Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 131

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 131
---
4                                                 |     | $                |  44,456 |   |
| 2025                                                 |     |                  |  44,456 |   |
| 2026                                                 |     |                  |  44,456 |   |
| 2027                                                 |     |                  |  11,117 |   |
| 2028                                                 |     |                  |       - |   |
| Total lease payments                                 |     | $                | 144,485 |   |
| Less: amount of lease payments representing interest |     |                  | (19,471 | ) |
| Present value of future minimum lease payments       |     | $                | 125,014 |   |
| Less: current obligations under leases               |     | $                | (35,428 | ) |
| Non-current obligations                              |     | $                |  89,586 |   |

Advertising

The Company expenses the costs of advertising as incurred. Advertising expenses which are included in Other Operating Expenses were approximately $ 4,500and $ 5,400, for the years ended December 31, 2023 and 2022, respectively.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Customer Concentration

The Company had sixteen customers which accounted for approximately 52% of revenue during the year ended December 31, 2023. Two customers accounted for 22% of revenue during the year ended December 31, 2023.

The Company had nine customers which accounted for approximately 59% of revenue during the year ended December 31, 2022. One customer accounted for 36% of revenue during the year ended December 31, 2022.

The loss of any major customer could have a material adverse impact on the Company’s results of operations, cash flows and financial position.

Supplier Concentration

The Company had four major suppliers located in the United States, Canada and China which accounted for approximately 82% of the Company’s total purchases during the year ended December 31, 2023. The Company’s largest supplier is located in Miami and accounted for 35% of the Company’s total purchases in the year ended December 31, 2023.

The Company had five