0001493152-19-017999.txt : 20191119 0001493152-19-017999.hdr.sgml : 20191119 20191119164230 ACCESSION NUMBER: 0001493152-19-017999 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 57 CONFORMED PERIOD OF REPORT: 20190930 FILED AS OF DATE: 20191119 DATE AS OF CHANGE: 20191119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Blue Star Foods Corp. CENTRAL INDEX KEY: 0001730773 STANDARD INDUSTRIAL CLASSIFICATION: PREPARED FRESH OR FROZEN FISH & SEAFOODS [2092] IRS NUMBER: 824270040 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55903 FILM NUMBER: 191231792 BUSINESS ADDRESS: STREET 1: 3330 CLEMATIS STREET STREET 2: SUITE 217 CITY: WEST PALM BEACH STATE: FL ZIP: 33401 BUSINESS PHONE: 800-341-2684 MAIL ADDRESS: STREET 1: 3330 CLEMATIS STREET STREET 2: SUITE 217 CITY: WEST PALM BEACH STATE: FL ZIP: 33401 FORMER COMPANY: FORMER CONFORMED NAME: AG ACQUISITION GROUP II, INC. DATE OF NAME CHANGE: 20180207 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2019

[ ] 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: 000-55903

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)

(860) 633-5565

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

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

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

None

N/A

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 [X] No [ ]

Indicate 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 [X] No [ ]

Indicate 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 “large accelerated filer,” “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	[X]
		Emerging Growth Company	[X]

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. [ ]

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

As of November 19, 2019, there were 16,090,424 shares of the registrant’s common stock, par value $0.0001 per share, outstanding.

BLUE STAR FOODS CORP.

FORM 10-Q

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2019

TABLE OF CONTENTS

		PAGE

PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements (Unaudited)	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	22

Item 4.	Controls and Procedures	22

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings	23

Item 1A.	Risk Factors	23

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	23

Item 3.	Defaults Upon Senior Securities	23

Item 4.	Mine Safety Disclosures	23

Item 5.	Other Information	23

Item 6.	Exhibits	24

SIGNATURES		25

CAUTIONARY STATEMENT REGARDING 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.

A description of these and other risks and uncertainties that could affect our business appears in the section captioned “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 which we filed with the Securities and Exchange Commission (“SEC”) on April 1, 2019 (“Annual Report”). The risks and uncertainties described under “Risk Factors” are not exhaustive.

Given these uncertainties, readers of this Quarterly Report on Form 10-Q (“Quarterly 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 Quarterly Report to the “Company”, “Blue Star Foods”, “we”, “us”, or “our”, are to Blue Star Foods Corp. (formerly AG Acquisition Group II, Inc.), a Delaware corporation, and its consolidated subsidiary, John Keeler & Co., Inc., d/b/a Blue Star Foods, a Florida corporation.

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States and the rules of the SEC, and should be read in conjunction with the audited financial statements and notes thereto contained in our Annual Report, as updated in subsequent filings we have made with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year.

Blue Star Foods Corp

CONSOLIDATED BALANCE SHEETS

September 30, 2019 and December 31, 2018

	SEPTEMBER 30			DECEMBER 31
	2019			2018
	(unaudited)
ASSETS
CURRENT ASSETS
Cash (including VIE $2,731 and $5,561, respectively)	$	35,008		$	13,143
Restricted Cash		199,010			334,083
Accounts receivable, net (including VIE $25,327 and $49,624, respectively)		1,701,568			3,449,487
Inventory, net (including VIE $65,308 and $117,816, respectively)		6,997,675			8,126,634
Advances to related party		1,178,842			1,139,619
Other current assets (including VIE $4,083 and $4,351 respectively)		85,881			90,929
Total current assets		10,197,984			13,153,895
FIXED ASSETS, net		67,014			109,169
RIGHT OF USE ASSET		1,145,348			-
OTHER ASSETS		124,297			218,254
TOTAL ASSETS	$	11,534,643		$	13,481,318
LIABILITIES AND STOCKHOLDER’S DEFICIT
CURRENT LIABILITIES
Accounts payable and accruals (including VIE $48,452 and $95,720, respectively)	$	2,589,450		$	3,155,741
Working capital line of credit		6,116,265			8,203,725
Related Party Notes Payable		1,100,000			-
Current maturities of long-term debt		6,639			31,230
Stockholder notes payable - Subordinated		2,910,136			2,910,136
Total current liabilities		12,722,490			14,300,832
LONG -TERM RIGHT OF USE LIABILITY		1,035,661			-
TOTAL LIABILITIES		13,758,151			14,300,832
STOCKHOLDER’S DEFICIT
Blue Star Foods Corp Stockholder Equity
Series A 8% cumulative convertible preferred stock, $0.0001 par value; 10,000 shares authorized, 1,413 shares issued and outstanding as of September 30, 2019 and December 31, 2018		-			-
Common stock, $0.0001 par value, 100,000,000 shares authorized; 16,104,554 shares issued and outstanding (including 14,130 not yet issued shares declared as stock dividend on September 30, 2019 ) as of September 30, 2019 and 16,023,164 shares issued and outstanding (including 8,164 shares declared as stock dividend on December 31, 2018) as of December 31, 2018		1,612			1,603
Additional paid-in capital		5,612,245			3,404,774
Accumulated deficit		(7,418,898	)		(3,853,139	)
Total Blue Star Foods Corp. stockholder’s deficit		(1,805,041	)		(446,762	)
Non-controlling interest		(440,185	)		(440,833	)
Accumulated other comprehensive income (VIE)		21,718			68,081
Total VIE’s deficit		(418,467	)		(372,752	)
TOTAL STOCKHOLDER’S DEFICIT		(2,223,508	)		(819,514	)
TOTAL LIABILITIES AND STOCKHOLDER’S DEFICIT	$	11,534,643		$	13,481,318

The accompanying notes are an integral part of these unaudited financial statements

Blue Star Foods Corp.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 and 2018

(unaudited)

	Three months ended						Nine months ended
	2019			2018			2019			2018
REVENUE, NET	$	5,081,164		$	6,815,000		$	19,124,412		$	23,810,655
COST OF REVENUE		4,409,657			5,670,756			16,431,715			20,359,995

GROSS PROFIT		671,507			1,144,244			2,692,697			3,450,660

COMMISSIONS		15,996			39,411			54,657			105,626
SALARIES & WAGES		1,014,195			417,093			3,252,735			1,350,063
OTHER OPERATING EXPENSES		676,904			529,127			2,117,516			1,767,861

INCOME (LOSS) FROM OPERATIONS		(1,035,588	)		158,613			(2,732,211	)		227,110

OTHER INCOME		-			417,212			-			391,533
INTEREST EXPENSE		(252,650	)		(228,918	)		(748,120	)		(785,142	)

NET INCOME (LOSS)		(1,288,238	)		346,907			(3,480,331	)		(166,499	)

LESS: NET INCOME ( LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST		(22,583	)		(30,051	)		648			(64,678	)

NET INCOME (LOSS) LOSS ATTRIBUTABLE TO BLUE STAR FOODS CORP.	$	(1,265,655	)	$	376,958		$	(3,480,979	)	$	(101,821	)

DIVIDEND ON PREFERRED STOCK		28,260			-			84,780			-

NET INCOME(LOSS) ATTRIBUABLE TO BLUE STAR FOODS CORP COMMON SHAREHOLDERS	$	(1,293,915	)		376,958		$	(3,565,759	)	$	(101,821	)

COMPREHENSIVE INCOME (LOSS):

TRANSLATION ADJUSTMENT ATTRIBUTABLE TO NON-CONTROLLING INTEREST		522			17,800			(46,363	)		18,721

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST	$	(22,061	)	$	(12,251	)	$	(45,175	)	$	(45,957	)

COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO BLUE STAR FOODS CORP.	$	(1,265,655	)	$	376,958		$	(3,480,979	)	$	(101,821	)

PRO FORMA DATA:
PRO FORMA INCOME TAX EXPENSE		-			-			-			-

PRO FORMA NET (LOSS) INCOME ATTRIBUTABLE TO BLUE STAR FOODS CORP	$	(1,265,655	)	$	376,958		$	(3,480,979	)	$	(101,821	)

PRO FORMA COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO BLUE STAR FOODS CORP	$	(1,265,655	)	$	376,958		$	(3,480,979	)	$	(101,821	)

Income (Loss) per basic and diluted common share
Basic net income (loss) per common share	$	(0.08	)	$	0.03		$	(0.22	)	$	(0.01	)
Basic weighted average common shares outstanding		16,045,616			15,000,000			16,045,616			15,000,000
Fully diluted net income (loss) per common share	$	(0.08	)	$	0.03		$	(0.22	)	$	(0.01	)
Fully diluted weighted average common shares outstanding		16,045,616			15,000,000			16,045,616			15,000,000

The accompanying notes are an integral part of these unaudited financial statements

Blue Star Foods Corp.

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDER’S DEFICIT

Three and Nine Months Ending September 30, 2019 and 2018

(unaudited)

	Series A Pref Stock $.0001 par value				Common Stock $.0001 par value						Additional Paid-in			Retained Earnings (Accumulated			Total Blue Star Foods Corp. Stockholder’s			Non-Controlling			Total Stockholder’s Equity
	Shares		Amount		Shares			Amount			Capital			Deficit)			Deficit			Interest			(DEFICIT)
December 31, 2018		1,413	$	-		16,023,164		$	1,603		$	3,404,774		$	(3,853,139	)	$	(446,762	)	$	(372,752	)	$	(819,514	)
Common stock issued for Cash						5,000			1			9,999			-			10,000			-			10,000
Option Expense						-			-			665,028			-			665,028			-			665,028
Dividends to preferred stockholders						14,130			2			28,258			(28,260	)		-			-			-
Net Loss						-			-			-			(1,220,029	)		(1,220,029	)		(19,268	)		(1,239,297	)
Comprehensive loss						-			-			-			-			-			(53,850	)		(53,850	)
March 31, 2019		1,413		-		16,042,294			1,606			4,108,059			(5,101,428	)		(991,763	)		(445,870	)		(1,437,633	)
Common stock issued for Service						22,500			3			44,997			-			45,000			-			45,000
Common stock issued for Cash						11,000			1			21,999			-			22,000			-			22,000
Common Stock Incentive Issued to Employees						5,500			1			10,999			-			11,000			-			11,000
Option Expense						-			-			670,966			-			670,966			-			670,966
Dividends to preferred stockholders						14,130			1			28,259			(28,260	)		-			-			-
Net Income (Loss)						-			-			-			(995,295	)		(995,295	)		42,499			(952,796	)
Comprehensive Income						-			-			-			-			-			6,965			6,965
June 30, 2019		1,413	$	-		16,095,424		$	1,612		$	4,885,279		$	(6,124,983	)	$	(1,238,092	)	$	(396,406	)	$	(1,634,498	)
Cancellation of Issued Shares for Cash						(5,000	)		(1	)		(9,999	)					(10,000	)					(10,000	)
Stock Issued for Service												40,000						40,000						40,000
Stock Based Compensation												668,706						668,706						668,706
Dividends to preferred stockholders						14,130			1			28,259			(28,260	)		-						-
Net Loss									-						(1,265,655	)		(1,265,655	)		(22,583	)		(1,288,238	)
Comprehensive Income						-			-			-			-			-			522			522
September 30, 2019		1,413	$	-		16,104,554		$	1,612		$	5,612,245		$	(7,418,898	)	$	(1,805,041	)	$	(418,467	)	$	(2,223,508	)

	Series A Pref Stock $.0001 par value				Common Stock $.0001 par value				Additional Paid-in		Retained Earnings (Accumulated			Total Blue Star Foods Corp. Stockholder’s			Non-Controlling			Total Stockholder’s Equity
	Shares		Amount		Shares		Amount		Capital		Deficit)			Deficit			Interest			(Deficit)
December 31, 2017		-	$	-		15,000,000	$	1,500	$	558,257	$	(1,494,927	)	$	(935,170	)	$	(317,378	)	$	(1,252,548	)
606 Adjustment to January 1, 2018		-		-								(81,520	)		(81,520	)					(81,520	)
Adjusted January 1, 2018		-		-		15,000,000		1,500		558,257		(1,576,447	)		(1,016,690	)		(317,378	)		(1,334,068	)
Net Loss		-		-		-		-		-		(723,228	)		(723,228	)		(44,890	)		(768,118	)
Comprehensive Income		-		-		-		-		-		-			-			5,096			5,096
March 31, 2018		-		-		15,000,000		1,500		558,257		(2,299,675	)		(1,739,918	)		(357,172	)		(2,097,090	)
Net Income		-		-		-		-		-		244,449			244,449			10,263			254,712
Comprehensive loss		-		-		-		-		-		-			-			(4,175	)		(4,175	)
June 30, 2018		-	$	-		15,000,000	$	1,500	$	558,257	$	(2,055,226	)	$	(1,495,469	)	$	(351,084	)	$	(1,846,553	)
Net Income (Loss)		-		-		-		-		-		376,958			376,958			(30,051	)		346,907
Comprehensive Income		-		-		-		-		-		-			-			17,800			17,800
September 30, 2018		-	$	-		15,000,000	$	1,500	$	558,257	$	(1,678,268	)	$	(1,118,511	)	$	(363,335	)	$	(1,481,846	)

The accompanying notes are an integral part of these unaudited financial statements

Blue Star Foods Corp.

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30

(unaudited)

	2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES:

Net Loss	$	(3,480,331	)	$	(166,499	)
Adjustments to reconcile net loss to net cash provided by in operating activities:
Stock Based Compensation		2,015,700			-
Common stock issued for Service		85,000			-
Depreciation of fixed assets		51,015			46,654
Amortization of Right of use asset		112,403			-
Amortization of loan costs		103,957			100,391
Changes in operating assets and liabilities:
Receivables		1,747,919			1,402,724
Inventories		1,128,959			5,781,265
Advances to affiliated supplier		(39,223	)		(1,079,583	)
Other current assets		5,048			(42,935	)
Change in Right of use Liability		(97,846	)		-

Accounts payable and accruals		(690,535	)		(1,345,711	)
Net cash provided by operating activities		942,066			4,696,306

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets		(8,860	)		(6,371	)
Net cash used in investing activities		(8,860	)		(6,371	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Common Stock Offering		22,000			-
Proceeds from working capital lines of credit		16,559,740			24,160,865
Repayments of working capital lines of credit		(18,647,200	)		(28,807,862	)
Proceeds from Related Party Notes Payable		1,100,000			-
Principal payments of long-term debt		(24,591	)		(26,058	)
Payments of Loan costs		(10,000	)		(28,000	)
Net cash used by financing activities		(1,000,051	)		(4,701,055	)

Effect of exchange rate changes on cash		(46,363	)		18,721

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(113,208	)		7,601

CASH, CASH EQUIVALENTS AND RESTRICTED CASH BEGINNING OF PERIOD		347,226			58,875

CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD	$	234,018		$	66,476

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY
Series A 8% Dividend issued in Common Stock		84,780			-
Valuation of Right of Use asset/liability		1,257,751
					-
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$	748,120		$	776,311

The accompanying notes are an integral part of these unaudited financial statements

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Company Overview

Located in Miami, Florida, Blue Star Foods Corp. (the “Company”) is a sustainable seafood company. The Company’s main operating business, John Keeler & Co., Inc. has been in business for approximately 24 years. The Company was formed under the laws of the State of Delaware. The 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 of America, Canada and Europe under several brand names such as Blue Star, Oceanica, Pacifika and Harbor Banks.

On November 8, 2018 the sole shareholder of John Keeler & Co., Inc. executed an Agreement and Plan of Merger and Reorganization with Blue Star Foods Corp. (Formerly A.G. Acquisition Group II, Inc.) and Blue Star Acquisition Corp. John R. Keeler exchanged his 500 shares with a par value of $1.00 in John Keeler & Co., Inc. for the 15,000,000 shares with a par value of $.0001 of the then outstanding 16,015,000 outstanding shares. As part of the merger, the net liabilities existing in the company as of the date of the merger totaling approximately $2,400 were converted to equity as part of this transaction. The prior owners of Blue Star Foods Corp. received 750,000 shares of common stock as part of this transaction, and various service providers received 265,000 shares as compensation for their work on the transaction resulting in and expense and additional paid in capital of $530,001. Additionally, there were 725 shares of Series A Preferred stock and 181,250 warrants issued to private placement investors for total capital contribution of $725,000, 688 shares of Series A Preferred stock and 172,000 warrants issued for settlement with prior investors which had a fair value of $688,000 and $81,353 respectively. Upon the close of the merger there was an option to purchase 3,120,000 shares of common stock issued to Christopher Constable. Additionally, Carlos Faria held an option to purchase 104 shares of John Keeler & Co., Inc. prior to the merger. These options were immediately converted at closing to an option to purchase 3,120,000 shares of common stock of Blue Star Foods Corp.

The Merger was accounted for as a “reverse merger” and recapitalization since, immediately following the completion of the transaction, the holders of John Keeler & Co., Inc.’s stock will have effective control of Blue Star Foods Corp. In addition, John Keeler & Co., Inc. will have control of the combined entity through control of the Board by designating all four of the board seats. Additionally, all of John Keeler & Co., Inc.’s officers and senior executive positions will continue on as management of the combined entity after consummation of the Merger. For accounting purposes, John Keeler & Co., Inc. will be deemed to be the accounting acquirer in the transaction and, consequently, the transaction has been treated as a recapitalization of Blue Star Foods Corp. Accordingly, John Keeler & Co., Inc.’s assets, liabilities and results of operations are the historical financial statements of the Company, and John Keeler & Co., Inc.’s assets, liabilities and results of operations have been consolidated with Blue Star Foods Corp. effective as of the date of the closing of the Merger. No step-up in basis or intangible assets or goodwill was recorded in this transaction.

Note 2. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The following unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, such interim financial statements do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete annual financial statements. The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. The balance sheet as of December 31, 2018 has been derived from the Company’s annual financial statements that were audited by an independent registered public accounting firm but does not include all of the information and footnotes required for complete annual financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in our Annual Report on Form 10-K for the year ending December 31, 2018 for a broader discussion of our business and the risks inherent in such business.

Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statement of cash flows:

	September 30, 2019		December 31, 2018

Cash and cash equivalents	$	35,008	$	13,143
Restricted cash		199,010		334,083
Total cash, cash equivalents, and restricted cash shown in the cash flow statement	$	234,018	$	347,226

Advances to Suppliers and Related Party

In the normal course of business, the Company may advance payments to its suppliers, inclusive of 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 September 30, 2019 and December 31, 2018, the balance due from the related party for future shipments was approximately $1,178,842 and $1,139,619, respectively. The 2019 balances represent approximately four months of purchases from the supplier.

