Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 177

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 177
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 a going concern. For the nine months ended September 30, 2024, the Company incurred a net loss of $ 4,260,209and had an accumulated deficit of $ 38,070,941.These factors raise substantial doubt as to the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to increase revenues, execute on its business plan to acquire complimentary companies, raise capital, and to continue to sustain adequate working capital to finance its operations. The failure to achieve the necessary levels of profitability and cash flows would be detrimental to the Company. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

Note 4. Other Current Assets

Other current assets totaled $ 1,697,407as of September 30, 2024 and $ 833,472as of December 31, 2023. As of September 30, 2024, approximately $ 863,900and $ 158,000of the balance was related to prepaid inventory to the Company’s suppliers and prepaid legal fees, respectively. The remainder of the balance was related to prepaid insurance and other prepaid expenses.

Note 5. Fixed Assets, Net

Fixed assets comprised the following:

Schedule of Fixed Assets

|                                |     |   | September 
  30, 2024 |   |     |   | December 
 31, 2023 |   |
|:-------------------------------|:----|:--|----------:|:--|:----|:--|---------:|:--|
| Computer equipment             |     | $ |    55,345 |   |     | $ |   47,908 |   |
| RAS system                     |     |   |   164,333 |   |     |   |  140,214 |   |
| Leasehold improvements         |     |   |    17,904 |   |     |   |   17,904 |   |
| Building Improvements          |     |   |   199,249 |   |     |   |  136,653 |   |
| Total                          |     |   |   436,831 |   |     |   |  342,679 |   |
| Fixed assets, gross            |     |   |   436,831 |   |     |   |  342,