Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 64

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 64
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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 was $202,993
as compared to cash provided by financing activities of $4,350,018 for the nine months ended September 30, 2024. The decrease is mainly
attributable due to the netted decrease in repayments and proceeds of short-term loans and less proceeds from common stock offering during
the nine months ended September 30, 2025.

Lind
Global Fund II LP investment

On
May 30, 2023, the Company entered into a securities purchase agreement with Lind pursuant to which the Company issued to Lind a secured,
two-year, interest free convertible promissory note