Revenue Recognition

In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers”, and has subsequently issued several supplemental and/or clarifying ASUs (collectively, “ASC 606”). ASC 606 prescribes a single common revenue standard that replaces most existing U.S. GAAP revenue recognition guidance. ASC 606 is intended to provide a more consistent interpretation and application of the principles outlined in the standard across filers in multiple industries and within the same industries compared to current practices, which should improve comparability. Adoption of ASC 606 is required for annual and interim periods beginning after December 15, 2017. Upon adoption, we must elect to adopt either retrospectively to each prior reporting period presented or use the modified retrospective transition method with the cumulative effect of initial adoption recognized at the date of initial application. We adopted the new standard using the modified retrospective method on January 1, 2018.

Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 also impacts certain other areas, such as the accounting for costs to obtain or fulfill a contract. The standard also requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.

ASC 842 Leases.

On January 1, 2019, we adopted Accounting Standards Codification 842 and all the related amendments using the modified retrospective method. We recognized the cumulative effect of initially applying the new lease standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the lease accounting standard in effect for those periods.

The new lease standard requires all leases to be reported on the balance sheet as right-of-use assets and lease obligations. We elected the practical expedients permitted under the transition guidance of the new standard that retained the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. We did not reassess whether any contracts entered into prior to adoption are leases or contain leases.

We categorize leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that would allow us 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. We did not have any finance leases as of September 30, 2019. Our leases generally have terms that range from three years for equipment and five to twenty years for property. We elected the accounting policy to include both the lease and non-lease components of our agreements as a single component and account 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 we have 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 we will exercise the option, we consider 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 sheets.

	September 30, 2019
Assets
Operating lease assets	$	1,145,348

Liabilities
Current	$	124,244
Operating lease liabilities
Noncurrent
Operating lease liabilities	$	1,035,661

Supplemental cash flow information related to leases were as follows:

	Nine Months Ended September 30, 2019

Cash used in operating activities:
Operating leases	$	14,557
ROU assets recognized in exchange for lease obligations:
Operating leases	$	1,257,751

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

	September 30, 2019
Weighted-average remaining lease term
Operating leases		6.75 years
Weighted-average discount rate
Operating leases		5.5	%

Maturities of lease liabilities as of September 30, 2019, were as follows:

	Operating Leases

2019 (excluding the nine months ended September 30, 2019)	$	49,910
2020		190,574
2021		201,675
2022		213,600
2023		216,847
Thereafter		557,074
Total lease payments		1,429,680
Less: amount of lease payments representing interest		(272,889	)
Present value of future minimum lease payments	$	1,156,791
Less: current obligations under leases	$	(121,130	)
Non current long-term obligations	$	1,035,661

Stock-Based Compensation

Effective January 1, 2019, the Company adopted ASU No. 2018-07, Compensation – Stock Based Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-7”), which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees. The adoption of ASU 2018-07 did not have a material impact on the Company’s consolidated financial statements.

Income Taxes

Prior to November 8, 2018, the Company was taxed under the provisions of subchapter S of the Internal Revenue Code. Under these provisions, the Company did not pay corporate federal income taxes on its taxable income but was liable for Florida corporate income taxes and Texas Franchise Tax. The shareholder was liable for individual income taxes on the Company’s taxable income. Post-merger, the Company file consolidated federal and state income tax returns.

Note 3. Going Concern

The accompanying consolidated financial statements and notes have been prepared assuming the Company will continue as a going concern. For the nine months ended September 30, 2019, the Company incurred a net loss of $3,480,979, has an accumulated deficit of $7,418,898 and working capital deficit of $2,524,506, with the current liabilities inclusive of $2,910,136 in stockholder loans that are subordinated to the provider of the working capital facility, and $124,244 in the current portion of the lease liability recognition. These circumstances 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. Consolidation of Variable Interest Entities

Effective April 1, 2014, the Company’s stockholder was transferred the controlling interest of Strike the Gold Foods Ltd. (“Strike”), a related party entity based in the United Kingdom. The Company concluded that Strike is a VIE and the Company is the primary beneficiary of Strike, in accordance with ASC 810, Consolidation. Therefore, the Company consolidated Strike in its financial statements. Strike’s activities are reflected in the Company’s financial statements starting on April 1, 2014, the effective date of the controlling interest transfer. Strike was not a VIE of the Company and the Company was not the primary beneficiary of Strike prior to the effective date of the controlling interest transfer of April 1, 2014. Strike’s equity is classified as non-controlling interest in the Company’s financial statements since the Company is not a shareholder of Strike.

The information below represents the assets, liabilities and non-controlling interest related to Strike as of September 30, 2019 and December 31, 2018.

	September 30, 2019
Assets	$	97,449
Liabilities		48,452
Non-controlling interest		(440,185	)

	December 31, 2018
Assets	$	177,352
Liabilities		95,720
Non-controlling interest		(440,883	)

Note 5. Debt

Working Capital Line of Credit

The Company entered into a $14,000,000 revolving line of credit with ACF Finco I, LP (“ACF”) on August 31, 2016, the proceeds of which were used to pay off the prior line of credit, pay new loan costs of approximately $309,000, and provide additional working capital to the Company, this facility is secured by all assets of John Keeler & Co., Inc.. This facility was amended on November 18, 2016, June 19, 2017, October 16, 2017, September 19, 2018, November 8, 2018 and July 29, 2019. In the fourth amendment the term of this facility was extended to a term of 5 years and is subject to early termination by the lender upon defined events of default. The Company continues to be obligated to meet certain financial covenants.

The line of credit bears an interest rate equal to the greater of 3 Month LIBOR rate plus 6.25%, the Prime rate plus 3.0% or a fixed rate of 6.5% and is subject to the following terms:

	●	Borrowing is based on up to 85% of eligible accounts receivable plus the net orderly liquidation value of eligible inventory at the same rate, subject to certain defined limitations.
	●	The line is collateralized by substantially all the assets and property of the Company and is personally guaranteed by the stockholder of the Company.
	●	The Company is restricted to specified distribution payments, use of funds, and is required to comply with certain other covenants including certain financial ratios.
	●	All cash received by the Company is applied against the outstanding loan balance.
	●	A subjective acceleration clause allows ACF to call the note upon a material adverse change.

During the year ended December 31, 2018, the Company failed to meet certain financial covenants under the line of credit and as of June 30, 2019 was in violation of its fixed charge coverage ratio. The loan and security agreement dated August 31, 2016 was amended on July 29, 2019 (the “sixth Amendment”). The Sixth Amendment acknowledged Company’s defaults of the financial covenants, confirmed the secured lender’s rights and resulted in a default interest rate of an additional 3%, effective August 1, 2019 until the default is cured. As of September 30, 2019, the Company remains in default of such financial covenants.

The Company analyzed the line of credit modification under ASC 470-50-40-21 and determined that the modification did not trigger any additional accounting due to the revolving line of credit remaining unchanged.

As of September 30, 2019, the line of credit bears interest rate of 11.381%.

As of September 30, 2019 and December 31, 2018, the line of credit had an outstanding balance of approximately $6,116,265 and $8,204,000, respectively.

John Keeler Promissory Notes

From January 2006 through May 2017, Keeler & Co issued an aggregate of $2,910,000 6% demand promissory notes to John Keeler, our Executive Chairman and Chief Executive Officer. These notes are unsecured. As of September 30, 2019, $2,910,000 of principal remains outstanding and approximately $130,956 of interest was paid under the notes. These notes have been subordinated to the provider of the working capital line of credit and payment of these loans are restricted under this subordination agreement. After satisfaction of the terms of the subordination, the Company can 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 made.

Current Portion of Long-Term Debt

As of September 30, 2019 and December 31, 2018, the current portion of long-term debt consisted of a note payable outstanding with Mercedes-Benz Financial Services (“MB Financial”). The Company entered into a loan agreement with MB Financial on November 30, 2014 to finance the purchase of an automobile. The loan bears interest at 5.56% per annum and requires monthly installments of approximately $3,000, inclusive of interest. The loan balance as of September 30, 2019 was $6,639 and matures on November 30, 2019.

Kenar Note

On March 26, 2019, the Company issued a four-month unsecured promissory note in the principal amount of $1,000,000 (the “Kenar Note”) to Kenar Overseas Corp., a company registered in Panama (the “Lender”) and controlled by a related party. The term of the note may be extended for an additional two months at the Lender’s discretion. The note bears interest at the rate of 18% per annum during the initial four months which rate will increase to 24% during any extension thereof. The note may be prepaid in whole or in part without penalty. John Keeler, the Company’s Executive Chairman and Chief Executive Officer pledged 5,000,000 shares of common stock to secure the Company’s obligations under the note. The Kenar Note matured on July 26, 2019 and was extended on a month-to-month basis on the same terms and conditions. On November 19, 2019, the Lender agreed to extend the Kenar Note until March 31, 2020 on the same terms and conditions.

Lobo Note

On April 2, 2019, the Company issued a four-month unsecured promissory note in the principal amount of $100,000 (the “Lobo Note”) to Lobo Holdings, LLC., a stockholder in the Company (“Lobo”). The Lobo Note bears interest at the rate of 18% per annum. The Lobo Note may be prepaid in whole or in part without penalty. John Keeler, the Company’s Executive Chairman and Chief Executive Officer, pledged 1,000,000 shares of common stock of the Company to secure the Company’s obligations under the Lobo Note. The Lobo Note matured on August 2, 2019 and was extended through December 2, 2019 on the same terms and conditions. On November 15, 2019, the Company paid off the Lobo Note with the issuance to Lobo of an unsecured promissory note in the principal amount of $100,000 which bears interest at the rate of 15%, which may be prepaid in whole or in part without penalty, and which matures on March 31, 2020.

Note 6. Common Stock

On February 1, 2019, the Company sold 5,000 shares at $2.00 per share to one investor in a private offering. These shares were returned to the investor and the Company has a liability for the refund to the investor of $10,000.

A dividend of common stock was authorized to the shareholders per the preferred shares designation on March 31, 2019. The dividend resulted in an issuance of 14,130 shares of stock with a value of $28,260 on March 31, 2019.

On April 2, 2019, the Company sold 5,000 shares at $2.00 per share to one investor in a private offering.

On April 12, 2019, the Company sold 1,000 shares at $2.00 per share to one investor in a private offering.

On April 23, 2019, the Company issued 2,500 shares at $2.00 per share to MEC Consulting Inc. for professional services.

On May 2, 2019, the Company sold 500 shares at $2.00 per share to one investor in a private offering.

On May 6, 2019, the Company sold 500 shares at $2.00 per share to one investor in a private offering.

On May 7, 2019, the Company sold 3,000 shares at $2.00 per share to one investor in a private offering.

On May 9, 2019, the Company sold 1,000 shares at $2.00 per share to one investor in a private offering.

On May 17, 2019 the Company issued 20,000 shares at $2.00 per share to various individuals for professional services.

On May 17, 2019 the Company issued 5,500 shares at $2.00 per share to 11 non officer employees as a bonus incentive.

A dividend of common stock was authorized to the shareholders per the preferred shares designation on June 30, 2019. The dividend resulted in an issuance of 14,130 shares of stock with a value of $28,260 on September 24, 2019.

A dividend of common stock was authorized to the shareholders per the preferred shares designation on September 30, 2019. The dividend of 14,130 shares of stock with a value of $28,260 was declared but not yet issued.

Note 7. Stock-Based Compensation

For the nine months ended September 30, 2019

During the nine months ended September 30, 2019, approximately $2,016,000 in compensation expense was recognized on the following:

	1.	Options to purchase 3,120,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest one-year from the date of grant, were issued to Christopher Constable under the 2018 Plan during the twelve months ending December 31, 2018.
-	2.	Options to purchase 430,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest 25% each year from the date of grant, were issued to various long term employees under the 2018 Plan during the six months ending June 30, 2019.
	3.	Options to purchase 250,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest 20% each year from the date of grant, were issued to Zoty Ponce under the 2018 Plan during the six months ending June 30, 2019.
	4.	Options to purchase 25,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest 25% each year from the date of grant, were issued to various contractors during the six months ending June 30, 2019.

The following table summarizes the assumptions used to estimate the fair value of the stock options granted during 2019:

	2019
Expected Volatility	39%-48	%
Risk Free Interest Rate	2.62%-2.71	%
Expected life of warrants	6.25 – 10.0

Under the Black-Scholes option pricing model, the fair value of the 705,000 options granted during the nine months ended September 30, 2019 is estimated at $613,586 on the date of grant. The unrecognized portion of the expense remaining outstanding is $713,852. During the quarter ended September 30, 2019, an aggregate of 15,000 shares subject to options were forfeited, none of which shares were vested and resulted in a reversal of the expense of $2,263.

The following table represents option activity for the nine months ending September 30, 2019:

	Number of Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Outstanding - December 31, 2018		6,240,000		$	1.17		9.86
Exercisable - December 31, 2018		3,120,000		$	0.33		9.86	$	5,210,400
Granted		705,000		$	2.00
Vested		-
Forfeited		(15,000	)		2.00
Outstanding – September 30, 2019		6,930,000		$	1.25		9.13
Exercisable - September 30, 2019		3,120,000		$	0.33		9.12	$	5,210,400

Note 8. Warrants

The following table represents warrant activity for the nine months ending September 30, 2019:

	Number of Warrants		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years		Aggregate Intrinsic Value
Outstanding - December 31, 2018		353,250	$	2.40		2.85
Exercisable - December 31, 2018		353,250	$	2.40		2.85	$	-
Granted		-	$	-
Forfeited or Expired		-
Outstanding -September 30, 2019		353,250	$	2.40		2.11
Exercisable - September 30, 2019		353,250	$	2.40		2.11	$	-

There was no warrant activity for the nine months ending September 30, 2019.

Note 9. Commitment and Contingencies

Office lease

The Company leases its office and warehouse facility from JK Real Estate, a related party through common family beneficial ownership. The lease has a 20-year term, expiring in July 2021. It is currently likely that the Company will renew this lease for a five-year term. The estimated lease payments associated with the renewal are included in the calculation of the future minimum lease payments. The Company is a guarantor of the mortgage on the facility which had a balance of approximately $1,280,684 at September 30, 2019; the Company’s maximum exposure. The Company deems that rental income on this lease is sufficient to cover the loan payments under this mortgage. Therefore, the Company did not record any liability related to the mortgage in the consolidated financial statements as the Company does not believe it will be called upon to perform under this guarantee, in accordance with ASC 460, Guarantees. See note 2 of these footnotes for the analysis of future minimum lease payments. Rental and equipment lease expenses amounted to approximately $176,500 and $159,600 for the nine months ended September 30, 2019 and 2018, respectively.

Legal

Based on current negotiations in response to a letter received on November 27, 2018 in connection with a threatened lawsuit by a former employee, the Company believes that it has adequately reserved for any settlement resulting from such negotiations in its financial statements for the nine months ended September 30, 2019. A settlement was reached with such former employee and a settlement agreement is currently being negotiated.

Note 10. Subsequent Events

On November 15, 2019, the Company paid off the Lobo Note with the issuance to Lobo of an unsecured promissory note in the principal amount of $100,000 which bears interest at the rate of 15%, which may be prepaid in whole or in part without penalty, and which matures on March 31, 2020.

On November 19, 2019, the Lender agreed to extend the Kenar Note until March 31, 2020 on the same terms and conditions.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking Statements

The following management’s discussion and analysis should be read in conjunction with our historical financial statements and the related notes thereto. The management’s discussion and analysis contains forward-looking statements, such as statements of our plans, objectives, expectations and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect” and the like, and/or future tense or conditional constructions (“will,” “may,” “could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties, including those under “Risk Factors” in our Annual Report, as updated in subsequent filings we have made with the SEC that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Our actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors. We do not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Quarterly Report.

Basis of Presentation

The following discussion highlights our results of operations and the principal factors that have affected our financial condition as well as our liquidity and capital resources for the periods described, and provides information that management believes is relevant for an assessment and understanding of the statements of financial condition and results of operations presented herein. The following discussion and analysis are based on our unaudited financial statements contained in this Quarterly Report, which we have prepared in accordance with United States generally accepted accounting principles. You should read the discussion and analysis together with such financial statements and the related notes thereto.

Overview

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. Since inception, and prior to the Merger (as defined below), we only engaged in organizational efforts. Following the Merger, we discontinued our prior activities of seeking a business for a merger or acquisition and acquired the business of John Keeler & Co., Inc., d/b/a Blue Star Foods, a Florida corporation formed on May 5, 1995 (“Keeler & Co”).

On November 8, 2018 (the “Closing Date”), we consummated a merger (the “Merger”) pursuant to the terms of an Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) by and among the Company, Blue Star Acquisition Corp., a newly formed, wholly-owned Florida subsidiary of the Company (“Acquisition Sub”), Keeler & Co, and John Keeler, Keeler & Co’s sole stockholder (the “Keeler & Co Stockholder”). As a result of the Merger, effective as of November 8, 2018, Acquisition Sub merged with and into Keeler & Co, and Keeler & Co became a wholly-owned subsidiary of the Company.

In connection with the Merger, the Company changed its name from “AG Acquisition Group II, Inc.” to “Blue Star Foods Corp.” and succeeded to the business of Keeler & Co, an international seafood company that imports, packages and sells refrigerated pasteurized crab meat, and other premium seafood products, including crab cakes, finfish and wakami salad, as its sole line of business.

As a result of the Merger and the related change in our business and operations, a discussion of our past financial results is not pertinent, and under applicable accounting principles the historical financial results of Keeler & Co, the accounting acquirer, prior to the Merger are considered the historical financial results of the Company.

The audited financial statements for our fiscal years ended December 31, 2018 and the audited financial statements as amended filed with the Securities Exchange Commission with the Company’s Form 8-K/A on December 31, 2108, include a summary of our significant accounting policies and should be read in conjunction with the discussion below. In the opinion of management, all material adjustments necessary to present fairly the results of operations for such periods have been included in these audited financial statements. All such adjustments are of a normal recurring nature.

Results of Operations

The information set forth below should be read in conjunction with the financial statements and accompanying notes elsewhere in this Report.

Three months ended September 30, 2019 and 2018

Net Revenue. Revenue for the three months ended September 30, 2019 decreased 25.4% to $5,081,164 as compared to $6,815,000 for the three months ended September 30, 2018 as a result of a 16.1% decrease in poundage due to market softness, and a reduction in private label business. For the three months ended September 30, 2019, Blue Star brand product poundage increased by 27.1% over the same period in the prior year.

Cost of Goods Sold. Cost of goods sold for the three months ended September 30, 2019 decreased to $4,409,657 as compared to $5,670,756 for the three months ended September 30, 2018. The decrease is attributable to the revenue decline.

Gross Profit. Gross profit margin for the three months ended September 30, 2019 decreased by $472,737 to $671,507 as compared to $1,144,244 for the three months ended September 30, 2018. This decrease is directly attributable to a reduction in average selling price in the market. Pricing pressures have caused the market to adjust lower.

