Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 33

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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 our financial condition as well
as our liquidity and capital resources for the periods described and provides information that management believes is relevant for an
assessment and understanding of the statements of financial condition and results of operations presented herein. The following discussion
and analysis are based on our unaudited financial statements contained in this Quarterly Report, which we have prepared in accordance
with United States generally accepted accounting principles. You should read the discussion and analysis together with such financial
statements and the related notes thereto.

Overview

We
are an international seafood company that imports, packages and sells refrigerated pasteurized crab meat, and other premium seafood products.
Our current source of revenue is from importing blue and red swimming crab meat primarily from South East Asia and distributing it in
the United States and Canada under several brand names such as Blue Star, Oceanica, Pacifika, Crab & Go, First Choice, Good Stuff
and Coastal Pride Fresh, as well as soft shell crab in the United States and steelhead salmon and rainbow trout fingerlings produced
under the brand name Little Cedar Farms for distribution in Canada. The crab meat which we import is processed in six out of the ten
plants available throughout Southeast Asia. Our suppliers are primarily via co-packing relationships, including two affiliated suppliers.
We sell primarily to food service distributors. We also sell our products to wholesalers, retail establishments and seafood distributors.

Recent
Events

Resignation
of Chief Operating Officer and Director

On
June 2, 2025, Miozotis Ponce, the Company’s Operating Officer, notified the Company of her resignation as Chief Operating Officer,
effective June 30, 2025.

 23 

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 Quarterly Report.

Three
months ended March 31, 2025 and 2024

Net
Revenue. Revenue for the three months ended March 31, 2025 decreased 9.3% to $960,758 as compared to $1,059,355 for the three months
ended March 31, 2024 as a result of a decrease in poundage sold during the three months ended March 31, 2025.

Cost
of Goods Sold. Cost of goods sold for the three months ended March 31, 2025 decreased to $869,114 as compared to $1,