Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 49

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 2
Chunk 49
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5.

Salaries
and Wages Expense. Salaries and wages expense increased to $408,296 for the three months ended March 31, 2025 as compared to $301,790
for the three months ended March 31, 2024. This increase is mainly attributable to the accrual of directors stock compensation.

Depreciation
and Amortization. Depreciation and amortization expense increased to $6,386 for the three months ended March 31, 2025 as compared
to $1,299 for the three months ended March 31, 2024. This increase is attributable to higher depreciation due to purchases of fixed assets.

Other
Operating Expense. Other operating expense decreased to $648,483 for the three months ended March 31, 2025 from $681,611 for the
three months ended March 31, 2024. This decrease is mainly attributable to legal and professional expenses related to our business operations.

Other
Income. Other income increased for the three months ended March 31, 2025 to $6,615 from $1,535 for the three months ended March 31,
2024. This increase is mainly attributable to other non-operating income recognized during the period.

Change
in Fair Value of Derivatives and Warrants Liabilities. Change in fair value of derivatives and warrants liabilities decreased to
$14,090 for the three months ended March 31, 2025 from $82,636 for the three months ended March 31, 2024. This decrease is attributable
to the fair value measurement for the derivative liability for the three months ended March 31, 2025.

Loss
on Settlement of Debt. Loss on settlement of debt increased to $41,066 for the three months ended March 31, 2025 from $0 for the
three months ended March 31, 2024. The increase is attributable to the Jefferson and Quick Capital payments during the three months ended
March 31, 2025.

Interest
Expense. Interest expense decreased to $208,048 for the three months ended March 31, 2025 from $335,067 for the three months ended
March 31, 2024. The decrease is attributable to the decrease in amortization of debt discount and interest paid and accrued on the notes.

Net
Loss. Net loss was $1,199,930 for the three months ended March 31, 2025 as compared to $1,279