Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 1

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 1
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 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 June 30, 2025 and 2024

Net
Revenue. Revenue for the three months ended June 30, 2025 increased 84.6% to $1,172,340 as compared to $635,018 for the three
months ended June 30, 2024 as a result of an increase in inventory items sold along with increase in price during the three months
ended June 30, 2025.

Cost
of Goods Sold. Cost of goods sold for the three months ended June 30, 2025 increased to $919,650 as compared to $587,516 for the
three months ended June 30, 2024. This increase is attributable to cost in the inventory items sold along with increase in items sold.

Gross
Profit. Gross profit for the three months ended June 30, 2025 increased to $252,690 as compared to gross profit of $47,502 in the
three months ended June 30, 2024. This increase is attributable to the increase in sales.

Commissions
Expense. Commissions expense increased to $460 for the three months ended June 30, 2025 from $0 for the three months ended June 30,
2024. This increase was due to commissionable revenues for the three months ended June 30, 2024.

Salaries
and Wages Expense. Salaries and wages expense increased to $333,226 for the three months ended June 30, 2025 as compared to $291,231
for the three months ended June 30,