What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2023-04-17 compared with 2022-03-31 · 140 added, 146 removed, 337 unchanged (46% of the section changed)

78 unchanged sentences

immediately prior to the Coastal

Merger (collectively, the “Sellers”).

Pursuant to the terms of the Coastal Merger Agreement, Coastal Pride Company, Inc.

merged with and into the Acquisition Subsidiary, with the Acquisition Subsidiary being the surviving company (the “Coastal Merger”).

Merger (collectively, the “Coastal Sellers”).

Pursuant to the terms of the Coastal Merger Agreement, Coastal Pride Company,

merged with and into the Acquisition Subsidiary, with the Acquisition Subsidiary being the surviving company (the “Coastal

Pride is a seafood company, based in Beaufort, South Carolina, that imports pasteurized and fresh crabmeat sourced primarily from Mexico

15 unchanged sentences

Shares, the “Consideration

Notes are subject to a right of offset against the Sellers’ indemnification obligations as described in the Coastal Merger Agreement

and are subordinate and subject to prior payment of all indebtedness of John Keeler under the Loan Agreement with Lighthouse Financial

Corp., a North Carolina corporation (“Lighthouse”).

Notes are subject to a right of offset against the Coastal Sellers’ indemnification obligations as described in the Coastal Merger

Agreement and are subordinate and subject to prior payment of all indebtedness of John Keeler under the Loan Agreement with Lighthouse

Financial Corp., a North Carolina corporation (“Lighthouse”).

and interest under the Lubkin Note are payable quarterly, commencing February 26, 2020, in an amount equal to the lesser of (i) $25,000

7 unchanged sentences

accrued interest in the aggregate amount of $39,504 under the Sellers’ Notes.

the effective time of the Coastal Merger, the Sellers entered into leak-out agreements (each, a “Leak-Out Agreement”) pursuant

to which the Sellers and Walter Jr.

may not directly or indirectly pledge, sell, or transfer any of the Consideration Shares or Conversion

Shares, or enter into any swap or other arrangement that transfers any of the economic consequences of ownership of any such shares for

one year from the date of the Coastal Merger.

the effective time of the Coastal Merger, the Coastal Sellers entered into leak-out agreements (each, a “Leak-Out Agreement”)

pursuant to which the Coastal Sellers and Walter Jr.

may not directly or indirectly pledge, sell, or transfer any of the Consideration

Shares or Conversion Shares, or enter into any swap or other arrangement that transfers any of the economic consequences of ownership

of any such shares for one year from the date of the Coastal Merger.

Thereafter, each Seller and Walter Jr.

may transfer up to 25% of the aggregate of the Consideration

Shares and the Conversion Shares held by such person, in each successive six-month period.

may transfer up to 25% of

the aggregate of the Consideration Shares and the Conversion Shares held by such person, in each successive six-month period.

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

11 unchanged sentences

April 27, 2021, we entered into a stock purchase agreement (the “SPA”) with TOBC, and Steve Atkinson and Janet Atkinson (the

“Sellers”), the owners of all of the capital stock of TOBC (the “TOBC Shares”) pursuant to which we acquired

all of the TOBC Shares from the Sellers for an aggregate purchase price of CAD$4,000,000, subject to adjustment based upon the amount

“TOBC Sellers”), the owners of all of the capital stock of TOBC (the “TOBC Shares”) pursuant to which we acquired

all of the TOBC Shares from the TOBC Sellers for an aggregate purchase price of CAD$4,000,000, subject to adjustment based upon the amount

of TOBC’s working capital on the closing date (the “Purchase Price”) as follows:

(i) CAD$1,000,000 in cash, pro rata

with each Seller’s ownership of TOBC (ii) by the issuance to each Seller of a non-interest bearing promissory note in the aggregate

principal amount of CAD$200,000, with a maturity date of November 30, 2021, with the principal amount of each note to be pro rata with

each Seller’s ownership of TOBC, and secured by a Company guarantee and a general security agreement creating a security interest

over certain assets of the Company, and (iii) 987,741 shares of common stock, (representing CAD$2,800,000 of shares based on USD$2.30

per share) with each Seller receiving a pro rata portion of such shares based upon the total number of TOBC shares held by such Seller.

