Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 348

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 348
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ables with related parties and the $1.5 million losses sustained from the service agreement
that we entered into with Afritex Texas which expired in August 2024.

Other
Income. Other income increased to $51,926 for the year ended December 31, 2024 from $12,708 for the year ended December 31, 2023.
This increase is primarily attributable to higher collections received by Keeler & Co. from previously written off receivables.

Loss
on Conversion of Debt. Loss on conversion of debt decreased to $0 for the year ended December 31, 2024 from $977,188 for the year
ended December 31, 2023. This decrease is attributable to the decrease on conversion of principal in the Lind note.

Change
in Fair Value of Derivatives and Warrants Liabilities. Change in fair value of derivatives and warrants liabilities decreased to
a loss of $354,296 for the year ended December 31, 2024 from a gain of $2,497,088 for the year ended December 31, 2023. This decrease
is attributable to fair value measurement for the derivative liability and warrant liability as of December 31, 2024.

Interest
Expense. Interest expense increased to $2,060,718 for the year ended December 31, 2024 as compared to $1,771,942 for the year ended
December 31, 2023. This increase is mainly attributable to the amortization of convertible debt discount along with interest expense
paid for various note payables.

Net
Loss. The Company had a net loss of $12,478,487 for the year ended December 31, 2024 as compared to a net loss of $4,471,612 for
the year ended December 31, 2023. The increase in net loss is primarily attributable to valuation allowance recorded for the related
party long-term receivable, the valuation allowance for advances to related parties, the loss within AFVFL and the loss from change
in fair values of derivative and warrant liabilities.

Liquidity
and Capital Resources

The
Company had cash of $326,854 as of December 31, 2024. At December 31, 2024, the Company had a working capital deficit of $411,225, as
compared to a working capital surplus of $899,215 at December 31, 2023, including $165,620 in stockholder loans