Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 43

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 43
---
 2025 from $33,806 for the three months ended September 30, 2024. The decrease is attributable
to the fair value measurement for the derivative liability and warrant liability for the three months ended September 30, 2025.

Interest
Expense. Interest expense decreased to $104,131 for the three months ended September 30, 2025 from $439,176 for the three months
ended September 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 $480,965 for the three months ended September 30, 2025 as compared to $3,047,559 for the three months ended September
30, 2024. The decrease in net loss is primarily attributable to the decrease in other operating expenses and the interest expense.

24

Nine
months ended September 30, 2025 and 2024

Net
Revenue. Revenue for the nine months ended September 30, 2025 increased 32.8% to $2,595,358 as compared to $1,954,152 for the nine
months ended September 30, 2024 as a result of increase in inventory items sold along with increase in price during the nine months ended
September 30, 2025.

Cost
of Goods Sold. Cost of goods sold for the nine months ended September 30, 2025 decreased to $1,823,208 as compared to $2,237,620
for the nine months ended September 30, 2025. This decrease is attributable to the adjustment of inventory allowance and cost in the
inventory items sold.

Gross
Profit. Gross profit for the nine months ended September 30, 2025 increased to $772,150 as compared to gross loss of $283,468 in
the nine months ended September 30, 2024. This increase is attributable to increase in sales.

Commissions
Expense. Commissions expense decreased to $885 for the nine months ended September 30, 2025 from $4,221 for the nine months ended
September 30, 2024. This decrease was due to commissionable revenues for the nine months ended September 30, 2025.

Salaries
and Wages Expense. Salaries and wages expense decreased to $842,809 for the nine months ended September 30, 2025 as compared to $875,780