with each TOBC Seller’s ownership of TOBC (ii) by the issuance to each TOBC Seller of a non-interest bearing promissory note in

the aggregate principal amount of CAD$200,000, with a maturity date of November 30, 2021, with the principal amount of each note to be

pro rata with each TOBC Seller’s ownership of TOBC, and secured by a Company guarantee and a general security agreement creating

a security interest over certain assets of the Company, and (iii) 987,741 shares of common stock, (representing CAD$2,800,000 of shares

based on USD$2.30 per share) with each TOBC Seller receiving a pro rata portion of such shares based upon the total number of TOBC shares

held by such TOBC Seller.

June 24, 2021, the SPA was amended to increase the purchase price to an aggregate of CAD$5,000,000 and the TOBC acquisition closed.

2 unchanged sentences

If, within 24 months of the closing,

TOBC has cumulative revenue of at least CAD$1,300,000, the Sellers will receive all of the escrowed shares.

If, as of the 24-month anniversary

of the closing, TOBC has cumulative revenue of less than CAD$1,300,000, the Sellers will receive a prorated number of the escrowed shares

based on the actual cumulative revenue of TOBC as of such date.

TOBC has cumulative revenue of at least CAD$1,300,000, the TOBC Sellers will receive all of the escrowed shares.

If, as of the 24-month

anniversary of the closing, TOBC has cumulative revenue of less than CAD$1,300,000, the TOBC Sellers will receive a prorated number of

the escrowed shares based on the actual cumulative revenue of TOBC as of such date.

addition to the foregoing consideration, at the time of the closing, the Company provided CAD$488,334 to TOBC for the extinguishment

of certain of TOBC’s existing debt.

shares of common stock received by the Sellers are subject to a leak-out restriction commencing on the date of issuance, as follows:

shares of common stock received by the TOBC Sellers are subject to a leak-out restriction commencing on the date of issuance, as follows:

(i) up to 25% may be sold after 12 months;

2 unchanged sentences

(iv) up to 100% may be sold after 30 months.

Seller’s non-interest bearing promissory notes were paid in full at maturity.

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

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

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

with the Company.

1 unchanged sentence

February 3, 2022, Coastal Pride entered into an asset purchase agreement with Gault Seafood, LLC, a South Carolina limited liability

company (the “Seller”), and Robert J.

Gault II, President of the Seller (“Gault”) pursuant to which Coastal Pride

acquired all of the Seller’s right, title and interest in and to assets relating to the Seller’s soft shell crab operations,

including intellectual property, equipment, vehicles and other assets used in connection with the Business.

Coastal Pride did not assume

any liabilities in connection with the acquisition.

The purchase price for the assets consisted of a cash payment in the amount of $359,250

and the issuance of 167,093 shares of common stock of the Company with a fair value of $359,250.

Such shares are subject to a leak-out

agreement pursuant to which the Seller may not sell or otherwise transfer the shares until February 3, 2023.

company ( “Gault Seafood”), and Robert J.

Gault II, President of the Seller (“Gault”) pursuant to which Coastal

Pride acquired all of Gault Seafood’s right, title and interest in and to assets relating to Gault Seafood’s soft-shell crab

operations, including intellectual property, equipment, vehicles and other assets used in connection with the soft-shell crab operations.

Coastal Pride did not assume any liabilities in connection with the acquisition.

The purchase price for the assets consisted of a cash

payment in the amount of $359,250 and the issuance of 167,093 shares of common stock of the Company with a fair value of $359,250.

Pride also entered into a consulting agreement with Gault under the terms of which Gault will provide consulting services to Coastal

6 unchanged sentences

party upon five days written notice and by Costal Pride immediately for cause.

connection with the asset acquisition, Coastal Pride will lease 9,050 square feet from Gault for $1,000 per month under a one-year

lease agreement and will continue to operate the acquired soft shell crab operations at such location in Beaufort, South Carolina unless

a new facility is earlier completed.

are an international sustainable marine protein company that owns and operates several portfolio companies with an emphasis on environmental,

social and governance values.

We seek to create a vertically integrated seafood company that offers customers high quality products while

maintaining a focus on our core values of delivering food safety, traceability and certified resource sustainability.

