Financial Condition:** - **Cash Flow:** Historically financed through cash flow, loans, and private offerings. - **Debt:** Significant debt obligations, including convertible notes and promissory notes. **Market Position Changes:** - **Customer Base:** Concentration among a few large customers. - **Supplier Concentration:** Dependence on a few major suppliers.