Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 543

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1A
Chunk 543
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 in the reported measure of segment profit or loss.
The ASU also extends certain annual segment disclosures to interim periods and clarifies that public entities with a single
reportable segment must apply all existing and new segment disclosure requirements. The amendments in ASU 2023-07 are effective for
public business entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after
December 15, 2024. The Company adopted this standard effective January 1, 2024.

The Company’s business consists of one
operating segment, which is also its one reportable segment. The Company derives revenue by providing sales of primarily seafood
products to customers. The Company’s CODM is its chief executive officer who reviews financial information presented on a
consolidated basis. The CODM reviews total assets in the consolidated balance sheets and net loss and
its components in the consolidated statement of operations such as, cost of goods sold and other operating expenses, to assess financial
performance and allocate resources.

ASU 2023-09 – Income Taxes (Topic 740)

In December 2023, the FASB issued ASU 2023-09, Income
Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU aims to enhance the transparency and usefulness of income tax disclosures
by requiring public business entities to provide more disaggregated information in the effective tax rate reconciliation and for income
taxes paid. Key provisions include a requirement for tabular reconciliation using both percentages and amounts, broken out into specific
categories, with certain reconciling items at or above a 5% quantitative threshold further disaggregated by nature and/or jurisdiction.
Additionally, the ASU requires disclosure of income taxes paid (net of refunds received), disaggregated by federal, state/local, and foreign
jurisdictions, and amounts paid to individual jurisdictions that comprise 5% or more of total income taxes paid. The ASU also eliminates
certain existing disclosure requirements related to unrecognized tax benefits and cumulative unrecognized deferred tax liabilities. For
public business entities, the amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. The Company
is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. The Company does
not expect this adoption to have a material impact on its consolidated financial statements.

ASU 2024-03 – Income Statement—Reporting
Comprehensive Income—Expense Disaggregation Disc