Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 136

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 136
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612, has an accumulated deficit of $ 33,810,732and working capital surplus of $ 899,215, inclusive of $ 165,620in subordinated stockholder debt. 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 $ 833,472and $ 671,933for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, approximately $ 136,000and $ 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 at December 31:

Schedule of Fixed Assets

|                                               |     |   |    2023 |   |     |   |       2022 |   |
|:----------------------------------------------|:----|:--|--------:|:--|:----|:--|-----------:|:--|
| Computer equipment                            |     | $ |  47,908 |   |     | $ |     97,624 |   |
| RAS system                                    |     |   | 140,214 |   |     |   |  2,089,909 |   |
| Automobiles                                   |     |   |       - |   |     |   |    122,715 |   |
| Leasehold improvements                        |     |   |  17,904 |   |     |   |     89,055 |   |
| Building improvements                         |     |   | 136,653 |   |     |   |          - |   |
| Total                                         |     |   | 342,679 |   |     |   |  2,399,303 |   |
| Less: Accumulated depreciation and impairment |     |   | (38,822 |