Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 392

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 392
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gregation 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 tabular format, of specific natural expense categories such as purchases of inventory, employee compensation,
depreciation, and intangible asset amortization, within each relevant expense caption on the income statement. The ASU also requires
disclosure of the total amount of selling expenses and a qualitative description of expenses remaining in the “other” category.
For public business entities, the amendments are effective for annual reporting periods beginning after December 15, 2026, and interim
reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of
adopting this ASU on its financial statements and disclosures.

Note
4. Going Concern 

The
accompanying consolidated financial statements and notes have been prepared assuming the Company will continue as a going concern. The
Company incurred a net loss of $12,478,487, has an accumulated deficit of $46,289,219 and working capital deficit of $411,225. 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
5. Other Current Assets

Other
current assets totaled $1,109,494 and $833,472
for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, approximately $943,000 and