Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 383

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 383
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 changes in circumstances indicate the assets may be impaired. No impairment
was recorded related to fixed assets as of December 31, 2024 and 2023.

Other
Comprehensive (loss) Income

The
Company reports its comprehensive (loss) income in accordance with ASC 220, Comprehensive Income, which establishes standards
for reporting and presenting comprehensive (loss) income and its components in a full set of financial statements. Other comprehensive
(loss) income consists of net income (loss) and cumulative foreign currency translation adjustments.

    F-13

Foreign
Currency Translation

The
Company manages its exposure to fluctuations in foreign currency exchange rates through its normal operating activities. Its primary
focus is to monitor exposure to, and manage, the economic foreign currency exchange risks faced by, its operations and realized when
the Company exchanges one currency for another. The Company’s operations primarily utilize the U.S. dollar and Canadian dollar
as its functional currencies. Movements in foreign currency exchange rates affect its financial statements.

The
assets and liabilities held by TOBC have a functional currency other than the U.S. Dollar. The TOBC results were translated into U.S.
Dollars at exchange rates in effect at the end of each reporting period. TOBC’s revenue and expenses were translated into U.S.
Dollars at the average rates that prevailed during the period. The rate used in the financial statements for TOBC as presented for December
31, 2024 was 0.70 Canadian Dollars to U.S. Dollars and for December 31, 2023 was 0.74 Canadian Dollars to U.S. Dollars. The resulting
net translation gains and losses are reported as foreign currency translation adjustments in stockholders’ equity as a component
of comprehensive (loss) income. The Company recorded foreign currency translation adjustment of approximately $185,169 and $55,900 for
the years ended December 31, 2024 and December 31, 2023, respectively.

Revenue
Recognition

The
Company recognizes revenue in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, as
such, we record revenue when our customer obtains control of the promised goods or services in an amount that reflects the consideration
which the Company expects to receive in exchange for those goods or services. The Company’s source of revenue is from importing
blue and red swimming crab meat primarily from India, Brazil, Indonesia, and Peru and distributing it in the United States
and Canada under several brand names such as Blue