Our companies include:

& Co., doing business as Blue Star Foods, which imports, packages and sells refrigerated pasteurized crab meat sourced primarily

from Southeast Asia and other premium seafood products;

Pride , which imports pasteurized and fresh crab meat sourced primarily from Mexico and Latin America and sells premium branded label

crab meat throughout North America;

a land-based recirculating aquaculture systems (“RAS”) salmon farming operation, which sells its steelhead salmon to distributors

connection with the asset acquisition, Coastal Pride will lease 9,050 square feet from Gault for $1,000 per month under a one-year lease

agreement and will continue to operate the acquired soft-shell crab operations at such location in Beaufort, South Carolina unless a

new facility is earlier completed.

are an international seafood company based in Miami, Florida that imports, packages and sells refrigerated pasteurized crab meat, and

other premium seafood products.

Our current source of revenue is from importing blue and red swimming crab meat primarily from Indonesia,

the Philippines and China and distributing it in the United States and Canada under several brand names such as Blue Star, Oceanica,

Pacifika, Crab & Go, First Choice, Good Stuff and Coastal Pride Fresh, and steelhead salmon and rainbow trout fingerlings produced

under the brand name Little Cedar Farms for distribution in Canada.

The crab meat which we import is processed in 13 plants throughout

Southeast Asia.

Our suppliers are primarily via co-packing relationships, including two affiliated suppliers.

We sell primarily to food

service distributors.

We also sell our products to wholesalers, retail establishments and seafood distributors.

long-term strategy is to create a vertically integrated seafood company that offers customers high quality products while maintaining

a focus on our core values of delivering food safety, traceability and certified resource sustainability.

plan to grow the Company organically by continuing to grow our customer base and introducing new high-value product lines and categories,

as well as strategically acquiring companies that focus on additional species and proprietary technologies that we believe we can integrate

into a larger, diversified company.

& Co., doing business as Blue Star Foods, is an international seafood company that imports, packages and sells refrigerated pasteurized

crab meat and other premium seafood products.

purchase the majority of our crab product (Portunus Pelagicus and Portunus Haanii) from processors which source the crab meat from local

fishermen in Indonesia, the Philippines, Thailand, Vietnam, Sri Lanka and India, to whom we pay a premium in order to outfit their boats

with a proprietary GPS-based system.

This system allows us to trace where the crab product originates and ensure that only mature crabs

are being harvested by the use of collapsible traps and not gill nets.

plan to grow the Company organically by continuing to increase our customer base and by introducing new high-value product lines and

categories, as well as strategically acquiring companies that focus on additional species and proprietary technologies that we believe

we can integrate into a larger, diversified company.

operate through the following subsidiary companies:

, doing business as Blue Star Foods, is an international seafood company that imports, packages and sells refrigerated pasteurized

crab meat sourced primarily from Southeast Asia and other premium seafood products.

purchases the majority of our crab product (Portunus Pelagicus and Portunus Haanii) from processors which source the crab meat

from local fishermen in Indonesia, the Philippines, Thailand, Vietnam, Sri Lanka and India, to whom we pay a premium in order to outfit

their boats with a proprietary GPS-based system.

This system allows us to trace where the crab product originates and ensure that only

mature crabs are being harvested by the use of collapsible traps and not gill nets.

crab meat is purchased directly from processors with whom we have long-standing relationships, that have agreed to source their product

in a sustainable manner.

All crab meat is sourced under the Company’s FDA approved Hazard Analysis Critical Control Point (“HACCP”)

Additionally, all suppliers are certified by the British Retail Consortium (the “BRC”) and are audited annually to

ensure safety and quality of our product.

crab meat which we import is processed in 13 plants throughout Southeast Asia.

Our suppliers are primarily via co-packing relationships,

including two affiliated suppliers.

All crab meat is sourced under the Company’s U.S Food & Drug Administration (“FDA”) approved

Hazard Analysis Critical Control Point (“HACCP”) Plan.

Additionally, all suppliers are certified by the British Retail Consortium

(the “BRC”) and are audited annually to ensure safety and quality of our product.

imported crab meat is processed in six out of the ten plants available throughout Southeast Asia.

