Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 2

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 2
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2024. This increase is mainly attributable to the increase in gross wages. 

Director Compensation. Director
compensation increased to $138,012 for the three months ended June 25, 2025 as compared to $4,217 for the three
months ended June 30, 2024. This increase is mainly attributable to the accrual of director compensation for year-end stock issuances.

Depreciation
and Amortization. Depreciation and amortization expense increased to $6,932 for the three months ended June 30, 2025 as compared
to $1,377 for the three months ended June 30, 2024. This increase is attributable to higher depreciation due to depreciable purchases
of fixed assets during the three months ended June 30, 2025.

Other
Operating Expense. Other operating expense decreased to $267,935 for the three months ended June 30, 2025 from $634,190 for the three
months ended June 30, 2024. This decrease is mainly attributable to expenses like legal and professional fees and storage warehouse.

Other
Income. Other income decreased for the three months ended June 30, 2025 to an expense balance of $1,866 from $48,127 for the three
months ended June 30, 2024. This decrease is mainly attributable to less other non-operating income recognized during the period.

Loss
on Settlement of Debt. Loss on settlement of debt was $0 for the three months ended June 30, 2025 and June 30, 2024.

Change
in Fair Value of Derivative and Warrant Liabilities. Change in fair value of derivative and warrant liabilities increased to a gain
of $15,846 for the three months ended June 30, 2025 from a loss of $327,122 for the three months ended June 30, 2024. The increase is
attributable to the fair value measurement for the derivative liability and warrant liability for the three months ended June 30, 2025.

Interest
Expense. Interest expense decreased to $171,923 for the three months ended June 30, 2025 from $871,249 for the three months ended
June 30, 2024. The decrease is attributable to the decrease in amortization of debt discount and interest paid and accrued on the notes.

Net
Loss. Net loss was $651,818 for the three months ended June 30, 2025