Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 19

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 statements and notes have been prepared assuming the Company will continue as a going concern. For
the nine months ended September 30, 2025, the Company incurred a net loss of $2,332,713, had an accumulated deficit of $48,621,933 and
a working capital deficit of $1,664,699. These factors raise substantial doubt as to the Company’s ability to continue as a going
concern. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to increase revenues,
execute on its business plan to acquire complimentary companies, raise capital, and to continue to sustain adequate working capital to
finance its operations. The failure to achieve the necessary levels of profitability and cash flows would be detrimental to the Company.
The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as
a going concern.

Note
4. Other Current Assets

Other
current assets totaled $602,522 as of September 30, 2025 and $1,109,494 as of December 31, 2024. As of September 30, 2025, approximately
$501,100 of the balance was related to prepaid inventory to the Company’s suppliers. As of December 31, 2024, approximately $943,000
and $136,000 of the balance was related to prepaid inventory to the Company’s suppliers and prepaid legal fees, respectively. The
remainder of the balance was related to prepaid insurance and other prepaid expenses.

Note
5. Fixed Assets, Net

Fixed
assets comprised the following:

Schedule
of Fixed Assets 

    September 30, 2025  
    December 31, 2024 
  
    Computer equipment 
    $56,746  
    $55,346 
  
    RAS system 
     7,847  
     - 
  
    Automobiles 
     94,298  
     94,298 
  
    Leasehold improvements 
     17,904  
     17,904 
  
    Total 
     176,795  
     167,548 
  
    Fixed assets, gross 
     176,795  
     167,548 

    Less: Accumulated depreciation 
     (63,288) 
     (44,688)
  
    Fixed assets, net 
    $113,506  
    $122,860 

For
the nine months