Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 63

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 63
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 2025 as compared
to $4,211 for the nine months ended September 30, 2024. This increase is attributable to higher depreciation due to depreciable purchases
of fixed assets during the nine months ended September 30, 2025.

Other
Operating Expense. Other operating expense decreased to $1,373,017 for the nine months ended September 30, 2025 from $3,393,594 for
the nine months ended September 30, 2024. This decrease is mainly attributable to expenses like legal and professional fees, storage
warehouse, and loss from operating expenses in AFVFL during the nine months ended September 30, 2024.

Other
Income. Other income increased for the nine months ended September 30, 2025 to $73,280 from $49,680 for the nine months ended September
30, 2024. This increase is mainly attributable to the employment retention tax relief credit received.

Loss
on Settlement of Debt. Loss on settlement of debt increased to $93,271 for the nine months ended September 30, 2025 from $0 for the
nine months ended September 30, 2024. The increase is caused by the Securities Purchase Agreement notes repayments during the nine months
ended September 30, 2025.

Change
in Fair Value of Derivative and Warrant Liabilities. Change in fair value and derivative and warrant liabilities increased to a gain
of $49,564 for the nine months ended September 30, 2025 from a loss of $210,680 for the nine months ended September 30, 2024. The increase
is attributable to the fair value measurement for the derivative liability and warrant liability for the nine months ended September
30, 2025.

Interest
Expense. Interest expense decreased to $484,102 for the nine months ended September 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.