Commissions Expenses. Commissions expenses decreased from $39,411 for the three months ended September 30, 2018 to $15,996 for the three months ended September 30, 2019, primarily due to a re-alignment of the Company’s sales structure, reducing the number of accounts that earned brokerage commissions, and a decrease in revenue.

Salaries and Wages Expense. Salaries and wages expense increased $597,102 to $1,041,195, or 143.2% for the three months ended September 30, 2019 as compared to $417,093 for the three months ended September 30, 2018. This increase is solely due to the noncash expenses related to stock-based compensation which totaled $668,706 for the three months ending September 30, 2019 as compared to $0 for the three months ended September 30, 2018. The actual cash utilized for payroll (excluding stock-based compensation) decreased by $71,604 for the three months ended September 30, 2019 as compared to the same period in 2018.

Other Operating Expense. Other operating expense increased by 27.9% from $529,127 for the three months ended September 30, 2018 to $676,904 for the three months ended September 30, 2019. The increase is attributable to increases in both professional fees and filing fees related to the public company filing requirements.

Interest Expense. Interest expense increased from $228,918 for the three months ended September 30, 2018 to $252,650 for the three months ended September 30, 2019. This increase is due to increased interest rates with the Company’s working capital lender and short term note holders.

Net Loss: The Company had a net loss of $1,288,238 for the three months ended September 30, 2019 as compared to a net profit of $346,907 for the three months ended September 30, 2018. The change from net profit to net loss is attributable to decreased revenues combined with non-cash operating expenses related to stock compensation of $668,706 during the three months ended September 30, 2019.

Nine months ended September 30, 2019 and 2018

Net Revenue. Revenue for the nine months ended September 30, 2019 decreased 19.7% to $19,124,412 as compared to $23,810,655 for the nine months ended September 30, 2018 as a result of a 18.1% decrease in poundage due to market softness, and a reduction in private label revenue.

Cost of Goods Sold. Cost of goods sold for the nine months ended September 30, 2019 decreased to $16,431,715 as compared to $20,359,995 for the nine months ended September 30, 2018. The decrease is attributable to the revenue decline.

Gross Profit. Gross profit margin for the nine months ended September 30, 2019 decreased by $757,963 to $2,692,697 as compared to gross profit margin of $3,450,660 for the nine months ended September 30, 2018. This decrease is directly attributable to lower revenue and lower market prices in the industry as compared to replacement cost. We believe pricing pressures industry wide have caused this decrease in product margin.

Commissions Expenses. Commissions expenses decreased from $105,626 for the nine months ending September 30, 2018 to $54,657 for the nine months ending September 30, 2019, primarily due to a re-alignment of the Company’s sales structure, reducing the number of accounts that earned brokerage commissions, and a decrease in revenue.

Salaries and Wages Expense. Salaries and wages expense increased $1,902,6720 to $3,252,735, or 141% for the nine months ended September 30, 2019 as compared to $1,350,063 for the nine months ended September 30, 2018. This increase is solely due to the noncash expenses related to stock-based compensation which totaled $2,015,700 for the nine months ended September 30, 2019 as compared to $0 for the nine months ended September 30, 2018. The actual cash utilized for payroll (excluding stock-based compensation) decreased by $113,030 for the nine months ended September 30, 2019 as compared to the same period in 2018.

Other Operating Expense. Other operating expense increased by 19.8% from $1,767,861 for the nine months ended September 30, 2018 to $2,117,516 for the nine months ended September 30, 2019. The increase includes $85,000 in fees paid in shares of common stock of the Company stock and is attributable to increases in both professional fees and filing fees related to the public company filing requirements.

Interest Expense. Interest expense decreased from $785,142 for the nine months ended September 30, 2018 to $748,120 for the nine months ended September 30, 2019. This decrease is due to the decrease in average funds borrowed on the Company’s working capital line of credit for the nine months ended September 30, 2019 as compared to the same period in 2018.

Net Loss. The Company had a net loss of $3,480,331 for the nine months ended September 30, 2019 as compared to a net loss of $101,821 for the nine months ended September 30, 2018. The increase in net loss is attributable to decreased revenues combined with non-cash operating expenses related to stock compensation of $2,015,700 during the first nine months of 2019.

Liquidity and Capital Resources

At September 30, 2019, the Company had a working capital deficit of approximately $2,524,506, with current liabilities inclusive of $2,910,136 in stockholder loans that are subordinated to the Company’s working capital facility lender, and $124,244 in the current portion of the ASC 842 required lease liability recognition, as compared to a working capital deficit of $1,146,937 at December 31, 2018, also inclusive of $2,910,136 in stockholder debt. The decline in working capital is attributable to the $1,100,000 notes payable that were executed in the nine months ended September 30, 2019. The Company’s primary sources of liquidity consist of inventory of $6,997,675 and accounts receivable of $1,701,568

The Company has historically financed its operations through the cash flow generated from operations, capital investment, notes payable and a working capital line of credit.

Loan and Security Agreement

The Company entered into a $14,000,000 revolving line of credit with ACF Finco I, LP on August 31, 2016, the proceeds of which were used to pay off the prior line of credit, pay new loan costs of approximately $309,000, and provide additional working capital to the company. This facility was amended on November 18, 2016, June 19, 2017, October 16, 2017, September 19, 2018, November 8, 2018 and July 29, 2019. In the fourth amendment the term of this facility was extended to a term of 5 years from the effective date and is subject to early termination by the lender upon defined events of default. The Company continues to be obligated to meet certain financial covenants.

The line of credit bears an interest at the greater of (i) the 3-month LIBOR rate plus 6.25%, (ii) the prime rate plus 3.0% and (iii) 6.5%. Borrowing is based on up to 85% of eligible accounts receivable plus the net orderly liquidation value of eligible inventory at the same rate, subject to certain specified limitations. The credit line is collateralized by substantially all the assets of the Company and is personally guaranteed by John Keeler, our Executive Chairman and Chief Executive Officer. The Company is restricted with respect to certain distribution payments, use of funds and is required to comply with certain other covenants including certain financial ratios.

During the year ended December 31, 2018, the Company failed to meet certain financial covenants under the line of credit and as of June 30, 2019 was in violation of its fixed charge coverage ratio. The loan and security agreement dated August 31, 2016 was amended on July 29, 2019 (the “Sixth Amendment”). The Sixth Amendment acknowledged the Company’s defaults of the financial covenants, confirmed the secured lender’s rights and resulted in a default interest rate of an additional 3%, effective August 1, 2019 until the default is cured. As of September 30, 2019, the Company remains in default of such financial covenants.

John Keeler Promissory Notes

From January 2006 through May 2017, Keeler & Co issued an aggregate of $2,910,000 6% demand promissory notes to John Keeler, our Executive Chairman and Chief Executive Officer. As of September 30, 2019, $2,910,000 of principal remains outstanding and approximately $131,000 of interest was paid under the notes. These notes have been subordinated to the provider of the working capital line of credit and payment of these loans are restricted under this subordination agreement. After satisfaction of the terms of the subordination, the Company can 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 made.

Kenar Note

On March 26, 2019, the Company issued a four-month promissory note in the principal amount of $1,000,000 (the “Kenar Note”) to Kenar Overseas Corp., a company registered in Panama (the “Lender”). The term of the note may be extended for an additional two months at the Lender’s discretion. The note bears interest at the rate of 18% per annum during the initial four months which rate will increase to 24% during any extension thereof. The note may be prepaid in whole or in part without penalty. John Keeler, the Company’s Executive Chairman and Chief Executive Officer pledged 5,000,000 shares of common stock to secure the Company’s obligations under the note. The Kenar Note matured on July 26, 2019 and was extended on a month-to-month basis on the same terms and conditions. On November 19, the Kenar Note was extended to March 31, 2020 on the same terms and conditions.

Lobo Note

Cash Provided by Operating Activities. Cash provided by operating activities during the nine months ended September 30, 2019 was $942,066 as compared to cash provided by operating activities of $4,696,306 for the nine months ended September 30, 2018. The decrease is primarily attributable to an increase in the net loss after non-cash items along with a reduction in cash generated from the reduction of receivables and inventory. Also, additional cash was used to reduce the Accounts Payable and accruals balance by $690,535 during the nine months ended September 30, 2019.

Cash Used for Investing Activities. Cash used for investing activities for the nine months ended September 30, 2019 was $8,860 as compared to $6,371 used for investing activities for the nine months ended September 30, 2018.

Cash utilized in Financing Activities. Cash utilized in financing activities for the nine months ended September 30, 2019 was $1,000,051 as compared to cash from financing activities of $4,701,055 for the nine months ended September 30, 2018. The Company’s revolving working capital line of credit utilized cash of approximately $2,087,500 and related party notes provided $1,100,000 in cash for the nine months ending September 30, 2019 as compared to a pay down of the revolving working capital line of credit for the nine months ending September 30, 2018 of approximately $4,647,000.

Recently Adopted Accounting Pronouncements

ASC 842 Leases.

We categorize leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that would allow us 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. We did not have any finance leases as of June 30, 2019. Our leases generally have terms that range from three years for equipment and five to twenty years for property. We elected the accounting policy to include both the lease and non-lease components of our agreements as a single component and account for them as a lease.

The table below presents the lease-related assets and liabilities recorded on the balance sheets.

	September 30, 2019
Assets
Operating lease assets	$	1,145,348

Liabilities
Current	$	124,244
Operating lease liabilities
Noncurrent
Operating lease liabilities	$	1,035,661

Supplemental cash flow information related to leases were as follows:

	Nine Months Ended September 30, 2019
Cash used in operating activities:
Operating leases	$	14,557
ROU assets recognized in exchange for lease obligations:
Operating leases	$	1,257,751

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

	September 30, 2019
Weighted-average remaining lease term
Operating leases		6.75 years
Weighted-average discount rate
Operating leases		5.5	%

Maturities of lease liabilities as of September 30, 2019, were as follows:

	Operating Leases

2019 (excluding the nine months ended September 30, 2019)	$	49,910
2020		190,574
2021		201,675
2022		213,600
2023		216,847
Thereafter		557,074
Total lease payments		1,429,680
Less: amount of lease payments representing interest		(272,889	)
Present value of future minimum lease payments	$	1,156,791
Less: current obligations under leases	$	(121,130	)
Non current long-term obligations	$	1,035,661

Stock-Based Compensation

Off-Balance Sheet Arrangements

We currently have no off-balance sheet arrangements.

ITEM 3. 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 4. 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 September 30, 2019, 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, based on the material weaknesses discussed below, 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.

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

● The Company’s lack of an audit committee with a financial expert and thus the Company lacks the board oversight role within the financial 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

At the time of the Merger, we appointed new members of senior management, including a new Chief Financial Officer. 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 establish an audit committee, including an “audit committee financial expert” as defined by applicable SEC rules, that has the requisite financial sophistication as defined under the applicable Nasdaq rules and regulations; 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.

Changes in Internal Control over Financial Reporting

During the period covered by this Quarterly Report, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company. The Company’s property is not the subject of any pending legal proceedings.

The Company received a letter on November 27, 2018 in connection with a threatened lawsuit by a former employee. A settlement was reached with such former employee and a settlement agreement is currently being negotiated.

ITEM 1A. RISK FACTORS

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 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

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

On September 24, 2019, an aggregate of 14,130 shares of common stock were issued to the Company’s Series A convertible preferred stockholders as a quarterly dividend.

The above issuances did not involve any underwriters, underwriting discounts or commissions, or any public offering and we believe is exempt from the registration requirements of the Securities Act of 1933 by virtue of Section 4(2) thereof and/or Regulation D promulgated thereunder. The purchaser represented to us that he was an accredited investor and was acquiring the shares for investment purposes only and not with a view to, or for sale in connection with, any distribution thereof and that he could bear the risks of the investment.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None

ITEM 6. EXHIBITS

Exhibit No.	SEC Report Reference No.	Description

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 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	*	Certifications of Principal 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	*	Certifications of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	*	XBRL Instance Document
101.SCH	*	XBRL Taxonomy Extension Schema Document
101.CAL	*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	*	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	BLUE STAR FOODS CORP.

Dated: November 19, 2019	By:	/s/ John Keeler
	Name:	John Keeler
	Title:	Executive Chairman and Chief Executive Officer (Principal Executive Officer)

Dated: November 19, 2019	By:	/s/ Christopher Constable
	Name:	Christopher Constable
	Title:	Chief Financial Officer, Secretary and Treasurer
		(Principal Financial and Accounting Officer)

EX-31.1 2 ex31-1.htm

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT AND RULE 13A-14(A)

OR 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, John Keeler, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Blue Star Foods Corp.

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 19, 2019

/s/ John Keeler

John Keeler

Executive Chairman and Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 ex31-2.htm

EXHIBIT 31.2

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT AND RULE 13A-14(A)

OR 15D-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934

I, Christopher Constable, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Blue Star Foods Corp.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 19, 2019

/s/ Christopher Constable

Christopher Constable

Chief Financial Officer, Secretary and Treasurer

(Principal Financial and Accounting Officer)

EX-32.1 4 ex32-1.htm

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Blue Star Foods Corp. (the “Company”), for the quarter ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John Keeler, Executive Chairman and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

Date: November 19, 2019	By:	/s/ John Keeler
	Name:	John Keeler
	Title:	Executive Chairman and Chief Executive Officer
		(Principal Executive Officer)

EX-32.2 5 ex32-2.htm

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Blue Star Foods Corp. (the “Company”), for the quarter ended September 30, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Christopher Constable, Chief Financial Officer, Secretary and Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

	(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

	(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 19, 2019	By:	/s/ Christopher Constable
	Name:	Christopher Constable
	Title:	Chief Financial Officer, Secretary and Treasurer
		(Principal Financial and Accounting Officer)

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During the year ended December 31, 2018, the Company failed to meet certain financial covenants under the line of credit and as of June 30, 2019 was in violation of its fixed charge coverage ratio. The loan and security agreement dated August 31, 2016 was amended on July 29, 2019 (the "sixth Amendment"). The Sixth Amendment acknowledged Company's defaults of the financial covenants, confirmed the secured lender's rights and resulted in a default interest rate of an additional 3%, effective August 1, 2019 until the default is cured.

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Note 2. Basis of Presentation and Summary of Significant Accounting Policies   Basis of Presentation   The following unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, such interim financial statements do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete annual financial statements. The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. The balance sheet as of December 31, 2018 has been derived from the Company’s annual financial statements that were audited by an independent registered public accounting firm but does not include all of the information and footnotes required for complete annual financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in our Annual Report on Form 10-K for the year ending December 31, 2018 for a broader discussion of our business and the risks inherent in such business.   Restricted Cash   The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statement of cash flows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">35,008</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">13,143</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Restricted cash</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">199,010</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">334,083</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total cash, cash equivalents, and restricted cash shown in the cash flow statement</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">234,018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">347,226</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Advances to Suppliers and Related Party   In the normal course of business, the Company may advance payments to its suppliers, inclusive of 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 September 30, 2019 and December 31, 2018, the balance due from the related party for future shipments was approximately $1,178,842 and $1,139,619, respectively. The 2019 balances represent approximately four months of purchases from the supplier.    Revenue Recognition   In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers”, and has subsequently issued several supplemental and/or clarifying ASUs (collectively, “ASC 606”). ASC 606 prescribes a single common revenue standard that replaces most existing U.S. GAAP revenue recognition guidance. ASC 606 is intended to provide a more consistent interpretation and application of the principles outlined in the standard across filers in multiple industries and within the same industries compared to current practices, which should improve comparability. Adoption of ASC 606 is required for annual and interim periods beginning after December 15, 2017. Upon adoption, we must elect to adopt either retrospectively to each prior reporting period presented or use the modified retrospective transition method with the cumulative effect of initial adoption recognized at the date of initial application. We adopted the new standard using the modified retrospective method on January 1, 2018.   Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 also impacts certain other areas, such as the accounting for costs to obtain or fulfill a contract. The standard also requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.   ASC 842 Leases.   On January 1, 2019, we adopted Accounting Standards Codification 842 and all the related amendments using the modified retrospective method. We recognized the cumulative effect of initially applying the new lease standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the lease accounting standard in effect for those periods.   The new lease standard requires all leases to be reported on the balance sheet as right-of-use assets and lease obligations. We elected the practical expedients permitted under the transition guidance of the new standard that retained the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. We did not reassess whether any contracts entered into prior to adoption are leases or contain leases.   We categorize leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that would allow us 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. We did not have any finance leases as of September 30, 2019. Our leases generally have terms that range from three years for equipment and five to twenty years for property. We elected the accounting policy to include both the lease and non-lease components of our agreements as a single component and account 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 we have 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 we will exercise the option, we consider 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 sheets.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Assets</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%">Operating lease assets</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,145,348</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Liabilities</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current</td> <td> </td> <td>$</td> <td style="text-align: right">124,244</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating lease liabilities</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Noncurrent</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Operating lease liabilities</td> <td> </td> <td>$</td> <td style="text-align: right">1,035,661</td> <td> </td></tr> </table>    Supplemental cash flow information related to leases were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Cash used in operating activities:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; padding-left: 10pt">Operating leases</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">14,557</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>ROU assets recognized in exchange for lease obligations:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td>$</td> <td style="text-align: right">1,257,751</td> <td> </td></tr> </table>   The table below presents the remaining lease term and discount rates for operating leases.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted-average remaining lease term</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td> </td> <td style="text-align: right">6.75 years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted-average discount rate</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; padding-left: 10pt">Operating leases</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">5.5</td> <td style="width: 1%">%</td></tr> </table>   Maturities of lease liabilities as of September 30, 2019, were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Operating Leases</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%">2019 (excluding the nine months ended September 30, 2019)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">49,910</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2020</td> <td> </td> <td> </td> <td style="text-align: right">190,574</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2021</td> <td> </td> <td> </td> <td style="text-align: right">201,675</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2022</td> <td> </td> <td> </td> <td style="text-align: right">213,600</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2023</td> <td> </td> <td> </td> <td style="text-align: right">216,847</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Thereafter</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">557,074</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Total lease payments</td> <td> </td> <td> </td> <td style="text-align: right">1,429,680</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: amount of lease payments representing interest</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(272,889</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Present value of future minimum lease payments</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,156,791</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Less: current obligations under leases</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(121,130</td> <td style="padding-bottom: 2.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Non current long-term obligations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,035,661</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   Stock-Based Compensation   Effective January 1, 2019, the Company adopted ASU No. 2018-07, Compensation – Stock Based Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-7”), which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees. The adoption of ASU 2018-07 did not have a material impact on the Company’s consolidated financial statements.   Income Taxes   Prior to November 8, 2018, the Company was taxed under the provisions of subchapter S of the Internal Revenue Code. Under these provisions, the Company did not pay corporate federal income taxes on its taxable income but was liable for Florida corporate income taxes and Texas Franchise Tax. The shareholder was liable for individual income taxes on the Company’s taxable income. Post-merger, the Company file consolidated federal and state income tax returns.

