Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 34

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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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, 2025.

Salaries
and Wages Expense. Salaries and wages expense increased to $408,296 for the three months ended March 31, 2025 as compared to $301,790
for the three months ended March 31, 2024. This increase is mainly attributable to the accrual of directors stock compensation.

Depreciation
and Amortization. Depreciation and amortization expense increased to $6,386 for the three months ended March 31, 2025 as compared
to $1,299 for the three months ended March 31, 2024. This increase is attributable to higher depreciation due to purchases of fixed assets.

Other
Operating Expense. Other operating expense decreased to $648,483 for the three months ended March 31, 2025 from $681,611 for the
three months ended March 31, 2024. This decrease is mainly attributable to legal and professional expenses related to our business operations.

Other
Income. Other income increased for the three months ended March 31, 2025 to $6,615 from $1,535 for the three months ended March 31,
2024. This increase is mainly attributable to other non-operating income recognized during the period.

Change
in Fair Value of Derivatives and Warrants Liabilities. Change in fair value of derivatives and warrants liabilities decreased to
$14,090 for the three months ended March 31, 2025 from $82,636 for the three months