Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 62

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 62
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965 for the three months ended September 30, 2025 as compared to $3,047,559 for the three months ended September
30, 2024. The decrease in net loss is primarily attributable to the decrease in other operating expenses and the interest expense.

24

Nine
months ended September 30, 2025 and 2024

Net
Revenue. Revenue for the nine months ended September 30, 2025 increased 32.8% to $2,595,358 as compared to $1,954,152 for the nine
months ended September 30, 2024 as a result of increase in inventory items sold along with increase in price during the nine months ended
September 30, 2025.

Cost
of Goods Sold. Cost of goods sold for the nine months ended September 30, 2025 decreased to $1,823,208 as compared to $2,237,620
for the nine months ended September 30, 2025. This decrease is attributable to the adjustment of inventory allowance and cost in the
inventory items sold.

Gross
Profit. Gross profit for the nine months ended September 30, 2025 increased to $772,150 as compared to gross loss of $283,468 in
the nine months ended September 30, 2024. This increase is attributable to increase in sales.

Commissions
Expense. Commissions expense decreased to $885 for the nine months ended September 30, 2025 from $4,221 for the nine months ended
September 30, 2024. This decrease was due to commissionable revenues for the nine months ended September 30, 2025.

Salaries
and Wages Expense. Salaries and wages expense decreased to $842,809 for the nine months ended September 30, 2025 as compared to $875,780
for the nine months ended September 30, 2024. This decrease is mainly attributable to the decrease in gross wages.

Director
Compensation. Director compensation increased to $414,036 for the nine months ended September 25, 2025 as compared to a credit balance
of $6,999 for the nine months ended September 30, 2024. This increase is mainly attributable to the accrual of director compensation
for year-end stock issuances.

Depreciation
and Amortization. Depreciation and amortization expense increased to $19,587 for the nine months ended September 30,