Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 59

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 59
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 decision, Nasdaq suspended trading in the Company’s Common
Stock effective with the open of business on Friday, December 20, 2024. Nasdaq will complete the delisting by filing a Notification of
Removal from Listing and/or Registration under Section 12(b) of the Securities and Exchange Act of 1934, as amended, on Form 25 with
the U.S. Securities and Exchange Commission once all applicable Nasdaq appeal and review periods have expired.

The
Company’s Common Stock is traded on the OTC Markets’ OTC Pink Current Information tier under the current symbol “BSFC”.
The Company intends to apply to list its securities on the OTCQB as soon as practicable.

Results of Operations

The following discussion and analysis of financial condition and results of operations of the Company is based upon, and should be read in conjunction with, the financial statements and accompanying notes elsewhere in this prospectus.

Three months ended September 30, 2024 and 2023

Net Revenue.Revenue for the three months ended September 30, 2024 decreased 43.4% to $884,283 as compared to $1,561,679 for the three months ended September 30, 2023 as a result of a decrease in poundage sold.

Cost of Goods Sold. Cost of goods sold for the three months ended September 30, 2024 decreased to $887,850 as compared to $1,586,478 for the three months ended September 30, 2023. This decrease is attributable to the decrease in the poundage sold in the cost of goods.

Gross Profit (Loss). Gross (loss) for the three months ended September 30, 2024 decreased to $3,567 as compared to gross (loss) of $24,799 in the three months ended September 30, 2023. This decrease is attributable to the decrease the inventory reserve and decrease of cost.

Commissions Expense.Commissions expense increased to $11,429 for the three months ended September 30, 2024 from $423 for the three months ended September 30, 2023. This increase was due to the commission expense for our new subsidiary.

Salaries and Wages Expense. Salaries and wages expense decreased to $271,542 for the three months ended September 30, 2024 as compared to $301,393 for the three months ended September 30, 2023. This decrease is mainly attributable to a strategic reduction in salaries completed