Note 3. Going Concern   The accompanying consolidated financial statements and notes have been prepared assuming the Company will continue as a going concern. For the nine months ended September 30, 2019, the Company incurred a net loss of $3,480,979, has an accumulated deficit of $7,418,898 and working capital deficit of $2,524,506, with the current liabilities inclusive of $2,910,136 in stockholder loans that are subordinated to the provider of the working capital facility, and $124,244 in the current portion of the lease liability recognition. These circumstances 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. Consolidation of Variable Interest Entities   Effective April 1, 2014, the Company’s stockholder was transferred the controlling interest of Strike the Gold Foods Ltd. (“Strike”), a related party entity based in the United Kingdom. The Company concluded that Strike is a VIE and the Company is the primary beneficiary of Strike, in accordance with ASC 810, Consolidation. Therefore, the Company consolidated Strike in its financial statements. Strike’s activities are reflected in the Company’s financial statements starting on April 1, 2014, the effective date of the controlling interest transfer. Strike was not a VIE of the Company and the Company was not the primary beneficiary of Strike prior to the effective date of the controlling interest transfer of April 1, 2014. Strike’s equity is classified as non-controlling interest in the Company’s financial statements since the Company is not a shareholder of Strike.   The information below represents the assets, liabilities and non-controlling interest related to Strike as of September 30, 2019 and December 31, 2018.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">97,449</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Liabilities</td> <td> </td> <td> </td> <td style="text-align: right">48,452</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Non-controlling interest</td> <td> </td> <td> </td> <td style="text-align: right">(440,185</td> <td>)</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">177,352</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Liabilities</td> <td> </td> <td> </td> <td style="text-align: right">95,720</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Non-controlling interest</td> <td> </td> <td> </td> <td style="text-align: right">(440,883</td> <td>)</td></tr> </table>

Note 5. Debt   Working Capital Line of Credit   The Company entered into a $14,000,000 revolving line of credit with ACF Finco I, LP (“ACF”) on August 31, 2016, the proceeds of which were used to pay off the prior line of credit, pay new loan costs of approximately $309,000, and provide additional working capital to the Company, this facility is secured by all assets of John Keeler & Co., Inc.. This facility was amended on November 18, 2016, June 19, 2017, October 16, 2017, September 19, 2018, November 8, 2018 and July 29, 2019. In the fourth amendment the term of this facility was extended to a term of 5 years and is subject to early termination by the lender upon defined events of default. The Company continues to be obligated to meet certain financial covenants.   The line of credit bears an interest rate equal to the greater of 3 Month LIBOR rate plus 6.25%, the Prime rate plus 3.0% or a fixed rate of 6.5% and is subject to the following terms:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 91px; text-align: justify"> </td> <td style="width: 24px; text-align: justify">●</td> <td style="text-align: justify">Borrowing is based on up to 85% of eligible accounts receivable plus the net orderly liquidation value of eligible inventory at the same rate, subject to certain defined limitations. </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">●</td> <td style="text-align: justify">The line is collateralized by substantially all the assets and property of the Company and is personally guaranteed by the stockholder of the Company. </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">●</td> <td style="text-align: justify">The Company is restricted to specified distribution payments, use of funds, and is required to comply with certain other covenants including certain financial ratios. </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">● </td> <td style="text-align: justify">All cash received by the Company is applied against the outstanding loan balance. </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">● </td> <td style="text-align: justify">A subjective acceleration clause allows ACF to call the note upon a material adverse change. </td></tr> </table>   During the year ended December 31, 2018, the Company failed to meet certain financial covenants under the line of credit and as of June 30, 2019 was in violation of its fixed charge coverage ratio. The loan and security agreement dated August 31, 2016 was amended on July 29, 2019 (the “sixth Amendment”). The Sixth Amendment acknowledged Company’s defaults of the financial covenants, confirmed the secured lender’s rights and resulted in a default interest rate of an additional 3%, effective August 1, 2019 until the default is cured. As of September 30, 2019, the Company remains in default of such financial covenants.   The Company analyzed the line of credit modification under ASC 470-50-40-21 and determined that the modification did not trigger any additional accounting due to the revolving line of credit remaining unchanged.   As of September 30, 2019, the line of credit bears interest rate of 11.381%.   As of September 30, 2019 and December 31, 2018, the line of credit had an outstanding balance of approximately $6,116,265 and $8,204,000, respectively.   John Keeler Promissory Notes   From January 2006 through May 2017, Keeler & Co issued an aggregate of $2,910,000 6% demand promissory notes to John Keeler, our Executive Chairman and Chief Executive Officer. These notes are unsecured. As of September 30, 2019, $2,910,000 of principal remains outstanding and approximately $130,956 of interest was paid under the notes. These notes have been subordinated to the provider of the working capital line of credit and payment of these loans are restricted under this subordination agreement. After satisfaction of the terms of the subordination, the Company can 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 made.   Current Portion of Long-Term Debt   As of September 30, 2019 and December 31, 2018, the current portion of long-term debt consisted of a note payable outstanding with Mercedes-Benz Financial Services (“MB Financial”). The Company entered into a loan agreement with MB Financial on November 30, 2014 to finance the purchase of an automobile. The loan bears interest at 5.56% per annum and requires monthly installments of approximately $3,000, inclusive of interest. The loan balance as of September 30, 2019 was $6,639 and matures on November 30, 2019.   Kenar Note   On March 26, 2019, the Company issued a four-month unsecured promissory note in the principal amount of $1,000,000 (the “Kenar Note”) to Kenar Overseas Corp., a company registered in Panama (the “Lender”) and controlled by a related party. The term of the note may be extended for an additional two months at the Lender’s discretion. The note bears interest at the rate of 18% per annum during the initial four months which rate will increase to 24% during any extension thereof. The note may be prepaid in whole or in part without penalty. John Keeler, the Company’s Executive Chairman and Chief Executive Officer pledged 5,000,000 shares of common stock to secure the Company’s obligations under the note. The Kenar Note matured on July 26, 2019 and was extended on a month-to-month basis on the same terms and conditions. On November 19, 2019, the Lender agreed to extend the Kenar Note until March 31, 2020 on the same terms and conditions.   Lobo Note   On April 2, 2019, the Company issued a four-month unsecured promissory note in the principal amount of $100,000 (the “Lobo Note”) to Lobo Holdings, LLC., a stockholder in the Company (“Lobo”). The Lobo Note bears interest at the rate of 18% per annum. The Lobo Note may be prepaid in whole or in part without penalty. John Keeler, the Company’s Executive Chairman and Chief Executive Officer, pledged 1,000,000 shares of common stock of the Company to secure the Company’s obligations under the Lobo Note. The Lobo Note matured on August 2, 2019 and was extended through December 2, 2019 on the same terms and conditions. On November 15, 2019, the Company paid off the Lobo Note with the issuance to Lobo of an unsecured promissory note in the principal amount of $100,000 which bears interest at the rate of 15%, which may be prepaid in whole or in part without penalty, and which matures on March 31, 2020.

Note 6. Common Stock   On February 1, 2019, the Company sold 5,000 shares at $2.00 per share to one investor in a private offering. These shares were returned to the investor and the Company has a liability for the refund to the investor of $10,000.   A dividend of common stock was authorized to the shareholders per the preferred shares designation on March 31, 2019. The dividend resulted in an issuance of 14,130 shares of stock with a value of $28,260 on March 31, 2019.   On April 2, 2019, the Company sold 5,000 shares at $2.00 per share to one investor in a private offering.   On April 12, 2019, the Company sold 1,000 shares at $2.00 per share to one investor in a private offering.   On April 23, 2019, the Company issued 2,500 shares at $2.00 per share to MEC Consulting Inc. for professional services.   On May 2, 2019, the Company sold 500 shares at $2.00 per share to one investor in a private offering.   On May 6, 2019, the Company sold 500 shares at $2.00 per share to one investor in a private offering.   On May 7, 2019, the Company sold 3,000 shares at $2.00 per share to one investor in a private offering.   On May 9, 2019, the Company sold 1,000 shares at $2.00 per share to one investor in a private offering.   On May 17, 2019 the Company issued 20,000 shares at $2.00 per share to various individuals for professional services.   On May 17, 2019 the Company issued 5,500 shares at $2.00 per share to 11 non officer employees as a bonus incentive.    A dividend of common stock was authorized to the shareholders per the preferred shares designation on June 30, 2019. The dividend resulted in an issuance of 14,130 shares of stock with a value of $28,260 on September 24, 2019.   A dividend of common stock was authorized to the shareholders per the preferred shares designation on September 30, 2019. The dividend of 14,130 shares of stock with a value of $28,260 was declared but not yet issued.

Note 7. Stock-Based Compensation   For the nine months ended September 30, 2019   During the nine months ended September 30, 2019, approximately $2,016,000 in compensation expense was recognized on the following:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: top"> <td style="width: 14%; text-align: justify"> </td> <td style="width: 2%; text-align: justify">1.</td> <td style="width: 83%; text-align: justify">Options to purchase 3,120,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest one-year from the date of grant, were issued to Christopher Constable under the 2018 Plan during the twelve months ending December 31, 2018. </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">- </td> <td style="text-align: justify">2.</td> <td style="text-align: justify">Options to purchase 430,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest 25% each year from the date of grant, were issued to various long term employees under the 2018 Plan during the six months ending June 30, 2019.</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">3.</td> <td style="text-align: justify">Options to purchase 250,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest 20% each year from the date of grant, were issued to Zoty Ponce under the 2018 Plan during the six months ending June 30, 2019.</td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify">4.</td> <td style="text-align: justify">Options to purchase 25,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest 25% each year from the date of grant, were issued to various contractors during the six months ending June 30, 2019.</td> <td style="text-align: justify"> </td></tr> </table>   The following table summarizes the assumptions used to estimate the fair value of the stock options granted during 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Expected Volatility</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">39%-48</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Risk Free Interest Rate</td> <td> </td> <td> </td> <td style="text-align: right">2.62%-2.71</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected life of warrants</td> <td> </td> <td> </td> <td style="text-align: right">6.25 – 10.0</td> <td> </td></tr> </table>   Under the Black-Scholes option pricing model, the fair value of the 705,000 options granted during the nine months ended September 30, 2019 is estimated at $613,586 on the date of grant. The unrecognized portion of the expense remaining outstanding is $713,852. During the quarter ended September 30, 2019, an aggregate of 15,000 shares subject to options were forfeited, none of which shares were vested and resulted in a reversal of the expense of $2,263.   The following table represents option activity for the nine months ending September 30, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Remaining Contractual Life in Years</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; padding-bottom: 2.5pt">Outstanding - December 31, 2018</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">6,240,000</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">1.17</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">9.86</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Exercisable - December 31, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,120,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.33</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">9.86</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,210,400</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Granted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">705,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.00</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Vested</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Forfeited</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">(15,000</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2.00</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Outstanding – September 30, 2019</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6,930,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1.25</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">9.13</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Exercisable - September 30, 2019</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,120,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.33</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">9.12</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,210,400</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Note 8. Warrants   The following table represents warrant activity for the nine months ending September 30, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Remaining Contractual Life in Years</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; padding-bottom: 2.5pt">Outstanding - December 31, 2018</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">353,250</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">2.40</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">2.85</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Exercisable - December 31, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">353,250</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.40</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2.85</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Granted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Forfeited or Expired</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Outstanding -September 30, 2019</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">353,250</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.40</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2.11</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Exercisable - September 30, 2019</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">353,250</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.40</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2.11</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>   There was no warrant activity for the nine months ending September 30, 2019.

Note 9. Commitment and Contingencies   Office lease   The Company leases its office and warehouse facility from JK Real Estate, a related party through common family beneficial ownership. The lease has a 20-year term, expiring in July 2021. It is currently likely that the Company will renew this lease for a five-year term. The estimated lease payments associated with the renewal are included in the calculation of the future minimum lease payments. The Company is a guarantor of the mortgage on the facility which had a balance of approximately $1,280,684 at September 30, 2019; the Company’s maximum exposure. The Company deems that rental income on this lease is sufficient to cover the loan payments under this mortgage. Therefore, the Company did not record any liability related to the mortgage in the consolidated financial statements as the Company does not believe it will be called upon to perform under this guarantee, in accordance with ASC 460, Guarantees. See note 2 of these footnotes for the analysis of future minimum lease payments. Rental and equipment lease expenses amounted to approximately $176,500 and $159,600 for the nine months ended September 30, 2019 and 2018, respectively.   Legal   Based on current negotiations in response to a letter received on November 27, 2018 in connection with a threatened lawsuit by a former employee, the Company believes that it has adequately reserved for any settlement resulting from such negotiations in its financial statements for the nine months ended September 30, 2019. A settlement was reached with such former employee and a settlement agreement is currently being negotiated.

Note 10. Subsequent Events   On November 15, 2019, the Company paid off the Lobo Note with the issuance to Lobo of an unsecured promissory note in the principal amount of $100,000 which bears interest at the rate of 15%, which may be prepaid in whole or in part without penalty, and which matures on March 31, 2020.    On November 19, 2019, the Lender agreed to extend the Kenar Note until March 31, 2020 on the same terms and conditions.

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Note 1. Company Overview   Located in Miami, Florida, Blue Star Foods Corp. (the “Company”) is a sustainable seafood company. The Company’s main operating business, John Keeler & Co., Inc. has been in business for approximately 24 years. The Company was formed under the laws of the State of Delaware. The 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 of America, Canada and Europe under several brand names such as Blue Star, Oceanica, Pacifika and Harbor Banks.   On November 8, 2018 the sole shareholder of John Keeler & Co., Inc. executed an Agreement and Plan of Merger and Reorganization with Blue Star Foods Corp. (Formerly A.G. Acquisition Group II, Inc.) and Blue Star Acquisition Corp. John R. Keeler exchanged his 500 shares with a par value of $1.00 in John Keeler & Co., Inc. for the 15,000,000 shares with a par value of $.0001 of the then outstanding 16,015,000 outstanding shares. As part of the merger, the net liabilities existing in the company as of the date of the merger totaling approximately $2,400 were converted to equity as part of this transaction. The prior owners of Blue Star Foods Corp. received 750,000 shares of common stock as part of this transaction, and various service providers received 265,000 shares as compensation for their work on the transaction resulting in and expense and additional paid in capital of $530,001. Additionally, there were 725 shares of Series A Preferred stock and 181,250 warrants issued to private placement investors for total capital contribution of $725,000, 688 shares of Series A Preferred stock and 172,000 warrants issued for settlement with prior investors which had a fair value of $688,000 and $81,353 respectively. Upon the close of the merger there was an option to purchase 3,120,000 shares of common stock issued to Christopher Constable. Additionally, Carlos Faria held an option to purchase 104 shares of John Keeler & Co., Inc. prior to the merger. These options were immediately converted at closing to an option to purchase 3,120,000 shares of common stock of Blue Star Foods Corp.   The Merger was accounted for as a “reverse merger” and recapitalization since, immediately following the completion of the transaction, the holders of John Keeler & Co., Inc.’s stock will have effective control of Blue Star Foods Corp. In addition, John Keeler & Co., Inc. will have control of the combined entity through control of the Board by designating all four of the board seats. Additionally, all of John Keeler & Co., Inc.’s officers and senior executive positions will continue on as management of the combined entity after consummation of the Merger. For accounting purposes, John Keeler & Co., Inc. will be deemed to be the accounting acquirer in the transaction and, consequently, the transaction has been treated as a recapitalization of Blue Star Foods Corp. Accordingly, John Keeler & Co., Inc.’s assets, liabilities and results of operations are the historical financial statements of the Company, and John Keeler & Co., Inc.’s assets, liabilities and results of operations have been consolidated with Blue Star Foods Corp. effective as of the date of the closing of the Merger. No step-up in basis or intangible assets or goodwill was recorded in this transaction.

The table below presents the lease-related assets and liabilities recorded on the balance sheets.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Assets</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%">Operating lease assets</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,145,348</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Liabilities</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current</td> <td> </td> <td>$</td> <td style="text-align: right">124,244</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating lease liabilities</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Noncurrent</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Operating lease liabilities</td> <td> </td> <td>$</td> <td style="text-align: right">1,035,661</td> <td> </td></tr> </table>

Supplemental cash flow information related to leases were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Cash used in operating activities:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; padding-left: 10pt">Operating leases</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">14,557</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>ROU assets recognized in exchange for lease obligations:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td>$</td> <td style="text-align: right">1,257,751</td> <td> </td></tr> </table> The table below presents the remaining lease term and discount rates for operating leases.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted-average remaining lease term</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td> </td> <td style="text-align: right">6.75 years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted-average discount rate</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; padding-left: 10pt">Operating leases</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">5.5</td> <td style="width: 1%">%</td></tr> </table>

Maturities of lease liabilities as of September 30, 2019, were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Operating Leases</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%">2019 (excluding the nine months ended September 30, 2019)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">49,910</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2020</td> <td> </td> <td> </td> <td style="text-align: right">190,574</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2021</td> <td> </td> <td> </td> <td style="text-align: right">201,675</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2022</td> <td> </td> <td> </td> <td style="text-align: right">213,600</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2023</td> <td> </td> <td> </td> <td style="text-align: right">216,847</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Thereafter</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">557,074</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Total lease payments</td> <td> </td> <td> </td> <td style="text-align: right">1,429,680</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: amount of lease payments representing interest</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(272,889</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Present value of future minimum lease payments</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,156,791</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Less: current obligations under leases</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(121,130</td> <td style="padding-bottom: 2.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Non current long-term obligations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,035,661</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The information below represents the assets, liabilities and non-controlling interest related to Strike as of September 30, 2019 and December 31, 2018.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">97,449</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Liabilities</td> <td> </td> <td> </td> <td style="text-align: right">48,452</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Non-controlling interest</td> <td> </td> <td> </td> <td style="text-align: right">(440,185</td> <td>)</td></tr> </table>   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 82%">Assets</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 15%; text-align: right">177,352</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Liabilities</td> <td> </td> <td> </td> <td style="text-align: right">95,720</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Non-controlling interest</td> <td> </td> <td> </td> <td style="text-align: right">(440,883</td> <td>)</td></tr> </table>

The following table represents warrant activity for the nine months ending September 30, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Warrants</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Remaining Contractual Life in Years</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; padding-bottom: 2.5pt">Outstanding - December 31, 2018</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">353,250</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">2.40</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">2.85</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Exercisable - December 31, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">353,250</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.40</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2.85</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Granted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Forfeited or Expired</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Outstanding -September 30, 2019</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">353,250</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.40</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2.11</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Exercisable - September 30, 2019</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">353,250</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.40</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2.11</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

P2Y1M9D

The Kenar Note matured on July 26, 2019 and was extended on a month-to-month basis on the same terms and conditions.

The Lobo Note matured on August 2, 2019 and was extended through December 2, 2019 on the same terms and conditions.

