Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 45

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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 30, 2025 from $1,645,492 for the nine months
ended September 30, 2024. The decrease is attributable to the decrease in amortization of debt discount and interest paid and accrued
on the notes.

Net
Loss. Net loss was $2,332,713 for the nine months ended September 30, 2025 as compared to $6,360,767 for the nine months ended September
30, 2024. The decrease in net loss is primarily attributable to the change in fair value of derivative and warrant liabilities, interest
expense and decrease in other operating expenses.

25

Liquidity
and Capital Resources

The
Company had cash of $82,770 as of September 30, 2025. As of September 30, 2025, the Company had a working capital deficit of $1,664,699
and the Company’s primary sources of liquidity consisted of inventory of $117,266 and accounts receivable of $97,240.

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.

Cash
(Used in) Operating Activities. Cash used in operating activities during the nine months ended September 30, 2025 was $372,077 as
compared to cash used in operating activities of $4,285,630 for the nine months ended September 30, 2024. The decrease is primarily attributable
to increase in inventory of $488,358 and increase in accounts receivable of $53,985, offset by the increase in other current assets of
$869,524 and increase in payables and accruals of $450,893 for the nine months ended September 30, 2025 compared with the nine months
ended September 30, 2024.

Cash
(Used in) Investing Activities. Cash used in investing activities for the nine months ended September 30, 2025 was $9,914 as compared
to cash used in investing activities of $94,152 for the nine months ended September 30, 2024. The decrease was mainly attributable to
a decrease in the purchases of fixed assets for the nine months ended September 30, 2025 compared to the purchases of fixed assets for
the nine months ended September 30, 2024.

Cash
Provided by Financing Activities. Cash provided by financing activities for the nine months ended September 30, 2025