Our suppliers are primarily via co-packing

relationships, including two affiliated suppliers.

We sell primarily to food service distributors.

We also sell our products to wholesalers, retail

establishments and seafood distributors.

We also sell our products to wholesalers,

retail establishments and seafood distributors.

have created a technology platform that tracks the product through its entire chain of custody and collects and transmits various data

4 unchanged sentences

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

warehouse facility in Miami, Florida is the only crab meat facility audited by the BRC (graded A++) in the U.S.

Pride is a seafood company, based in Beaufort, South Carolina, that imports pasteurized and fresh crab meat (Portunus Pelagicus, Portunus

Haanii and Callinectes) sourced primarily from Mexico and Latin America and sells premium branded label crab meat throughout North America.

Pride is a seafood company, based in Beaufort, South Carolina, that imports pasteurized and fresh crab meat (Portunus Pelagicus,

Portunus Haanii and Callinectes) sourced primarily from Mexico and Latin America and sells premium branded label crab meat throughout

North America.

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

is a land-based salmon recirculating aquaculture farm located in Nanaimo, British Columbia, Canada with an annual production capacity

of approximately 100 tons.

It produces steelhead salmon under the brand name Little Cedar Farms for distribution in Canada.

initial facility has been operated as a model farm for the development of salmon RAS technology.

is a land-based recirculating aquaculture system (“RAS”) farming operation located in Nanaimo, British Columbia, Canada

with an annual production capacity of approximately 100 tons.

It produces steelhead salmon and rainbow trout fingerlings under the brand

name Little Cedar Farms for distribution in Canada.

RAS facility has been operated as a model farm for the development of salmon RAS technology.

We currently intend to refine this model

2 unchanged sentences

subject to sufficient resources, will have 10 such modules, for a total production capacity of 1,500 tons.

current RAS facility is in an insulated, bio-secure structure where all culture conditions are controlled.

The primary RAS system is

composed of 13 culture tanks, a drum filter, fluidized sand bed biofilter and low head oxygenator and employs an efficient gravity fed

current RAS facility is in an insulated, bio-secure structure in which culture conditions are controlled.

The primary RAS system is composed

of thirteen culture tanks, a drum filter, a fluidized sand bed biofilter and a low head oxygenator and employs an efficient gravity fed

low head arrangement which reduces energy use as compared to other RAS designs.

3 unchanged sentences

fish at a Canadian Food Inspection Agency approved processing facility.

Currently, TOBC sells its salmon to two wholesale seafood distributors

Currently, TOBC sells its salmon mainly to two wholesale seafood

distributors in Canada.

are purchased from two primary suppliers and are hatched approximately every eight weeks.

5 unchanged sentences

other non-marine ingredients.

faster life cycle from birth to harvesting of our salmon, as compared to conventional salmon, allows it to be produced more economically

in contained, land-based RAS farms.

Although RAS farms require greater capital investment than the sea cage approach, we believe that

the higher costs are offset by more efficient growth and a shorter transportation distance to market.

the three companies, we currently have the following branded products:

Blue Star, Pacifika, Oceanica, Crab & Go Premium Seafood,

Lubkin, First Choice, Good Stuff, Coastal Pride Fresh and Little Cedar Falls.

believe that the faster life cycle from birth to harvesting of our salmon, as compared to conventional salmon, allows it to be produced

more economically in contained, land-based RAS farms.

Although RAS farms require greater capital investment than the sea cage approach,

we believe that the higher costs are offset by more efficient growth and a shorter transportation distance to market.

distribute our imported blue and red swimming crabmeat in the United States under the brand names Blue Star, Pacifika, Oceanica, Crab

& Go Premium Seafood, First Choice, Good Stuff and Coastal Pride Fresh and steelhead salmon and rainbow trout fingerlings produced

by TOBC under the brand name Little Cedar Falls.

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

6 unchanged sentences

without sacrificing the look/taste of dishes.

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

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

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

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

+ Go Premium Seafood is geared towards millennials as part of the trend toward pre-packaged, grab-and-go items.

1 unchanged sentence

in flexible foil pouches.

salmon is produced by TOBC under the Little Cedar Falls brand.

The fish are sashimi grade and only sold as a fresh item, usually reaching

end users within days of harvest.