530001

688000

81353

130956

14130 14130 28260 28260

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statement of cash flows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">35,008</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">13,143</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Restricted cash</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">199,010</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">334,083</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total cash, cash equivalents, and restricted cash shown in the cash flow statement</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">234,018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">347,226</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

713852

1100000

10000

28000

1257751

-3480979

-101821

-1265655

376958

-648

64678

22583

30051

391533

417212

15000

2.00

2263

-5000

665028 665028 665028 670966 670966 670966

10000

9999

10000

5500

The following table represents option activity for the nine months ending September 30, 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Number of Options</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Exercise Price</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Weighted Average Remaining Contractual Life in Years</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Aggregate Intrinsic Value</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 44%; padding-bottom: 2.5pt">Outstanding - December 31, 2018</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">6,240,000</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double">$</td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">1.17</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right">9.86</td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td> <td style="width: 1%; border-bottom: black 2.25pt double"> </td> <td style="width: 11%; border-bottom: black 2.25pt double; text-align: right"> </td> <td style="width: 1%; padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Exercisable - December 31, 2018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,120,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.33</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">9.86</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,210,400</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Granted</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">705,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">2.00</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Vested</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">-</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Forfeited</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">(15,000</td> <td style="padding-bottom: 2.5pt">)</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">2.00</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Outstanding – September 30, 2019</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">6,930,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1.25</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">9.13</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td> </td> <td style="text-align: right"> </td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Exercisable - September 30, 2019</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">3,120,000</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">0.33</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right">9.12</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">5,210,400</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

The following table summarizes the assumptions used to estimate the fair value of the stock options granted during 2019:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center">2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 77%">Expected Volatility</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 20%; text-align: right">39%-48</td> <td style="width: 1%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Risk Free Interest Rate</td> <td> </td> <td> </td> <td style="text-align: right">2.62%-2.71</td> <td>%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Expected life of warrants</td> <td> </td> <td> </td> <td style="text-align: right">6.25 – 10.0</td> <td> </td></tr> </table>

Basis of Presentation   The following unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, such interim financial statements do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete annual financial statements. The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. The balance sheet as of December 31, 2018 has been derived from the Company’s annual financial statements that were audited by an independent registered public accounting firm but does not include all of the information and footnotes required for complete annual financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in our Annual Report on Form 10-K for the year ending December 31, 2018 for a broader discussion of our business and the risks inherent in such business.

Restricted Cash   The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statement of cash flows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">December 31, 2018</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%">Cash and cash equivalents</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">35,008</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 16%; text-align: right">13,143</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Restricted cash</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">199,010</td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">334,083</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Total cash, cash equivalents, and restricted cash shown in the cash flow statement</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">234,018</td> <td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">347,226</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Advances to Suppliers and Related Party   In the normal course of business, the Company may advance payments to its suppliers, inclusive of 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 September 30, 2019 and December 31, 2018, the balance due from the related party for future shipments was approximately $1,178,842 and $1,139,619, respectively. The 2019 balances represent approximately four months of purchases from the supplier.

Revenue Recognition   In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers”, and has subsequently issued several supplemental and/or clarifying ASUs (collectively, “ASC 606”). ASC 606 prescribes a single common revenue standard that replaces most existing U.S. GAAP revenue recognition guidance. ASC 606 is intended to provide a more consistent interpretation and application of the principles outlined in the standard across filers in multiple industries and within the same industries compared to current practices, which should improve comparability. Adoption of ASC 606 is required for annual and interim periods beginning after December 15, 2017. Upon adoption, we must elect to adopt either retrospectively to each prior reporting period presented or use the modified retrospective transition method with the cumulative effect of initial adoption recognized at the date of initial application. We adopted the new standard using the modified retrospective method on January 1, 2018.   Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 also impacts certain other areas, such as the accounting for costs to obtain or fulfill a contract. The standard also requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.

ASC 842 Leases.   On January 1, 2019, we adopted Accounting Standards Codification 842 and all the related amendments using the modified retrospective method. We recognized the cumulative effect of initially applying the new lease standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the lease accounting standard in effect for those periods.   The new lease standard requires all leases to be reported on the balance sheet as right-of-use assets and lease obligations. We elected the practical expedients permitted under the transition guidance of the new standard that retained the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. We did not reassess whether any contracts entered into prior to adoption are leases or contain leases.   We categorize leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that would allow us 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. We did not have any finance leases as of September 30, 2019. Our leases generally have terms that range from three years for equipment and five to twenty years for property. We elected the accounting policy to include both the lease and non-lease components of our agreements as a single component and account 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 we have 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 we will exercise the option, we consider 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 sheets.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Assets</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%">Operating lease assets</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">1,145,348</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Liabilities</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Current</td> <td> </td> <td>$</td> <td style="text-align: right">124,244</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating lease liabilities</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Noncurrent</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>Operating lease liabilities</td> <td> </td> <td>$</td> <td style="text-align: right">1,035,661</td> <td> </td></tr> </table>    Supplemental cash flow information related to leases were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Nine Months Ended September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Cash used in operating activities:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; padding-left: 10pt">Operating leases</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">14,557</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>ROU assets recognized in exchange for lease obligations:</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td>$</td> <td style="text-align: right">1,257,751</td> <td> </td></tr> </table>   The table below presents the remaining lease term and discount rates for operating leases.   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">September 30, 2019</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted-average remaining lease term</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt">Operating leases</td> <td> </td> <td> </td> <td style="text-align: right">6.75 years</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>Weighted-average discount rate</td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 79%; padding-left: 10pt">Operating leases</td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 18%; text-align: right">5.5</td> <td style="width: 1%">%</td></tr> </table>   Maturities of lease liabilities as of September 30, 2019, were as follows:   <table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center">Operating Leases</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 79%">2019 (excluding the nine months ended September 30, 2019)</td> <td style="width: 1%"> </td> <td style="width: 1%">$</td> <td style="width: 18%; text-align: right">49,910</td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2020</td> <td> </td> <td> </td> <td style="text-align: right">190,574</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2021</td> <td> </td> <td> </td> <td style="text-align: right">201,675</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td>2022</td> <td> </td> <td> </td> <td style="text-align: right">213,600</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td>2023</td> <td> </td> <td> </td> <td style="text-align: right">216,847</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Thereafter</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">557,074</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt">Total lease payments</td> <td> </td> <td> </td> <td style="text-align: right">1,429,680</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt">Less: amount of lease payments representing interest</td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right">(272,889</td> <td style="padding-bottom: 1.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Present value of future minimum lease payments</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,156,791</td> <td style="padding-bottom: 2.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 2.5pt">Less: current obligations under leases</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">(121,130</td> <td style="padding-bottom: 2.5pt">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 2.5pt">Non current long-term obligations</td> <td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: black 2.25pt double">$</td> <td style="border-bottom: black 2.25pt double; text-align: right">1,035,661</td> <td style="padding-bottom: 2.5pt"> </td></tr> </table>

Stock-Based Compensation   Effective January 1, 2019, the Company adopted ASU No. 2018-07, Compensation – Stock Based Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-7”), which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees. The adoption of ASU 2018-07 did not have a material impact on the Company’s consolidated financial statements.

Income Taxes   Prior to November 8, 2018, the Company was taxed under the provisions of subchapter S of the Internal Revenue Code. Under these provisions, the Company did not pay corporate federal income taxes on its taxable income but was liable for Florida corporate income taxes and Texas Franchise Tax. The shareholder was liable for individual income taxes on the Company’s taxable income. Post-merger, the Company file consolidated federal and state income tax returns.

2020-03-31

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Stockholder's Deficit [Member] Legal Entity [Axis] John Keeler & Co., Inc. [Member] Title of Individual [Axis] Shareholder [Member] Private Placement Investors [Member] Class of Stock [Axis] Series A Preferred Stock [Member] Prior Investors [Member] Christopher Constable [Member] Carlos Faria [Member] Related Party [Axis] ACF Finco I, LP [Member] Variable Rate [Axis] London Interbank Offered Rate (LIBOR) [Member] Prime Rate [Member] Fixed Rate [Member] Mercedes-Benz Financial Services [Member] Plan Name [Axis] 2018 Plan [Member] Extinguishment of Debt [Axis] Accounts Payable and Accruals [Member] Property, Plant and Equipment, Type [Axis] Equipment [Member] Property [Member] Range [Axis] Minimum [Member] Maximum [Member] Debt Instrument [Axis] 6% Demand Promissory Notes [Member] John Keeler [Member] Four Month Unsecured Promissory Notes [Member] Kenar Overseas Corp [Member] Sale of Stock [Axis] Private Offering [Member] One Investor [Member] Long Term Employees [Member] Zoty Ponce [Member] Contractors [Member] Lobo Holdings, LLC [Member] MEC Consulting [Member] 11 Non Officer Employees [Member] Type of Arrangement and Non-arrangement Transactions [Axis] Agreement and Plan of Merger and Reorganization [Member] Agreement and Plan of Merger and Reorganization [Member] Keeler & Co [Member] Individuals [Member] Subsequent Event Type [Axis] Subsequent Event [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Flag Entity Emerging Growth Company Entity Ex Transition Period Entity Shell Company Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS Cash (including VIE $2,731 and $5,561, respectively) Restricted Cash Accounts receivable, net (including VIE $25,327 and $49,624, respectively) Inventory, net (including VIE $65,308 and $117,816, respectively) Advances to related party Other current assets (including VIE $4,083 and $4,351 respectively) Total current assets FIXED ASSETS, net RIGHT OF USE ASSET OTHER ASSETS TOTAL ASSETS LIABILITIES AND STOCKHOLDER'S DEFICIT CURRENT LIABILITIES Accounts payable and accruals (including VIE $48,452 and $95,720, respectively) Working capital line of credit Related Party Notes Payable Current maturities of long-term debt Stockholder notes payable - Subordinated Total current liabilities LONG -TERM RIGHT OF USE LIABILITY TOTAL LIABILITIES STOCKHOLDER'S DEFICIT Blue Star Foods Corp Stockholder Equity Series A 8% cumulative convertible preferred stock, $0.0001 par value; 10,000 shares authorized, 1,413 shares issued and outstanding as of September 30, 2019 and December 31, 2018 Common stock, $0.0001 par value, 100,000,000 shares authorized; 16,104,554 shares issued and outstanding (including 14,130 not yet issued shares declared as stock dividend on September 30, 2019 ) as of September 30, 2019 and 16,023,164 shares issued and outstanding (including 8,164 shares declared as stock dividend on December 31, 2018) as of December 31, 2018 Additional paid-in capital Accumulated deficit Total Blue Star Foods Corp. stockholder's deficit Non-controlling interest Accumulated other comprehensive income (VIE) Total VIE's deficit TOTAL STOCKHOLDER'S DEFICIT TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT Statement [Table] Statement [Line Items] Current assets attributable to VIE Current liabilities of VIE Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Dividend declared but not yet issued, shares Common stock dividend shares Income Statement [Abstract] REVENUE, NET COST OF REVENUE GROSS PROFIT COMMISSIONS SALARIES & WAGES OTHER OPERATING EXPENSES INCOME (LOSS) FROM OPERATIONS OTHER INCOME INTEREST EXPENSE NET INCOME (LOSS) LESS: NET INCOME ( LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST NET INCOME (LOSS) LOSS ATTRIBUTABLE TO BLUE STAR FOODS CORP. DIVIDEND ON PREFERRED STOCK NET INCOME(LOSS) ATTRIBUABLE TO BLUE STAR FOODS CORP COMMON SHAREHOLDERS COMPREHENSIVE INCOME (LOSS): TRANSLATION ADJUSTMENT ATTRIBUTABLE TO NON-CONTROLLING INTEREST COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO BLUE STAR FOODS CORP. PRO FORMA DATA: PRO FORMA INCOME TAX EXPENSE PRO FORMA NET (LOSS) INCOME ATTRIBUTABLE TO BLUE STAR FOODS CORP PRO FORMA COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO BLUE STAR FOODS CORP Income (Loss) per basic and diluted common share Basic net income (loss) per common share Basic weighted average common shares outstanding Fully diluted net income (loss) per common share Fully diluted weighted average common shares outstanding Balance Balance, shares 606 Adjustment to January 1, 2018 Cancellation of Issued Shares for Cash Cancellation of Issued Shares for Cash, shares Common stock issued for Cash Common stock issued for Cash, shares Common stock issued for Services Common stock issued for Services, shares Common Stock Incentive Issued to Employees Common Stock Incentive Issued to Employees, shares Option Expense Stock Based Compensation Dividends to preferred stockholders Dividends to preferred stockholders, shares Net (Income) Loss Comprehensive loss Balance Balance, shares Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net Loss Adjustments to reconcile net loss to net cash provided by in operating activities: Stock Based Compensation Common stock issued for Service Depreciation of fixed assets Amortization of Right of use asset Amortization of loan costs Changes in operating assets and liabilities: Receivables Inventories Advances to affiliated supplier Other current assets Change in Right of use Liability Accounts payable and accruals EX-101.PRE 11 aagi-20190930_pre.xml XBRL PRESENTATION FILE XML 12 R13.htm IDEA: XBRL DOCUMENT

Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

Note 5. Debt

Working Capital Line of Credit

The line of credit bears an interest rate equal to the greater of 3 Month LIBOR rate plus 6.25%, the Prime rate plus 3.0% or a fixed rate of 6.5% and is subject to the following terms:

	●	Borrowing is based on up to 85% of eligible accounts receivable plus the net orderly liquidation value of eligible inventory at the same rate, subject to certain defined limitations.
	●	The line is collateralized by substantially all the assets and property of the Company and is personally guaranteed by the stockholder of the Company.
	●	The Company is restricted to specified distribution payments, use of funds, and is required to comply with certain other covenants including certain financial ratios.
	●	All cash received by the Company is applied against the outstanding loan balance.
	●	A subjective acceleration clause allows ACF to call the note upon a material adverse change.

As of September 30, 2019, the line of credit bears interest rate of 11.381%.

As of September 30, 2019 and December 31, 2018, the line of credit had an outstanding balance of approximately $6,116,265 and $8,204,000, respectively.

John Keeler Promissory Notes

Current Portion of Long-Term Debt

Kenar Note

Lobo Note

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Commitment and Contingencies

9 Months Ended

Sep. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Commitment and Contingencies

Note 9. Commitment and Contingencies

Office lease

Legal

XML 14 R34.htm IDEA: XBRL DOCUMENT

Common Stock (Details Narrative) - USD ($)												3 Months Ended			9 Months Ended
Common Stock (Details Narrative) - USD ($)	Sep. 24, 2019	May 17, 2019	May 09, 2019	May 07, 2019	May 06, 2019	May 02, 2019	Apr. 23, 2019	Apr. 12, 2019	Apr. 02, 2019	Mar. 31, 2019	Feb. 01, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2019
Number of shares returned, value												$ 10,000
Dividends to preferred stockholders, shares										14,130
Dividends to preferred stockholders										$ 28,260
Dividend declared but not yet issued, shares	14,130														14,130
Dividend declared but not yet issued	$ 28,260														$ 28,260
MEC Consulting [Member]
Shares sold, price per share							$ 2.00
Stock issued during period for services							2,500
Individuals [Member]
Shares sold, price per share		$ 2.00
Stock issued during period for services		20,000
11 Non Officer Employees [Member]
Shares sold, price per share		$ 2.00
Number of shares issued as incentive		5,500
Private Offering [Member] \| One Investor [Member]
Number of shares sold			1,000	3,000	500	500		1,000	5,000		5,000
Shares sold, price per share			$ 2.00	$ 2.00	$ 2.00	$ 2.00		$ 2.00	$ 2.00		$ 2.00
Number of shares returned, value											$ 10,000

XML 15 R8.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical)	9 Months Ended
	Sep. 30, 2019
Statement of Cash Flows [Abstract]
Preferred stock, dividend percentage	8.00%

XML 16 R30.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Maturities of Lease Liabilities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
2019 (excluding the nine months ended September 30, 2019)	$ 49,910
2020	190,574
2021	201,675
2022	213,600
2023	216,847
Thereafter	557,074
Total lease payments	1,429,680
Less: amount of lease payments representing interest	(272,889)
Present value of future minimum lease payments	1,156,791
Less: current obligations under leases	(124,244)
Non current long-term obligations	$ 1,035,661

XML 17 R38.htm IDEA: XBRL DOCUMENT

Warrants (Details Narrative)	9 Months Ended
Warrants (Details Narrative)	Sep. 30, 2019 shares
Warrants and Rights Note Disclosure [Abstract]
Number of warrants granted

XML 18 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
REVENUE, NET	$ 5,081,164	$ 6,815,000	$ 19,124,412	$ 23,810,655
COST OF REVENUE	4,409,657	5,670,756	16,431,715	20,359,995
GROSS PROFIT	671,507	1,144,244	2,692,697	3,450,660
COMMISSIONS	15,996	39,411	54,657	105,626
SALARIES & WAGES	1,014,195	417,093	3,252,735	1,350,063
OTHER OPERATING EXPENSES	676,904	529,127	2,117,516	1,767,861
INCOME (LOSS) FROM OPERATIONS	(1,035,588)	158,613	(2,732,211)	227,110
OTHER INCOME		417,212		391,533
INTEREST EXPENSE	(252,650)	(228,918)	(748,120)	(785,142)
NET INCOME (LOSS)	(1,288,238)	346,907	(3,480,331)	(166,499)
LESS: NET INCOME ( LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST	(22,583)	(30,051)	648	(64,678)
NET INCOME (LOSS) LOSS ATTRIBUTABLE TO BLUE STAR FOODS CORP.	(1,265,655)	376,958	(3,480,979)	(101,821)
DIVIDEND ON PREFERRED STOCK	28,260		84,780
NET INCOME(LOSS) ATTRIBUABLE TO BLUE STAR FOODS CORP COMMON SHAREHOLDERS	(1,293,915)	376,958	(3,565,759)	(101,821)
COMPREHENSIVE INCOME (LOSS):
TRANSLATION ADJUSTMENT ATTRIBUTABLE TO NON-CONTROLLING INTEREST	522	17,800	(46,363)	18,721
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST	(22,061)	(12,251)	(45,175)	(45,957)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO BLUE STAR FOODS CORP.	(1,265,655)	376,958	(3,480,979)	(101,821)
PRO FORMA DATA:
PRO FORMA INCOME TAX EXPENSE
PRO FORMA NET (LOSS) INCOME ATTRIBUTABLE TO BLUE STAR FOODS CORP	(1,265,655)	376,958	(3,480,979)	(101,821)
PRO FORMA COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO BLUE STAR FOODS CORP	$ (1,265,655)	$ 376,958	$ (3,480,979)	$ (101,821)
Income (Loss) per basic and diluted common share
Basic net income (loss) per common share	$ (0.08)	$ 0.03	$ (0.22)	$ (0.01)
Basic weighted average common shares outstanding	16,045,616	15,000,000	16,045,616	15,000,000
Fully diluted net income (loss) per common share	$ (0.08)	$ 0.03	$ (0.22)	$ (0.01)
Fully diluted weighted average common shares outstanding	16,045,616	15,000,000	16,045,616	15,000,000

XML 19 R29.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Remaining Lease Term and Discount Rates for Operating Leases (Details)	Sep. 30, 2019
Accounting Policies [Abstract]
Weighted-average remaining lease term, Operating leases	6 years 9 months
Weighted-average discount rate, Operating leases	5.50%

XML 20 R21.htm IDEA: XBRL DOCUMENT

Consolidation of Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Assets, Liabilities and Non-controlling Interest Related to Strike

The information below represents the assets, liabilities and non-controlling interest related to Strike as of September 30, 2019 and December 31, 2018.

