Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 4

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 4
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 as compared to
$2,676 for the six months ended June 30, 2024. This increase is attributable to higher depreciation due to depreciable purchases of fixed
assets during the six months ended June 30, 2025.

Other
Operating Expense. Other operating expense decreased to $916,418 for the six months ended June 30, 2025 from $1,315,801 for the six
months ended June 30, 2024. This decrease is mainly attributable to expenses like legal and professional fees and storage warehouse.

Other
Income. Other income decreased for the six months ended June 30, 2025 to $4,749 from $49,662 for the six months ended June 30, 2024.
This decrease is mainly attributable to less other non-operating income recognized during the period.

Loss
on Settlement of Debt. Loss on settlement of debt increased to $41,066 for the six months ended June 30, 2025 from $0 for the six
months ended June 30, 2024. The increase is caused by the Securities Purchase Agreement notes repayments during the six months ended
June 30, 2025.

Change
in Fair Value of Derivative and Warrant Liabilities. Change in fair value and derivative and warrant liabilities increased to a gain
of $29,936 for the six months ended June 30, 2025 from a loss of $244,486 for the six months ended June 30, 2024. The increase is attributable
to the fair value measurement for the derivative liability and warrant liability for the six months ended June 30, 2025.

Interest
Expense. Interest expense decreased to $379,971 for the six months ended June 30, 2025 from $1,206,316 for the six months ended June
30, 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 $1,851,748 for the six months ended June 30, 2025 as compared to $3,313,209 for the six months ended June 30,
2024. The decrease in net loss is primarily attributable to the change in fair value of derivative and warrant liabilities and the interest
expense.

25

Liquidity
and Capital Resources

The
Company had cash of $45,976 as of June 30, 2025. As of June