Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 48

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 2
Chunk 48
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 fingerlings produced
under the brand name Little Cedar Farms for distribution in Canada. The crab meat which we import is processed in six out of the ten
plants available throughout Southeast Asia. Our suppliers are primarily via co-packing relationships, including two affiliated suppliers.
We sell primarily to food service distributors. We also sell our products to wholesalers, retail establishments and seafood distributors.

Recent
Events

Resignation
of Chief Operating Officer and Director

On
June 2, 2025, Miozotis Ponce, the Company’s Operating Officer, notified the Company of her resignation as Chief Operating Officer,
effective June 30, 2025.

 23 

Results
of Operations 

The
following discussion and analysis of financial condition and results of operations of the Company is based upon, and should be read in
conjunction with, the financial statements and accompanying notes elsewhere in this Quarterly Report.

Three
months ended March 31, 2025 and 2024

Net
Revenue. Revenue for the three months ended March 31, 2025 decreased 9.3% to $960,758 as compared to $1,059,355 for the three months
ended March 31, 2024 as a result of a decrease in poundage sold during the three months ended March 31, 2025.

Cost
of Goods Sold. Cost of goods sold for the three months ended March 31, 2025 decreased to $869,114 as compared to $1,098,989 for the
three months ended March 31, 2024. This decrease is attributable to the decrease in poundage sold in the cost of goods and no inventory reserve recorded during the three months ended March 31, 2025 compared to the three months ended
March 31,2024.

Gross
Profit. Gross profit for the three months ended March 31, 2025 increased to $91,644 as compared to gross loss of $39,634 in the three
months March 31, 2024. This increase no inventory reserve recorded during the three months ended March 31, 2025 compared to the three months ended March
31,2024.

Commissions
Expense. Commissions expense decreased to $0 for the three months ended March 31, 2025 from $4,221 for the three months ended March
31, 2024. This decrease was due to no commissionable revenues for the three months ended March 31, 202