Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 138

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 138
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 depreciation expense totaled approximately $ 4,500and $ 231,000, respectively.

Note 6. Goodwill and Intangible Assets, Net

The following table sets forth the changes in the carrying amount of the Company’s goodwill for the year ended December 31, 2022. No goodwill and intangible assets were recognized for the year ended December 31, 2023.

Schedule of Goodwill

|                      |     | 2022 |            |   |
|:---------------------|:----|:-----|-----------:|:--|
| Balance, January 1   |     | $    |    445,395 |   |
| Acquisition of TOBC  |     |      |    836,669 |   |
| Impairment           |     |      | (1,282,064 | ) |
| Balance, December 31 |     | $    |          - |   |

The following table sets forth the components of the Company’s intangible assets at December 31, 2022:

Schedule of Intangible Assets

| Intangible Assets Subject to amortization |     | Amortization Period (Years) |    |     | Cost |           |     | Accumulated Amortization and Impairment |            |   |     | Net Book Value |   |
|:------------------------------------------|:----|:----------------------------|---:|:----|:-----|----------:|:----|:----------------------------------------|:-----------|:--|:----|:---------------|:--|
| Trademarks – Coastal Pride                |     |                             | 14 |     | $    |   850,000 |     | $                                       | (850,000   | ) |     | $              | - |
| Trademarks – TOBC                         |     |                             | 15 |     |      |   406,150 |     |                                         | (406,150   | ) |     |                | - |
| Customer Relationships – Coastal Pride    |     |                             | 12 |     |      | 1,486,832 |     |                                         | (1,486,832 | ) |     |                | - |
| Customer Relationships – TOBC             |     |                             | 15 |     |      |   592,979 |     |                                         | (592,979   | ) |     |                | - |
| Non-Compete Agreements – Coastal Pride    |     |                             |  3 |