Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 56

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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, 2025, approximately
$301,000 of the balance was related to prepaid
inventory to the Company’s suppliers. As of December 31, 2024, approximately $943,000
and $136,000 of the balance was related to prepaid
inventory to the Company’s suppliers and prepaid legal fees, respectively. The remainder of the balance was related to prepaid
insurance and other prepaid expenses.

Note
5. Fixed Assets, Net

Fixed
assets comprised the following:

Schedule
of Fixed Assets 

    June 30, 2025  
    December 31, 2024 
  
    Computer equipment 
    $56,746  
    $55,346 
  
    RAS system 
     8,390  
     - 
  
    Automobiles 
     94,298  
     94,298 
  
    Leasehold improvements 
     17,904  
     17,904 
  
    Total 
     177,338  
     167,548 
  
    Fixed assets, gross 
     177,338  
     167,548 

    Less: Accumulated depreciation 
     (57,460) 
     (44,688)
  
    Fixed assets, net 
    $119,878  
    $122,860 

For
the six months ended June 30, 2025 and 2024, depreciation expense totaled approximately $13,300 and $2,600, respectively.

    14

Note 6. Accrued Compensation

Accrued
compensation totaled $270,000 as of
June 30, 2025 and $540,000 as of
December 31, 2024. As of June 30, 2025, the total balance was related to accruing compensation for year-end payment to the
Company’s Board of Directors. This is a fixed dollar amount compensation and will be settled by common stock calculated at
year-end. This was recorded in the directors compensation on the income statement with directors option expenses as non-cash
compensation. During six months ended June 30, 2024, there is no compensation granted to directors as the Company granted the annual
compensation at the end of year 2024 and the Company recognized a net credit to stock compensation expense of $1,673
due to options forfeitures.

Note
7. Debt

John
Keeler Promissory Notes