Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 667

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1B
Chunk 667
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31, 2024, were as follows:

 Schedule
of Maturities of Lease Liabilities

    Operating Leases 

    2025 
     41,756 
  
    2026 
     41,756 
  
    2027 
     10,439 
  
    2028 
     - 
  
    Total lease payments 
    $93,951 
  
    Less: amount of lease payments representing interest 
     (9,806)
  
    Present value of future minimum lease payments 
    $84,145 
  
    Less: current obligations under leases 
    $(35,688)
  
    Non-current obligations 
    $48,457 

Advertising

The
Company expenses the costs of advertising as incurred. Advertising expenses which are included in Other Operating Expenses were approximately
$13,000 and $4,500, for the years ended December 31, 2024 and 2023, respectively.

Use
of Estimates

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

Customer
Concentration

The
Company had five customers which accounted for approximately 48%
of revenue during the year ended December 31, 2024. Two customer accounted for 31%
of revenue during the year ended December 31, 2024.

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

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

Supplier
Concentration

The
Company had four major suppliers located in India, Brazil, Peru, and Indonesia which accounted for approximately 61% of the Company’s
total purchases during the year ended December 31, 2024. The Company’s largest supplier is located in India and accounted for 20%
of the Company’s total purchases in the year ended December 31, 2024.

The
Company had four major suppliers located in the United States, Canada and China which accounted for approximately 82% of the Company’s