Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1868

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 8
Chunk 1868
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 is its chief executive officer who reviews financial information presented on a
consolidated basis. The CODM reviews total assets in the consolidated balance sheets and net loss and
its components in the consolidated statement of operations such as, cost of goods sold and other operating expenses, to assess financial
performance and allocate resources.

ASU 2023-09 – Income Taxes (Topic 740)

In December 2023, the FASB issued ASU 2023-09, Income
Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU aims to enhance the transparency and usefulness of income tax disclosures
by requiring public business entities to provide more disaggregated information in the effective tax rate reconciliation and for income
taxes paid. Key provisions include a requirement for tabular reconciliation using both percentages and amounts, broken out into specific
categories, with certain reconciling items at or above a 5% quantitative threshold further disaggregated by nature and/or jurisdiction.
Additionally, the ASU requires disclosure of income taxes paid (net of refunds received), disaggregated by federal, state/local, and foreign
jurisdictions, and amounts paid to individual jurisdictions that comprise 5% or more of total income taxes paid. The ASU also eliminates
certain existing disclosure requirements related to unrecognized tax benefits and cumulative unrecognized deferred tax liabilities. For
public business entities, the amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Company
is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. The Company does
not expect this adoption to have a material impact on its consolidated financial statements.

ASU 2024-03 – Income Statement—Reporting
Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive
Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public
business entities to disclose more detailed information about certain costs and expenses in the notes to their financial statements,
both in annual and interim filings. The objective is to provide investors with greater transparency into a company’s expense structure,
enabling a better understanding of performance, assessment of future cash flows, and comparison with other entities. Key provisions include
the disaggregation, in a tabular format, of specific natural expense categories such