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

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

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

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

salmon and rainbow trout fingerlings are produced by TOBC under the Little Cedar Falls brand.

The fish are sashimi grade and only sold

as a fresh item, usually reaching end users within days of harvest.

and Traceable Product Sourcing.

6 unchanged sentences

B1 and US Patents 8,337,922 and 8,445,046.

We believe since their introduction in 2003, these pouches have saved in excess of 800 metric

tons of carbon dioxide emissions versus metal can packaging material.

We believe since their introduction in 2003, these pouches have saved in excess of a million

metric tons of carbon dioxide emissions versus metal can packaging material.

intend to grow our business in several ways, including:

21 unchanged sentences

in Population Growth and Global Seafood Consumption:

United Nations estimates that there will be close to 9.7 billion people on our planet by the year 2050, a significant increase from the

existing population estimates of 7.7 billion (1) .

United Nations latest projections suggest that the global population could grow to around 8.5 billion in 2030, 9.7 billion in 2050 and

10.4 billion in 2100 (1) .

the population has grown, so has per capita fish consumption.

Per capita food fish consumption grew from 9.0 kg (live weight equivalent)

in 1961 to 20.5 kg in 2018, by about 1.5% per year (2) .

in the 1960s to 20.2 kg in 2020, at an average annual rate of 3% compared with a population growth rate of 1.6% (2) .

incomes and urbanization, improvements in post-harvest practices and changes in dietary trends are projected to drive a 15% increase

in aquatic food consumption, to supply on average 21.4 kg per capita in 2030 (3) .

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

wild fish catch reached a peak at 94 metric tons (3) (in the mid-1990s) and has since stagnated.

Nearly all of the increase

in world marine protein supply has since come from aquaculture.

2016, aquaculture provided more than half (80 metric tons) (4) of all marine protein consumed.

is estimated that aquaculture production may need to double between 2010 through 2050, from 60 metric tons in 2010 to roughly 140 metric

tons in 2050 (5) , to meet estimated demand.

believe that Recirculatory Aquatic Systems are likely to be a highly disruptive technology.

fish at high densities, in indoor tanks in a “controller” environment.

The culture water is purified and reused continuously,

in an almost completed closed circuit.

Recirculating systems are capable of reusing approximately 90% of culture water.

ammonium and CO2 are either removed or converted into non-toxic bio products (fertilizers).

The purified water is subsequently saturated

with oxygen and returned to the fish tanks.

United Nations – Department of Economic and Social Affairs (2019)

2020, fisheries and aquaculture production reached an all-time record of 214 million tons, worth about $424 billion.

Production of aquatic

animals in 2020 was more than 60% higher than the average in the 1990s, considerably outpacing world population growth, largely due to

increasing aquaculture production (4) .

production of aquatic animals is expected to reach 202 million tons in 2030, mainly due to sustained growth of aquaculture, projected

to reach 100 million tons for the first time in 2027 and 106 million tons in 2030 (5) .

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

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

Food and Agriculture Organization of the United Nations “The State of the World Fisheries and Aquaculture – 2022.

purchase crab meat directly from 13 processors with which we have long-standing relationships, that have agreed to source their product

purchase crab meat directly from six processors with which we have long-standing relationships, that have agreed to source their product

in a sustainable manner.

2 unchanged sentences

certified grade A by the BRC and are audited annually to ensure safety and quality.

Company had four suppliers which accounted for approximately 70% of the Company’s total purchases during the year ended December

These four suppliers are located in the United States, Indonesia, Mexico and China, which accounted for approximately 80% of

the Company’s total purchases during the year.

During 2021, the Company purchased inventory from one non-affiliated Mexican supplier

that made up the balance of 42% of the supply concentration.

Company had five major suppliers located in the United States, Indonesia, Vietnam and China which accounted for approximately

76% of the Company’s total purchases during the year ended December 31, 2022.

The Company’s largest supplier is located

in Indonesia and accounted for 29% of the Company’s total purchases in the year ended December 31, 2022.