	September 30, 2019
Assets	$	97,449
Liabilities		48,452
Non-controlling interest		(440,185	)

	December 31, 2018
Assets	$	177,352
Liabilities		95,720
Non-controlling interest		(440,883	)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

XML 21 R25.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Summary of Significant Accounting Policies (Details Narrative) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Due from related party for future shipments	$ 1,178,842	$ 1,139,619
Finance leases
Operating lease, term	6 years 9 months
Equipment [Member]
Operating lease, term	3 years
Property [Member] \| Minimum [Member]
Operating lease, term	5 years
Property [Member] \| Maximum [Member]
Operating lease, term	20 years

XML 22 R40.htm IDEA: XBRL DOCUMENT

Commitment and Contingencies (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Lease term	20 years
Lease expiration	Jul. 31, 2021
Mortgage amount	$ 1,280,684
Rental and equipment lease expenses	$ 176,500	$ 159,600

XML 23 R20.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Schedule Reconciliation of Cash, Cash Equivalents and Restricted Cash

	September 30, 2019		December 31, 2018

Cash and cash equivalents	$	35,008	$	13,143
Restricted cash		199,010		334,083
Total cash, cash equivalents, and restricted cash shown in the cash flow statement	$	234,018	$	347,226

Schedule of Lease-related Assets and Liabilities

The table below presents the lease-related assets and liabilities recorded on the balance sheets.

	September 30, 2019
Assets
Operating lease assets	$	1,145,348

Liabilities
Current	$	124,244
Operating lease liabilities
Noncurrent
Operating lease liabilities	$	1,035,661

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases were as follows:

	Nine Months Ended September 30, 2019

Cash used in operating activities:
Operating leases	$	14,557
ROU assets recognized in exchange for lease obligations:
Operating leases	$	1,257,751

Schedule of Remaining Lease Term and Discount Rates for Operating Leases

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

	September 30, 2019
Weighted-average remaining lease term
Operating leases		6.75 years
Weighted-average discount rate
Operating leases		5.5	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities as of September 30, 2019, were as follows:

	Operating Leases

2019 (excluding the nine months ended September 30, 2019)	$	49,910
2020		190,574
2021		201,675
2022		213,600
2023		216,847
Thereafter		557,074
Total lease payments		1,429,680
Less: amount of lease payments representing interest		(272,889	)
Present value of future minimum lease payments	$	1,156,791
Less: current obligations under leases	$	(121,130	)
Non current long-term obligations	$	1,035,661

XML 24 R24.htm IDEA: XBRL DOCUMENT

Company Overview (Details Narrative) - USD ($)		3 Months Ended	9 Months Ended
Company Overview (Details Narrative) - USD ($)	Nov. 08, 2018	Jun. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Jan. 02, 2018	Dec. 29, 2017
Par value of exchanged shares			$ 0.0001	$ 0.0001		$ 0.0001
Total capital contribution			$ 22,000
Series A Preferred Stock [Member]
Shares outstanding		1,413	1,413		1,413	1,413
Common Stock [Member]
Shares outstanding		16,095,424	16,104,554	15,000,000	16,042,294	16,023,164	15,000,000	15,000,000	15,000,000	15,000,000
Stock issued during period services		22,500
Common Stock [Member] \| Agreement and Plan of Merger and Reorganization [Member]
Common stock received on transaction			750,000
Stock issued during period services			265,000
Common Stock [Member] \| Agreement and Plan of Merger and Reorganization [Member]
Additional paid in capital			$ 530,001
Prior Investors [Member] \| Series A Preferred Stock [Member]
Warrants fair value			$ 688,000			$ 81,353
Christopher Constable [Member]
Number of stock options granted	3,120,000
John Keeler & Co., Inc. [Member] \| Shareholder [Member]
Shares exchanged by the shareholder	500
Par value of exchanged shares	$ 1.00
Shares issued to new shareholder	15,000,000
Par value of shares issued to new shareholder	$ 0.0001
Shares outstanding	16,015,000
Converted to equity transaction	$ 2,400
John Keeler & Co., Inc. [Member] \| Private Placement Investors [Member]
Warrants issued to investors	181,250
Total capital contribution	$ 725,000
John Keeler & Co., Inc. [Member] \| Private Placement Investors [Member] \| Series A Preferred Stock [Member]
Shares issued to investors	725
John Keeler & Co., Inc. [Member] \| Prior Investors [Member]
Warrants issued to investors	172,000
John Keeler & Co., Inc. [Member] \| Prior Investors [Member] \| Series A Preferred Stock [Member]
Shares issued to investors	688
John Keeler & Co., Inc. [Member] \| Christopher Constable [Member]
Number of stock options granted	3,120,000
John Keeler & Co., Inc. [Member] \| Carlos Faria [Member]
Options to purchase stock	104

XML 25 R28.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Supplemental Cash Flow Information Related to Leases (Details)	9 Months Ended
	Sep. 30, 2019 USD ($)
Accounting Policies [Abstract]
Cash used in operating activities, Operating leases	$ 14,557
ROU assets recognized in exchange for lease obligations, Operating leases	$ 1,257,751

XML 27 R41.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details Narrative) - Four Month Unsecured Promissory Notes [Member] - USD ($)	Nov. 19, 2019	Nov. 15, 2019	Apr. 02, 2019	Mar. 26, 2019
Lobo Holdings, LLC [Member]
Debt instrument, principal amount			$ 100,000
Debt instrument, interest rate			18.00%
Debt maturity date			Aug. 02, 2019
Kenar Overseas Corp [Member]
Debt instrument, principal amount				$ 1,000,000
Debt instrument, interest rate				18.00%
Debt maturity date				Jul. 26, 2019
Subsequent Event [Member] \| Lobo Holdings, LLC [Member]
Debt instrument, principal amount		$ 100,000
Debt instrument, interest rate		15.00%
Debt maturity date		Mar. 31, 2020
Subsequent Event [Member] \| Kenar Overseas Corp [Member]
Extended maturity date	Mar. 31, 2020

