Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 16

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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 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.

Recent
Accounting Pronouncements

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.

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ASU
2024-03 – Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)

In November 2024, the FASB issued ASU
2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation
of Income Statement Expenses. This ASU requires public business entities to disclose more detailed information about certain costs and
expenses in the notes to their financial statements, both in annual and interim filings. The objective is to provide investors with greater
transparency into a company’s expense structure, enabling a better understanding of performance, assessment of future cash flows,
and comparison with other entities. Key provisions include the disaggregation, in a