Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 60

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 60
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 opportunities to support future growth. The Company will continue to emphasize disciplined
cost management, operational efficiency, and product innovation as part of its strategy to improve margins and support long-term growth.

Recent
Events

Resignation
of Chief Operating Officer and Director

On
June 2, 2025, Miozotis Ponce, the Company’s Operating Officer, notified the Company of her resignation as Chief Operating Officer,
effective June 30, 2025.

23

Results
of Operations 

The
following discussion and analysis of financial condition and results of operations of the Company is based upon, and should be read in
conjunction with, the financial statements and accompanying notes elsewhere in this Quarterly Report.

Three
months ended September 30, 2025 and 2024

Net
Revenue. Revenue for the three months ended September 30, 2025 increased 77.9% to $462,260 as compared to $259,779 for the three
months ended September 30, 2024 as a result of an increase in inventory items sold along with increase in price during the three months
ended September 30, 2025.

Cost
of Goods Sold. Cost of goods sold for the three months ended September 30, 2025 decreased to $34,444 as compared to $551,116 for
the three months ended September 30, 2024. This decrease is attributable to the adjustment of inventory allowance and cost in the inventory
items sold.

Gross
Profit. Gross profit for the three months ended September 30, 2025 increased to $427,816 as compared to gross loss of $291,337 in
the three months ended September 30, 2024. This increase is attributable to the increase in sales and decrease in cost.

Commissions
Expense. Commissions expense increased to $425 for the three months ended September 30, 2025 from $0 for the three months ended September
30, 2024. This increase was due to commissionable revenues for the three months ended September 30, 2024.

Salaries
and Wages Expense. Salaries and wages expense decreased to $239,299 for the three months ended September 30, 2025 as compared to
$268,530 for the three months ended September 30, 2024. This decrease is mainly attributable to the decrease in gross wages.

Director
Compensation. Director compensation increased to $138,012 for the three months ended