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XML 32 R16.htm IDEA: XBRL DOCUMENT v3.19.3 Warrants 9 Months Ended Sep. 30, 2019 Warrants and Rights Note Disclosure [Abstract] Warrants Note 8. Warrants The following table represents warrant activity for the nine months ending September 30, 2019: Number of Warrants Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding - December 31, 2018 353,250 $ 2.40 2.85 Exercisable - December 31, 2018 353,250 $ 2.40 2.85 $ - Granted - $ - Forfeited or Expired - Outstanding -September 30, 2019 353,250 $ 2.40 2.11 Exercisable - September 30, 2019 353,250 $ 2.40 2.11 $ - There was no warrant activity for the nine months ending September 30, 2019. 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USD ($) Series A Preferred Stock [Member] Common Stock [Member] Additional Paid-in Capital [Member] Retained Earnings (Accumulated Deficit) [Member] Total Blue Star Foods Corp. Stockholder's Deficit [Member] Non-Controlling Interest [Member] Total Balance at Dec. 29, 2017 $ 1,500 $ 558,257 $ (1,494,927) $ (935,170) $ (317,378) $ (1,252,548) Balance, shares at Dec. 29, 2017 15,000,000 606 Adjustment to January 1, 2018 (81,520) (81,520) (81,520) Balance at Jan. 02, 2018 $ 1,500 558,257 (1,576,447) (1,016,690) (317,378) (1,334,068) Balance, shares at Jan. 02, 2018 15,000,000 Net (Income) Loss (723,228) (723,228) (44,890) (768,118) Comprehensive loss 5,096 5,096 Balance at Mar. 31, 2018 $ 1,500 558,257 (2,299,675) (1,739,918) (357,172) (2,097,090) Balance, shares at Mar. 31, 2018 15,000,000 Net (Income) Loss 244,449 244,449 10,263 254,712 Comprehensive loss (4,175) (4,175) Balance at Jun. 30, 2018 $ 1,500 558,257 (2,055,226) (1,495,469) (351,084) (1,846,553) Balance, shares at Jun. 30, 2018 15,000,000 Net (Income) Loss 376,958 376,958 (30,051) 346,907 Comprehensive loss 17,800 17,800 Balance at Sep. 30, 2018 $ 1,500 558,257 (1,678,268) (1,118,511) (363,335) (1,481,846) Balance, shares at Sep. 30, 2018 15,000,000 Balance at Dec. 31, 2018 $ 1,603 3,404,774 (3,853,139) (446,762) (372,752) (819,514) Balance, shares at Dec. 31, 2018 1,413 16,023,164 Common stock issued for Cash $ 1 9,999 10,000 10,000 Common stock issued for Cash, shares 5,000 Option Expense 665,028 665,028 665,028 Dividends to preferred stockholders $ 2 28,258 (28,260) Dividends to preferred stockholders, shares 14,130 Net (Income) Loss (1,220,029) (1,220,029) (19,268) (1,239,297) Comprehensive loss (53,850) (53,850) Balance at Mar. 31, 2019 $ 1,606 4,108,059 (5,101,428) (991,763) (445,870) (1,437,633) Balance, shares at Mar. 31, 2019 1,413 16,042,294 Balance at Dec. 31, 2018 $ 1,603 3,404,774 (3,853,139) (446,762) (372,752) (819,514) Balance, shares at Dec. 31, 2018 1,413 16,023,164 Net (Income) Loss (3,480,331) Balance at Sep. 30, 2019 $ 1,612 5,612,245 (7,418,898) (1,805,041) (418,467) (2,223,508) Balance, shares at Sep. 30, 2019 1,413 16,104,554 Balance at Mar. 31, 2019 $ 1,606 4,108,059 (5,101,428) (991,763) (445,870) (1,437,633) Balance, shares at Mar. 31, 2019 1,413 16,042,294 Common stock issued for Cash $ 1 21,999 22,000 22,000 Common stock issued for Cash, shares 11,000 Common stock issued for Services $ 3 44,997 45,000 45,000 Common stock issued for Services, shares 22,500 Common Stock Incentive Issued to Employees $ 1 10,999 11,000 11,000 Common Stock Incentive Issued to Employees, shares 5,000 Option Expense 670,966 670,966 670,966 Dividends to preferred stockholders $ 1 28,259 (28,260) Dividends to preferred stockholders, shares 14,130 Net (Income) Loss (995,295) (995,295) 42,499 (952,796) Comprehensive loss 6,965 6,965 Balance at Jun. 30, 2019 $ 1,612 4,885,279 (6,124,983) (1,238,092) (396,406) (1,634,498) Balance, shares at Jun. 30, 2019 1,413 16,095,424 Cancellation of Issued Shares for Cash $ (1) (9,999) (10,000) (10,000) Cancellation of Issued Shares for Cash, shares (5,000) Common stock issued for Services 40,000 40,000 40,000 Stock Based Compensation 668,706 668,706 668,706 Dividends to preferred stockholders $ 1 28,259 (28,260) Dividends to preferred stockholders, shares 14,130 Net (Income) Loss (1,265,655) (1,265,655) (22,583) (1,288,238) Comprehensive loss 522 522 Balance at Sep. 30, 2019 $ 1,612 $ 5,612,245 $ (7,418,898) $ (1,805,041) $ (418,467) $ (2,223,508) Balance, shares at Sep. 30, 2019 1,413 16,104,554 X - 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Company Overview Located in Miami, Florida, Blue Star Foods Corp. (the “Company”) is a sustainable seafood company. The Company’s main operating business, John Keeler & Co., Inc. has been in business for approximately 24 years. The Company was formed under the laws of the State of Delaware. The 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 of America, Canada and Europe under several brand names such as Blue Star, Oceanica, Pacifika and Harbor Banks. On November 8, 2018 the sole shareholder of John Keeler & Co., Inc. executed an Agreement and Plan of Merger and Reorganization with Blue Star Foods Corp. (Formerly A.G. Acquisition Group II, Inc.) and Blue Star Acquisition Corp. John R. Keeler exchanged his 500 shares with a par value of $1.00 in John Keeler & Co., Inc. for the 15,000,000 shares with a par value of $.0001 of the then outstanding 16,015,000 outstanding shares. As part of the merger, the net liabilities existing in the company as of the date of the merger totaling approximately $2,400 were converted to equity as part of this transaction. The prior owners of Blue Star Foods Corp. received 750,000 shares of common stock as part of this transaction, and various service providers received 265,000 shares as compensation for their work on the transaction resulting in and expense and additional paid in capital of $530,001. Additionally, there were 725 shares of Series A Preferred stock and 181,250 warrants issued to private placement investors for total capital contribution of $725,000, 688 shares of Series A Preferred stock and 172,000 warrants issued for settlement with prior investors which had a fair value of $688,000 and $81,353 respectively. Upon the close of the merger there was an option to purchase 3,120,000 shares of common stock issued to Christopher Constable. Additionally, Carlos Faria held an option to purchase 104 shares of John Keeler & Co., Inc. prior to the merger. These options were immediately converted at closing to an option to purchase 3,120,000 shares of common stock of Blue Star Foods Corp. The Merger was accounted for as a “reverse merger” and recapitalization since, immediately following the completion of the transaction, the holders of John Keeler & Co., Inc.’s stock will have effective control of Blue Star Foods Corp. In addition, John Keeler & Co., Inc. will have control of the combined entity through control of the Board by designating all four of the board seats. Additionally, all of John Keeler & Co., Inc.’s officers and senior executive positions will continue on as management of the combined entity after consummation of the Merger. For accounting purposes, John Keeler & Co., Inc. will be deemed to be the accounting acquirer in the transaction and, consequently, the transaction has been treated as a recapitalization of Blue Star Foods Corp. Accordingly, John Keeler & Co., Inc.’s assets, liabilities and results of operations are the historical financial statements of the Company, and John Keeler & Co., Inc.’s assets, liabilities and results of operations have been consolidated with Blue Star Foods Corp. effective as of the date of the closing of the Merger. No step-up in basis or intangible assets or goodwill was recorded in this transaction. 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Schedule of Stock Option Activity (Details) - USD ($) 3 Months Ended 9 Months Ended Sep. 30, 2019 Sep. 30, 2019 Share-based Payment Arrangement [Abstract] Number of Option, Outstanding beginning 6,240,000 Number of Option, Exercisable beginning 3,120,000 Number of Option, Granted 705,000 Number of Option, Vested Number of Option, Forfeited (15,000) (15,000) Number of Option, Outstanding ending 6,930,000 6,930,000 Number of Option, Exercisable ending 3,120,000 3,120,000 Weighted Average Exercise Price, Outstanding beginning $ 1.17 Weighted Average Exercise Price, Exercisable beginning 0.33 Weighted Average Exercise Price, Granted 2.00 Weighted Average Exercise Price, Vested Weighted Average Exercise Price, Forfeited 2.00 Weighted Average Exercise Price, Outstanding ending $ 1.25 1.25 Weighted Average Exercise Price, Exercisable ending $ 0.33 $ 0.33 Weighted Average Remaining Contractual Life in Years, Outstanding beginning 9 years 10 months 10 days Weighted Average Remaining Contractual Life in Years, Exercisable beginning 9 years 10 months 10 days Weighted Average Remaining Contractual Life in Years, Outstanding ending 9 years 1 month 16 days Weighted Average Remaining Contractual Life in Years, Exercisable ending 9 years 1 month 13 days Aggregate Intrinsic value, Outstanding ending $ 5,210,400 $ 5,210,400 Aggregate Intrinsic value, Exercisable ending $ 5,210,400 $ 5,210,400 X - 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USD ($) 9 Months Ended 12 Months Ended Nov. 19, 2019 Nov. 15, 2019 Apr. 02, 2019 Mar. 26, 2019 Sep. 30, 2019 Sep. 30, 2018 Dec. 31, 2018 May 31, 2017 Aug. 31, 2016 Revolving line of credit $ 6,116,265 $ 8,204,000 Repayment of new loan $ 18,647,200 $ 28,807,862 Line of credit, interest rate 11.381% Line of credit, description Borrowing is based on up to 85% of eligible accounts receivable plus the net orderly liquidation value of eligible inventory at the same rate, subject to certain defined limitations. Debt instrument, payment terms During the year ended December 31, 2018, the Company failed to meet certain financial covenants under the line of credit and as of June 30, 2019 was in violation of its fixed charge coverage ratio. The loan and security agreement dated August 31, 2016 was amended on July 29, 2019 (the "sixth Amendment"). The Sixth Amendment acknowledged Company's defaults of the financial covenants, confirmed the secured lender's rights and resulted in a default interest rate of an additional 3%, effective August 1, 2019 until the default is cured. 6% Demand Promissory Notes [Member] | John Keeler [Member] Debt instrument, payment terms 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 made. Debt instrument, principal amount $ 2,910,000 Debt instrument, interest rate 6.00% Debt instrument, interest paid $ 130,956 6% Demand Promissory Notes [Member] | Keeler & Co [Member] | John Keeler [Member] Debt instrument, principal amount $ 2,910,000 Debt instrument, interest rate 6.00% Four Month Unsecured Promissory Notes [Member] | Kenar Overseas Corp [Member] Debt instrument, principal amount $ 1,000,000 Debt instrument, interest rate 18.00% Debt maturity date Jul. 26, 2019 Debt instrument, increase in interest rate 24.00% Description on maturity date The Kenar Note matured on July 26, 2019 and was extended on a month-to-month basis on the same terms and conditions. Four Month Unsecured Promissory Notes [Member] | Kenar Overseas Corp [Member] | Subsequent Event [Member] Extended maturity date Mar. 31, 2020 Four Month Unsecured Promissory Notes [Member] | Kenar Overseas Corp [Member] | John Keeler [Member] Number of shares pledged to secure company's obligation 5,000,000 Four Month Unsecured Promissory Notes [Member] | Lobo Holdings, LLC [Member] Debt instrument, principal amount $ 100,000 Debt instrument, interest rate 18.00% Debt maturity date Aug. 02, 2019 Description on maturity date The Lobo Note matured on August 2, 2019 and was extended through December 2, 2019 on the same terms and conditions. Four Month Unsecured Promissory Notes [Member] | Lobo Holdings, LLC [Member] | Subsequent Event [Member] Debt instrument, principal amount $ 100,000 Debt instrument, interest rate 15.00% Debt maturity date Mar. 31, 2020 Four Month Unsecured Promissory Notes [Member] | Lobo Holdings, LLC [Member] | John Keeler [Member] Number of shares pledged to secure company's obligation 1,000,000 ACF Finco I, LP [Member] Revolving line of credit $ 14,000,000 Repayment of new loan $ 309,000 Line of credit, term 5 years ACF Finco I, LP [Member] | London Interbank Offered Rate (LIBOR) [Member] Line of credit, interest rate 6.25% ACF Finco I, LP [Member] | Prime Rate [Member] Line of credit, interest rate 3.00% ACF Finco I, LP [Member] | Fixed Rate [Member] Line of credit, interest rate 6.50% Mercedes-Benz Financial Services [Member] Debt instrument, principal amount $ 6,639 Debt instrument, interest rate 5.56% 5.56% Debt monthly instalment $ 3,000 $ 3,000 Debt maturity date Nov. 30, 2019 X - DefinitionExtended maturity date. + ReferencesNo definition available. + Details Name: AAGI_DebtInstrumentExtendedMaturityDate Namespace Prefix: AAGI_ Data Type: xbrli:dateItemType Balance Type: na Period Type: duration X - 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DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. 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Subsequent Events On November 15, 2019, the Company paid off the Lobo Note with the issuance to Lobo of an unsecured promissory note in the principal amount of $100,000 which bears interest at the rate of 15%, which may be prepaid in whole or in part without penalty, and which matures on March 31, 2020. On November 19, 2019, the Lender agreed to extend the Kenar Note until March 31, 2020 on the same terms and conditions. X - ReferencesNo definition available. + Details Name: us-gaap_SubsequentEventsAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details Name: us-gaap_SubsequentEventsTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration XML 47 R10.htm IDEA: XBRL DOCUMENT v3.19.3 Basis of Presentation and Summary of Significant Accounting Policies 9 Months Ended Sep. 30, 2019 Accounting Policies [Abstract] Basis of Presentation and Summary of Significant Accounting Policies Note 2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The following unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, such interim financial statements do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete annual financial statements. The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. The balance sheet as of December 31, 2018 has been derived from the Company’s annual financial statements that were audited by an independent registered public accounting firm but does not include all of the information and footnotes required for complete annual financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in our Annual Report on Form 10-K for the year ending December 31, 2018 for a broader discussion of our business and the risks inherent in such business. Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statement of cash flows: September 30, 2019 December 31, 2018 Cash and cash equivalents $ 35,008 $ 13,143 Restricted cash 199,010 334,083 Total cash, cash equivalents, and restricted cash shown in the cash flow statement $ 234,018 $ 347,226 Advances to Suppliers and Related Party In the normal course of business, the Company may advance payments to its suppliers, inclusive of 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 September 30, 2019 and December 31, 2018, the balance due from the related party for future shipments was approximately $1,178,842 and $1,139,619, respectively. The 2019 balances represent approximately four months of purchases from the supplier. Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers”, and has subsequently issued several supplemental and/or clarifying ASUs (collectively, “ASC 606”). ASC 606 prescribes a single common revenue standard that replaces most existing U.S. GAAP revenue recognition guidance. ASC 606 is intended to provide a more consistent interpretation and application of the principles outlined in the standard across filers in multiple industries and within the same industries compared to current practices, which should improve comparability. Adoption of ASC 606 is required for annual and interim periods beginning after December 15, 2017. Upon adoption, we must elect to adopt either retrospectively to each prior reporting period presented or use the modified retrospective transition method with the cumulative effect of initial adoption recognized at the date of initial application. We adopted the new standard using the modified retrospective method on January 1, 2018. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 also impacts certain other areas, such as the accounting for costs to obtain or fulfill a contract. The standard also requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASC 842 Leases. On January 1, 2019, we adopted Accounting Standards Codification 842 and all the related amendments using the modified retrospective method. We recognized the cumulative effect of initially applying the new lease standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the lease accounting standard in effect for those periods. The new lease standard requires all leases to be reported on the balance sheet as right-of-use assets and lease obligations. We elected the practical expedients permitted under the transition guidance of the new standard that retained the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. We did not reassess whether any contracts entered into prior to adoption are leases or contain leases. We categorize leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that would allow us 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. We did not have any finance leases as of September 30, 2019. Our leases generally have terms that range from three years for equipment and five to twenty years for property. We elected the accounting policy to include both the lease and non-lease components of our agreements as a single component and account 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 we have 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 we will exercise the option, we consider 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 sheets. September 30, 2019 Assets Operating lease assets $ 1,145,348 Liabilities Current $ 124,244 Operating lease liabilities Noncurrent Operating lease liabilities $ 1,035,661 Supplemental cash flow information related to leases were as follows: Nine Months Ended September 30, 2019 Cash used in operating activities: Operating leases $ 14,557 ROU assets recognized in exchange for lease obligations: Operating leases $ 1,257,751 The table below presents the remaining lease term and discount rates for operating leases. September 30, 2019 Weighted-average remaining lease term Operating leases 6.75 years Weighted-average discount rate Operating leases 5.5 % Maturities of lease liabilities as of September 30, 2019, were as follows: Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 49,910 2020 190,574 2021 201,675 2022 213,600 2023 216,847 Thereafter 557,074 Total lease payments 1,429,680 Less: amount of lease payments representing interest (272,889 ) Present value of future minimum lease payments $ 1,156,791 Less: current obligations under leases $ (121,130 ) Non current long-term obligations $ 1,035,661 Stock-Based Compensation Effective January 1, 2019, the Company adopted ASU No. 2018-07, Compensation – Stock Based Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-7”), which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees. The adoption of ASU 2018-07 did not have a material impact on the Company’s consolidated financial statements. Income Taxes Prior to November 8, 2018, the Company was taxed under the provisions of subchapter S of the Internal Revenue Code. Under these provisions, the Company did not pay corporate federal income taxes on its taxable income but was liable for Florida corporate income taxes and Texas Franchise Tax. The shareholder was liable for individual income taxes on the Company’s taxable income. Post-merger, the Company file consolidated federal and state income tax returns. 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USD ($) Sep. 30, 2019 Dec. 31, 2018 CURRENT ASSETS Cash (including VIE $2,731 and $5,561, respectively) $ 35,008 $ 13,143 Restricted Cash 199,010 334,083 Accounts receivable, net (including VIE $25,327 and $49,624, respectively) 1,701,568 3,449,487 Inventory, net (including VIE $65,308 and $117,816, respectively) 6,997,675 8,126,634 Advances to related party 1,178,842 1,139,619 Other current assets (including VIE $4,083 and $4,351 respectively) 85,881 90,929 Total current assets 10,197,984 13,153,895 FIXED ASSETS, net 67,014 109,169 RIGHT OF USE ASSET 1,145,348 OTHER ASSETS 124,297 218,254 TOTAL ASSETS 11,534,643 13,481,318 CURRENT LIABILITIES Accounts payable and accruals (including VIE $48,452 and $95,720, respectively) 2,589,450 3,155,741 Working capital line of credit 6,116,265 8,203,725 Related Party Notes Payable 1,100,000 Current maturities of long-term debt 6,639 31,230 Stockholder notes payable - Subordinated 2,910,136 2,910,136 Total current liabilities 12,722,490 14,300,832 LONG -TERM RIGHT OF USE LIABILITY 1,035,661 TOTAL LIABILITIES 13,758,151 14,300,832 Blue Star Foods Corp Stockholder Equity Series A 8% cumulative convertible preferred stock, $0.0001 par value; 10,000 shares authorized, 1,413 shares issued and outstanding as of September 30, 2019 and December 31, 2018 Common stock, $0.0001 par value, 100,000,000 shares authorized; 16,104,554 shares issued and outstanding (including 14,130 not yet issued shares declared as stock dividend on September 30, 2019 ) as of September 30, 2019 and 16,023,164 shares issued and outstanding (including 8,164 shares declared as stock dividend on December 31, 2018) as of December 31, 2018 1,612 1,603 Additional paid-in capital 5,612,245 3,404,774 Accumulated deficit (7,418,898) (3,853,139) Total Blue Star Foods Corp. stockholder's deficit (1,805,041) (446,762) Non-controlling interest (440,185) (440,833) Accumulated other comprehensive income (VIE) 21,718 68,081 Total VIE's deficit (418,467) (372,752) TOTAL STOCKHOLDER'S DEFICIT (2,223,508) (819,514) TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT $ 11,534,643 $ 13,481,318 X - 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Amount excludes temporary equity. Alternate caption for the concept is permanent equity. + ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568740-111683 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 55 -Paragraph 4I -URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4590271-111686 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568447-111683 + Details Name: us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest Namespace Prefix: us-gaap_ Data Type: xbrli:monetaryItemType Balance Type: credit Period Type: instant XML 52 R6.htm IDEA: XBRL DOCUMENT v3.19.3 Consolidated Statements of Changes in Stockholder's Deficit (Unaudited) (Parenthetical) - $ / shares Sep. 30, 2019 Sep. 30, 2018 Common stock, par value $ 0.0001 $ 0.0001 Series A Preferred Stock [Member] Preferred stock, par value $ 0.0001 $ 0.0001 X - DefinitionFace amount or stated value per share of common stock. + ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details Name: us-gaap_CommonStockParOrStatedValuePerShare Namespace Prefix: us-gaap_ Data Type: num:perShareItemType Balance Type: na Period Type: instant X - DefinitionFace amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer. + ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details Name: us-gaap_PreferredStockParOrStatedValuePerShare Namespace Prefix: us-gaap_ Data Type: num:perShareItemType Balance Type: na Period Type: instant X - Details Name: us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember Namespace Prefix: Data Type: na Balance Type: Period Type: XML 53 R11.htm IDEA: XBRL DOCUMENT v3.19.3 Going Concern 9 Months Ended Sep. 30, 2019 Organization, Consolidation and Presentation of Financial Statements [Abstract] Going Concern Note 3. Going Concern The accompanying consolidated financial statements and notes have been prepared assuming the Company will continue as a going concern. For the nine months ended September 30, 2019, the Company incurred a net loss of $3,480,979, has an accumulated deficit of $7,418,898 and working capital deficit of $2,524,506, with the current liabilities inclusive of $2,910,136 in stockholder loans that are subordinated to the provider of the working capital facility, and $124,244 in the current portion of the lease liability recognition. These circumstances 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. X - ReferencesNo definition available. + Details Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration X - DefinitionThe entire disclosure when substantial doubt is raised about the ability to continue as a going concern. Includes, but is not limited to, principal conditions or events that raised substantial doubt about the ability to continue as a going concern, management's evaluation of the significance of those conditions or events in relation to the ability to meet its obligations, and management's plans that alleviated or are intended to mitigate the conditions or events that raise substantial doubt about the ability to continue as a going concern. + ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 40 -URI http://asc.fasb.org/subtopic&trid=51888271 + Details Name: us-gaap_SubstantialDoubtAboutGoingConcernTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration XML 54 R15.htm IDEA: XBRL DOCUMENT v3.19.3 Stock-Based Compensation 9 Months Ended Sep. 30, 2019 Share-based Payment Arrangement [Abstract] Stock-Based Compensation Note 7. Stock-Based Compensation For the nine months ended September 30, 2019 During the nine months ended September 30, 2019, approximately $2,016,000 in compensation expense was recognized on the following: 1. Options to purchase 3,120,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest one-year from the date of grant, were issued to Christopher Constable under the 2018 Plan during the twelve months ending December 31, 2018. - 2. Options to purchase 430,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest 25% each year from the date of grant, were issued to various long term employees under the 2018 Plan during the six months ending June 30, 2019. 3. Options to purchase 250,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest 20% each year from the date of grant, were issued to Zoty Ponce under the 2018 Plan during the six months ending June 30, 2019. 4. Options to purchase 25,000 shares of Common Stock at an exercise price of $2.00 with a 10 year life, which vest 25% each year from the date of grant, were issued to various contractors during the six months ending June 30, 2019. The following table summarizes the assumptions used to estimate the fair value of the stock options granted during 2019: 2019 Expected Volatility 39%-48 % Risk Free Interest Rate 2.62%-2.71 % Expected life of warrants 6.25 – 10.0 Under the Black-Scholes option pricing model, the fair value of the 705,000 options granted during the nine months ended September 30, 2019 is estimated at $613,586 on the date of grant. The unrecognized portion of the expense remaining outstanding is $713,852. During the quarter ended September 30, 2019, an aggregate of 15,000 shares subject to options were forfeited, none of which shares were vested and resulted in a reversal of the expense of $2,263. The following table represents option activity for the nine months ending September 30, 2019: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value Outstanding - December 31, 2018 6,240,000 $ 1.17 9.86 Exercisable - December 31, 2018 3,120,000 $ 0.33 9.86 $ 5,210,400 Granted 705,000 $ 2.00 Vested - Forfeited (15,000 ) 2.00 Outstanding – September 30, 2019 6,930,000 $ 1.25 9.13 Exercisable - September 30, 2019 3,120,000 $ 0.33 9.12 $ 5,210,400 X - DefinitionThe entire disclosure for share-based payment arrangement. + ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details Name: us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock Namespace Prefix: us-gaap_ Data Type: nonnum:textBlockItemType Balance Type: na Period Type: duration X - ReferencesNo definition available. + Details Name: us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract Namespace Prefix: us-gaap_ Data Type: xbrli:stringItemType Balance Type: na Period Type: duration XML 55 R19.htm IDEA: XBRL DOCUMENT v3.19.3 Basis of Presentation and Summary of Significant Accounting Policies (Policies) 9 Months Ended Sep. 30, 2019 Accounting Policies [Abstract] Basis of Presentation Basis of Presentation The following unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, such interim financial statements do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete annual financial statements. The information furnished reflects all adjustments, consisting only of normal recurring items which are, in the opinion of management, necessary in order to make the financial statements not misleading. The balance sheet as of December 31, 2018 has been derived from the Company’s annual financial statements that were audited by an independent registered public accounting firm but does not include all of the information and footnotes required for complete annual financial statements. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in our Annual Report on Form 10-K for the year ending December 31, 2018 for a broader discussion of our business and the risks inherent in such business. Restricted Cash Restricted Cash The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same such amounts in the consolidated statement of cash flows: September 30, 2019 December 31, 2018 Cash and cash equivalents $ 35,008 $ 13,143 Restricted cash 199,010 334,083 Total cash, cash equivalents, and restricted cash shown in the cash flow statement $ 234,018 $ 347,226 Advances to Suppliers and Related Party Advances to Suppliers and Related Party In the normal course of business, the Company may advance payments to its suppliers, inclusive of 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 September 30, 2019 and December 31, 2018, the balance due from the related party for future shipments was approximately $1,178,842 and $1,139,619, respectively. The 2019 balances represent approximately four months of purchases from the supplier. Revenue Recognition Revenue Recognition In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, “Revenue from Contracts with Customers”, and has subsequently issued several supplemental and/or clarifying ASUs (collectively, “ASC 606”). ASC 606 prescribes a single common revenue standard that replaces most existing U.S. GAAP revenue recognition guidance. ASC 606 is intended to provide a more consistent interpretation and application of the principles outlined in the standard across filers in multiple industries and within the same industries compared to current practices, which should improve comparability. Adoption of ASC 606 is required for annual and interim periods beginning after December 15, 2017. Upon adoption, we must elect to adopt either retrospectively to each prior reporting period presented or use the modified retrospective transition method with the cumulative effect of initial adoption recognized at the date of initial application. We adopted the new standard using the modified retrospective method on January 1, 2018. Under ASC 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASC 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASC 606 also impacts certain other areas, such as the accounting for costs to obtain or fulfill a contract. The standard also requires disclosure of the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASC 842 Leases ASC 842 Leases. On January 1, 2019, we adopted Accounting Standards Codification 842 and all the related amendments using the modified retrospective method. We recognized the cumulative effect of initially applying the new lease standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the lease accounting standard in effect for those periods. The new lease standard requires all leases to be reported on the balance sheet as right-of-use assets and lease obligations. We elected the practical expedients permitted under the transition guidance of the new standard that retained the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. We did not reassess whether any contracts entered into prior to adoption are leases or contain leases. We categorize leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that would allow us 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. We did not have any finance leases as of September 30, 2019. Our leases generally have terms that range from three years for equipment and five to twenty years for property. We elected the accounting policy to include both the lease and non-lease components of our agreements as a single component and account 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 we have 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 we will exercise the option, we consider 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 sheets. September 30, 2019 Assets Operating lease assets $ 1,145,348 Liabilities Current $ 124,244 Operating lease liabilities Noncurrent Operating lease liabilities $ 1,035,661 Supplemental cash flow information related to leases were as follows: Nine Months Ended September 30, 2019 Cash used in operating activities: Operating leases $ 14,557 ROU assets recognized in exchange for lease obligations: Operating leases $ 1,257,751 The table below presents the remaining lease term and discount rates for operating leases. September 30, 2019 Weighted-average remaining lease term Operating leases 6.75 years Weighted-average discount rate Operating leases 5.5 % Maturities of lease liabilities as of September 30, 2019, were as follows: Operating Leases 2019 (excluding the nine months ended September 30, 2019) $ 49,910 2020 190,574 2021 201,675 2022 213,600 2023 216,847 Thereafter 557,074 Total lease payments 1,429,680 Less: amount of lease payments representing interest (272,889 ) Present value of future minimum lease payments $ 1,156,791 Less: current obligations under leases $ (121,130 ) Non current long-term obligations $ 1,035,661 Stock-Based Compensation Stock-Based Compensation Effective January 1, 2019, the Company adopted ASU No. 2018-07, Compensation – Stock Based Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-7”), which aligns accounting for share-based payments issued to nonemployees to that of employees under the existing guidance of Topic 718, with certain exceptions. This update supersedes previous guidance for equity-based payments to nonemployees under Subtopic 505-50, Equity – Equity-Based Payments to Non-Employees. The adoption of ASU 2018-07 did not have a material impact on the Company’s consolidated financial statements. Income Taxes Income Taxes Prior to November 8, 2018, the Company was taxed under the provisions of subchapter S of the Internal Revenue Code. Under these provisions, the Company did not pay corporate federal income taxes on its taxable income but was liable for Florida corporate income taxes and Texas Franchise Tax. The shareholder was liable for individual income taxes on the Company’s taxable income. Post-merger, the Company file consolidated federal and state income tax returns. 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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 19, 2019
Document And Entity Information
Entity Registrant Name	Blue Star Foods Corp.
Entity Central Index Key	0001730773
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,090,424
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2019

