Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1336

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 5
Chunk 1336
---

Federal
income tax expense differs from the statutory federal rates of 21% for the years ended December 31, 2024 and December 31, 2023 due to
the following:

 Schedule of Rate Reconciliation

    Rate Reconciliation 
    December
    31, 2024  
       
    December
    31, 2023  

    Provision/(Benefit) at statutory
    rate 
    $(2,620,482)  
     (21.00)%  
    $(851,925) 
     (21.00)%
  
    State tax Provision/(Benefit) net of federal
    benefit 
     (429,933) 
     3.45%  
     (206,832) 
     5.10%
  
    Permanent book/tax differences 
     252,817   
     (2.03)% 
     (237,419) 
     5.85%
  
    Change in valuation allowance 
     2,934,868   
     (23.52)% 
     74,848  
     (1.85)%
  
    Other 
     (137,271)  
     1.10% 
     1,221,327  
     (30.11)%
  
    Income Tax Provision/(Benefit) 
     -  
     -  
     -  
     - 

The
components of the net deferred tax asset at December 31, 2024 and 2023, are as follows:

 Schedule of Deferred Income Tax Asset

    December
    31,  2024  
    December
    31,  2023 
  
    Deferred
    Tax Assets 

    Allowance
    for bad debt 
     $9,774  
     $5,797 
  
    Fixed
    assets 
     171,728  
     136,208 
  
    Inventory reserve 
     356,290  
     - 
  
    Net
    operating loss carryovers 
     5,932,995  
     3,626,165 
  
    Non-capital
    Losses 
     727,316  
     511,340 
  
    Other 
     99,962  
     83,687 
  
    Net