Marketing and Distribution

1 unchanged sentence

Its primary current source of revenue is importing blue and red swimming

crab meat primarily from Indonesia, Mexico, China, the Philippines and Vietnam and distributing it in the United States and Canada under

several brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, Lubkin’s Coastal Pride, First Choice, Good Stuff, Coastal

Pride Fresh and TOBC steelhead salmon produced under the brand name Little Cedar Falls primarily to two distributor/brokers.

crab meat primarily from Indonesia, the Philippines and China and distributing it in the United States and Canada under several brand

names such as Blue Star, Oceanica, Pacifika, Crab & Go, Lubkin’s Coastal Pride, First Choice, Good Stuff, Coastal Pride Fresh

and TOBC steelhead salmon and rainbow trout fingerlings produced under the brand name Little Cedar Falls.

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

Company has a sales team based throughout the United States who sell directly to customers, most of whom are in the food service and

13 unchanged sentences

and wholesale clubs accounted for 59% of our revenue.

The balance of our revenue is derived from smaller seafood distributors

and value-added processors.

Company had ten customers which accounted for approximately 52% of revenue during the year ended December 31, 2021.

accounted for 24% of revenue during the year ended December 31, 2021.

Outstanding receivables from these customers accounted for

approximately 59% of the total accounts receivable as of December 31, 2021.

The loss of any major customer could have a material

adverse impact on the Company’s results of operations, cash flows and financial position.

The balance of our revenue is derived from smaller seafood distributors and value-added

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

One customer accounted

for 36% of revenue during the year ended December 31, 2022.

The loss of any major customer could have a material adverse impact on

the Company’s results of operations, cash flows and financial position.

general, the international seafood industry is intensely competitive and highly fragmented.

37 unchanged sentences

Intellectual Property Office registered trademarks:

Little Cedar Falls – Registration #1766337- Expiration:

Cedar Falls – Registration #1766337- Expiration:

June 20, 2032

3 unchanged sentences

aquatic products to the United States.

The HACCP standards are developed by the U.S.

Food and Drug Administration (the “FDA”),

pursuant to the FDA’s HACCP regulation, Title 21, Code of Federal Regulations, part 123, and are used by the FDA to help ensure

food safety and control sanitary standards.

The HACCP standards are developed by the FDA, pursuant to the FDA’s HACCP regulation, Title

21, Code of Federal Regulations, part 123, and are used by the FDA to help ensure food safety and control sanitary standards.

Safety and Labeling

4 unchanged sentences

This comprehensive and evolving regulatory program impacts how food is grown, packed, processed, shipped and imported into the United

States and it governs compliance with Good Manufacturing Practices regulations (“GMPs”).

The FDA has finalized seven major

rules to implement FSMA, recognizing that ensuring the safety of the food supply is a shared responsibility among many different points

in the global supply chain.

The FSMA rules are designed to make clear specific actions that must be taken at each of these points to

prevent contamination.

States and it governs compliance with Good Manufacturing Practices regulations.

The FDA has finalized seven major rules to implement

FSMA, recognizing that ensuring the safety of the food supply is a shared responsibility among many different points in the global supply

The FSMA rules are designed to make clear specific actions that must be taken at each of these points to prevent contamination.

Some aspects of these laws use a strict liability standard for imposing sanctions on corporate behavior.

fail to comply with applicable laws and regulations, we may be subject to civil remedies, including fines, injunctions, recalls, or seizures,

and criminal sanctions, any of which could impact our results of operations.

If we fail to comply with applicable

laws and regulations, we may be subject to civil remedies, including fines, injunctions, recalls, or seizures, and criminal sanctions,

any of which could impact our results of operations.

addition, the Nutrition Labeling and Education Act of 1990 prescribes the format and content of certain information required to appear

16 unchanged sentences

the Canadian Department of Fisheries and Oceans.

Harvests of steelhead salmon are processed as iced HOG fish at locally at a Canadian

Food Inspection Agency approved processing facility.

Harvests of steelhead salmon and rainbow trout fingerlings are processed as iced HOG

fish locally at a Canadian Food Inspection Agency approved processing facility.

Trade Commission

26 unchanged sentences

of our facilities.

of March 31, 2022, we had twenty-one full time employees and no part-time employees.

of April 17, 2023, we had thirty-five full time employees and no part-time employees.

We believe that our future success will depend,

1 unchanged sentence

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business