Warrants - Schedule of Warrant Activity (Details)	9 Months Ended
Warrants - Schedule of Warrant Activity (Details)	Sep. 30, 2019 USD ($) $ / shares shares
Warrants and Rights Note Disclosure [Abstract]
Number of Shares, Warrants Outstanding Beginning \| shares	353,250
Number of Shares, Warrants Exercisable Beginning \| shares	353,250
Number of Shares, Warrants granted \| shares
Number of Shares, Warrants Forfeited or Expired \| shares
Number of Shares, Warrants Outstanding Ending \| shares	353,250
Number of Shares, Warrants Exercisable Ending \| shares	353,250
Weighted Average Exercise Price Outstanding Beginning \| $ / shares	$ 2.40
Weighted Average Exercise Price Exercisable, Beginning \| $ / shares	2.40
Weighted Average Exercise Price granted \| $ / shares
Weighted Average Exercise Price Forfeited or Expired \| $ / shares
Weighted Average Exercise Price Outstanding Ending \| $ / shares	2.40
Weighted Average Exercise Price Exercisable Ending \| $ / shares	$ 2.40
Weighted Average Remaining Contractual Life Warrants Outstanding, Beginning	2 years 10 months 6 days
Weighted Average Remaining Contractual Life Warrants Exercisable, Beginning	2 years 10 months 6 days
Weighted Average Remaining Contractual Life Warrants Outstanding, Ending	2 years 1 month 9 days
Weighted Average Remaining Contractual Life Warrants Exercisable, Ending	2 years 1 month 9 days
Aggregate Intrinsic Value Exercisable \| $
Aggregate Intrinsic Value Exercisable \| $

Consolidated Statements of Changes in Stockholder's Deficit (Unaudited) - USD ($)	Series A Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings (Accumulated Deficit) [Member]	Total Blue Star Foods Corp. Stockholder's Deficit [Member]	Non-Controlling Interest [Member]	Total
Balance at Dec. 29, 2017		$ 1,500	$ 558,257	$ (1,494,927)	$ (935,170)	$ (317,378)	$ (1,252,548)
Balance, shares at Dec. 29, 2017		15,000,000
606 Adjustment to January 1, 2018				(81,520)	(81,520)		(81,520)
Balance at Jan. 02, 2018		$ 1,500	558,257	(1,576,447)	(1,016,690)	(317,378)	(1,334,068)
Balance, shares at Jan. 02, 2018		15,000,000
Net (Income) Loss				(723,228)	(723,228)	(44,890)	(768,118)
Comprehensive loss						5,096	5,096
Balance at Mar. 31, 2018		$ 1,500	558,257	(2,299,675)	(1,739,918)	(357,172)	(2,097,090)
Balance, shares at Mar. 31, 2018		15,000,000
Net (Income) Loss				244,449	244,449	10,263	254,712
Comprehensive loss						(4,175)	(4,175)
Balance at Jun. 30, 2018		$ 1,500	558,257	(2,055,226)	(1,495,469)	(351,084)	(1,846,553)
Balance, shares at Jun. 30, 2018		15,000,000
Net (Income) Loss				376,958	376,958	(30,051)	346,907
Comprehensive loss						17,800	17,800
Balance at Sep. 30, 2018		$ 1,500	558,257	(1,678,268)	(1,118,511)	(363,335)	(1,481,846)
Balance, shares at Sep. 30, 2018		15,000,000
Balance at Dec. 31, 2018		$ 1,603	3,404,774	(3,853,139)	(446,762)	(372,752)	(819,514)
Balance, shares at Dec. 31, 2018	1,413	16,023,164
Common stock issued for Cash		$ 1	9,999		10,000		10,000
Common stock issued for Cash, shares		5,000
Option Expense			665,028		665,028		665,028
Dividends to preferred stockholders		$ 2	28,258	(28,260)
Dividends to preferred stockholders, shares		14,130
Net (Income) Loss				(1,220,029)	(1,220,029)	(19,268)	(1,239,297)
Comprehensive loss						(53,850)	(53,850)
Balance at Mar. 31, 2019		$ 1,606	4,108,059	(5,101,428)	(991,763)	(445,870)	(1,437,633)
Balance, shares at Mar. 31, 2019	1,413	16,042,294
Balance at Dec. 31, 2018		$ 1,603	3,404,774	(3,853,139)	(446,762)	(372,752)	(819,514)
Balance, shares at Dec. 31, 2018	1,413	16,023,164
Net (Income) Loss							(3,480,331)
Balance at Sep. 30, 2019		$ 1,612	5,612,245	(7,418,898)	(1,805,041)	(418,467)	(2,223,508)
Balance, shares at Sep. 30, 2019	1,413	16,104,554
Balance at Mar. 31, 2019		$ 1,606	4,108,059	(5,101,428)	(991,763)	(445,870)	(1,437,633)
Balance, shares at Mar. 31, 2019	1,413	16,042,294
Common stock issued for Cash		$ 1	21,999		22,000		22,000
Common stock issued for Cash, shares		11,000
Common stock issued for Services		$ 3	44,997		45,000		45,000
Common stock issued for Services, shares		22,500
Common Stock Incentive Issued to Employees		$ 1	10,999		11,000		11,000
Common Stock Incentive Issued to Employees, shares		5,000
Option Expense			670,966		670,966		670,966
Dividends to preferred stockholders		$ 1	28,259	(28,260)
Dividends to preferred stockholders, shares		14,130
Net (Income) Loss				(995,295)	(995,295)	42,499	(952,796)
Comprehensive loss						6,965	6,965
Balance at Jun. 30, 2019		$ 1,612	4,885,279	(6,124,983)	(1,238,092)	(396,406)	(1,634,498)
Balance, shares at Jun. 30, 2019	1,413	16,095,424
Cancellation of Issued Shares for Cash		$ (1)	(9,999)		(10,000)		(10,000)
Cancellation of Issued Shares for Cash, shares		(5,000)
Common stock issued for Services			40,000		40,000		40,000
Stock Based Compensation			668,706		668,706		668,706
Dividends to preferred stockholders		$ 1	28,259	(28,260)
Dividends to preferred stockholders, shares		14,130
Net (Income) Loss				(1,265,655)	(1,265,655)	(22,583)	(1,288,238)
Comprehensive loss						522	522
Balance at Sep. 30, 2019		$ 1,612	$ 5,612,245	$ (7,418,898)	$ (1,805,041)	$ (418,467)	$ (2,223,508)
Balance, shares at Sep. 30, 2019	1,413	16,104,554

Stock-Based Compensation (Details Narrative) - USD ($)	3 Months Ended	6 Months Ended	9 Months Ended		12 Months Ended
Stock-Based Compensation (Details Narrative) - USD ($)	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Compensation expense			$ 2,015,700
Option granted during period			705,000
Estimated fair value of option granted during period			$ 613,586
Unrecognized outstanding amount			$ 713,852
Number of options forfeited	15,000		15,000
Value of reversal expenses on shares forfeited	$ 2,263
Contractors [Member]
Option to purchase of common stock		25,000
Exercise price		$ 2.00
Option term		10 years
Stock option vesting percentage		25.00%
2018 Plan [Member] \| Christopher Constable [Member]
Option to purchase of common stock					3,120,000
Exercise price					$ 2.00
Option term					10 years
Stock option vesting term					1 year
2018 Plan [Member] \| Long Term Employees [Member]
Option to purchase of common stock		430,000
Exercise price		$ 2.00
Option term		10 years
Stock option vesting percentage		25.00%
2018 Plan [Member] \| Zoty Ponce [Member]
Option to purchase of common stock		250,000
Exercise price		$ 2.00
Option term		10 years
Stock option vesting percentage		20.00%

Going Concern (Details Narrative) - USD ($)	3 Months Ended						9 Months Ended
Going Concern (Details Narrative) - USD ($)	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income (loss)	$ (1,288,238)	$ (952,796)	$ (1,239,297)	$ 346,907	$ 254,712	$ (768,118)	$ (3,480,331)	$ (166,499)
Accumulated deficit	(7,418,898)						(7,418,898)		$ (3,853,139)
Working capital deficit	2,524,506						2,524,506
Subordinated stockholder debt	2,910,136						2,910,136		$ 2,910,136
Current portion of lease liability recognition	$ 124,244						$ 124,244

Basis of Presentation and Summary of Significant Accounting Policies - Schedule Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 35,008	$ 13,143
Restricted cash	199,010	334,083
Total cash, cash equivalents, and restricted cash shown in the cash flow statement	$ 234,018	$ 347,226	$ 66,476	$ 58,875

Consolidated Balance Sheets (Parenthetical) - USD ($)	9 Months Ended	12 Months Ended
Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	16,104,554	16,023,164
Common stock, shares outstanding	16,104,554	16,023,164
Dividend declared but not yet issued, shares	14,130
Common stock dividend shares		8,164
Series A 8% Cumulative Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	1,413	1,413
Preferred stock, shares outstanding	1,413	1,413
Accounts Payable and Accruals [Member]
Current liabilities of VIE	$ 48,452	$ 95,720
Other Current Assets [Member]
Current assets attributable to VIE	4,083	4,351
Inventories [Member]
Current assets attributable to VIE	65,308	117,816
Accounts Receivable [Member]
Current assets attributable to VIE	25,327	49,624
Cash [Member]
Current assets attributable to VIE	$ 2,731	$ 5,561

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (3,480,331)	$ (166,499)
Adjustments to reconcile net loss to net cash provided by in operating activities:
Stock Based Compensation	2,015,700
Common stock issued for Service	85,000
Depreciation of fixed assets	51,015	46,654
Amortization of Right of use asset	112,403
Amortization of loan costs	103,957	100,391
Changes in operating assets and liabilities:
Receivables	1,747,919	1,402,724
Inventories	1,128,959	5,781,265
Advances to affiliated supplier	(39,223)	(1,079,583)
Other current assets	5,048	(42,935)
Change in Right of use Liability	(97,846)
Accounts payable and accruals	(690,535)	(1,345,711)
Net cash provided by operating activities	942,066	4,696,306
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets	(8,860)	(6,371)
Net cash used in investing activities	(8,860)	(6,371)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Common Stock Offering	22,000
Proceeds from working capital lines of credit	16,559,740	24,160,865
Repayments of working capital lines of credit	(18,647,200)	(28,807,862)
Proceeds from Related Party Notes Payable	1,100,000
Principal payments of long-term debt	(24,591)	(26,058)
Payments of Loan costs	(10,000)	(28,000)
Net cash used by financing activities	(1,000,051)	(4,701,055)
Effect of exchange rate changes on cash	(46,363)	18,721
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(113,208)	7,601
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - BEGINNING OF PERIOD	347,226	58,875
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - END OF PERIOD	234,018	66,476
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY
Series A 8% Dividend issued in Common Stock	84,780
Valuation of Right of Use asset/liability	1,257,751
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	$ 748,120	$ 776,311

Stock-Based Compensation - Schedule of Stock Option Activity (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Share-based Payment Arrangement [Abstract]
Number of Option, Outstanding beginning		6,240,000
Number of Option, Exercisable beginning		3,120,000
Number of Option, Granted		705,000
Number of Option, Vested
Number of Option, Forfeited	(15,000)	(15,000)
Number of Option, Outstanding ending	6,930,000	6,930,000
Number of Option, Exercisable ending	3,120,000	3,120,000
Weighted Average Exercise Price, Outstanding beginning		$ 1.17
Weighted Average Exercise Price, Exercisable beginning		0.33
Weighted Average Exercise Price, Granted		2.00
Weighted Average Exercise Price, Vested
Weighted Average Exercise Price, Forfeited		2.00
Weighted Average Exercise Price, Outstanding ending	$ 1.25	1.25
Weighted Average Exercise Price, Exercisable ending	$ 0.33	$ 0.33
Weighted Average Remaining Contractual Life in Years, Outstanding beginning		9 years 10 months 10 days
Weighted Average Remaining Contractual Life in Years, Exercisable beginning		9 years 10 months 10 days
Weighted Average Remaining Contractual Life in Years, Outstanding ending		9 years 1 month 16 days
Weighted Average Remaining Contractual Life in Years, Exercisable ending		9 years 1 month 13 days
Aggregate Intrinsic value, Outstanding ending	$ 5,210,400	$ 5,210,400
Aggregate Intrinsic value, Exercisable ending	$ 5,210,400	$ 5,210,400

Debt (Details Narrative) - USD ($)					9 Months Ended		12 Months Ended
Debt (Details Narrative) - USD ($)	Nov. 19, 2019	Nov. 15, 2019	Apr. 02, 2019	Mar. 26, 2019	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	May 31, 2017	Aug. 31, 2016
Revolving line of credit					$ 6,116,265		$ 8,204,000
Repayment of new loan					$ 18,647,200	$ 28,807,862
Line of credit, interest rate					11.381%
Line of credit, description					Borrowing is based on up to 85% of eligible accounts receivable plus the net orderly liquidation value of eligible inventory at the same rate, subject to certain defined limitations.
Debt instrument, payment terms					During the year ended December 31, 2018, the Company failed to meet certain financial covenants under the line of credit and as of June 30, 2019 was in violation of its fixed charge coverage ratio. The loan and security agreement dated August 31, 2016 was amended on July 29, 2019 (the "sixth Amendment"). The Sixth Amendment acknowledged Company's defaults of the financial covenants, confirmed the secured lender's rights and resulted in a default interest rate of an additional 3%, effective August 1, 2019 until the default is cured.
6% Demand Promissory Notes [Member] \| John Keeler [Member]
Debt instrument, payment terms					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 made.
Debt instrument, principal amount					$ 2,910,000
Debt instrument, interest rate					6.00%
Debt instrument, interest paid					$ 130,956
6% Demand Promissory Notes [Member] \| Keeler & Co [Member] \| John Keeler [Member]
Debt instrument, principal amount								$ 2,910,000
Debt instrument, interest rate								6.00%
Four Month Unsecured Promissory Notes [Member] \| Kenar Overseas Corp [Member]
Debt instrument, principal amount				$ 1,000,000
Debt instrument, interest rate				18.00%
Debt maturity date				Jul. 26, 2019
Debt instrument, increase in interest rate				24.00%
Description on maturity date				The Kenar Note matured on July 26, 2019 and was extended on a month-to-month basis on the same terms and conditions.
Four Month Unsecured Promissory Notes [Member] \| Kenar Overseas Corp [Member] \| Subsequent Event [Member]
Extended maturity date	Mar. 31, 2020
Four Month Unsecured Promissory Notes [Member] \| Kenar Overseas Corp [Member] \| John Keeler [Member]
Number of shares pledged to secure company's obligation				5,000,000
Four Month Unsecured Promissory Notes [Member] \| Lobo Holdings, LLC [Member]
Debt instrument, principal amount			$ 100,000
Debt instrument, interest rate			18.00%
Debt maturity date			Aug. 02, 2019
Description on maturity date			The Lobo Note matured on August 2, 2019 and was extended through December 2, 2019 on the same terms and conditions.
Four Month Unsecured Promissory Notes [Member] \| Lobo Holdings, LLC [Member] \| Subsequent Event [Member]
Debt instrument, principal amount		$ 100,000
Debt instrument, interest rate		15.00%
Debt maturity date		Mar. 31, 2020
Four Month Unsecured Promissory Notes [Member] \| Lobo Holdings, LLC [Member] \| John Keeler [Member]
Number of shares pledged to secure company's obligation			1,000,000
ACF Finco I, LP [Member]
Revolving line of credit									$ 14,000,000
Repayment of new loan					$ 309,000
Line of credit, term					5 years
ACF Finco I, LP [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Line of credit, interest rate					6.25%
ACF Finco I, LP [Member] \| Prime Rate [Member]
Line of credit, interest rate					3.00%
ACF Finco I, LP [Member] \| Fixed Rate [Member]
Line of credit, interest rate					6.50%
Mercedes-Benz Financial Services [Member]
Debt instrument, principal amount					$ 6,639
Debt instrument, interest rate					5.56%		5.56%
Debt monthly instalment					$ 3,000		$ 3,000
Debt maturity date					Nov. 30, 2019

Stock-Based Compensation - Schedule of Fair Value of Stock Options (Details)	9 Months Ended
	Sep. 30, 2019
Expected Volatility, Minimum	39.00%
Expected Volatility, Maximum	48.00%
Risk Free Interest Rate, Minimum	2.62%
Risk Free Interest Rate, Maximum	2.71%
Minimum [Member]
Expected life of warrants	6 years 2 months 30 days
Maximum [Member]
Expected life of warrants	10 years

Consolidation of Variable Interest Entities - Schedule of Assets, Liabilities and Non-controlling Interest Related to Strike (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Assets	$ 97,449	$ 177,352
Liabilities	48,452	95,720
Non-controlling interest	$ (440,185)	$ (440,883)

Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash (including VIE $2,731 and $5,561, respectively)	$ 35,008	$ 13,143
Restricted Cash	199,010	334,083
Accounts receivable, net (including VIE $25,327 and $49,624, respectively)	1,701,568	3,449,487
Inventory, net (including VIE $65,308 and $117,816, respectively)	6,997,675	8,126,634
Advances to related party	1,178,842	1,139,619
Other current assets (including VIE $4,083 and $4,351 respectively)	85,881	90,929
Total current assets	10,197,984	13,153,895
FIXED ASSETS, net	67,014	109,169
RIGHT OF USE ASSET	1,145,348
OTHER ASSETS	124,297	218,254
TOTAL ASSETS	11,534,643	13,481,318
CURRENT LIABILITIES
Accounts payable and accruals (including VIE $48,452 and $95,720, respectively)	2,589,450	3,155,741
Working capital line of credit	6,116,265	8,203,725
Related Party Notes Payable	1,100,000
Current maturities of long-term debt	6,639	31,230
Stockholder notes payable - Subordinated	2,910,136	2,910,136
Total current liabilities	12,722,490	14,300,832
LONG -TERM RIGHT OF USE LIABILITY	1,035,661
TOTAL LIABILITIES	13,758,151	14,300,832
Blue Star Foods Corp Stockholder Equity
Series A 8% cumulative convertible preferred stock, $0.0001 par value; 10,000 shares authorized, 1,413 shares issued and outstanding as of September 30, 2019 and December 31, 2018
Common stock, $0.0001 par value, 100,000,000 shares authorized; 16,104,554 shares issued and outstanding (including 14,130 not yet issued shares declared as stock dividend on September 30, 2019 ) as of September 30, 2019 and 16,023,164 shares issued and outstanding (including 8,164 shares declared as stock dividend on December 31, 2018) as of December 31, 2018	1,612	1,603
Additional paid-in capital	5,612,245	3,404,774
Accumulated deficit	(7,418,898)	(3,853,139)
Total Blue Star Foods Corp. stockholder's deficit	(1,805,041)	(446,762)
Non-controlling interest	(440,185)	(440,833)
Accumulated other comprehensive income (VIE)	21,718	68,081
Total VIE's deficit	(418,467)	(372,752)
TOTAL STOCKHOLDER'S DEFICIT	(2,223,508)	(819,514)
TOTAL LIABILITIES AND STOCKHOLDER'S DEFICIT	$ 11,534,643	$ 13,481,318

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Lease-related Assets and Liabilities (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Operating lease assets	$ 1,145,348
Operating lease liabilities - Current	124,244
Operating lease liabilities - Noncurrent	$ 1,035,661