Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 380

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 380
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 Ventures Inc. (“AFVFL”) a wholly owned subsidiary. All intercompany balances and transactions
have been eliminated in consolidation.

Long-lived
Assets

Management
reviews long-lived assets, including finite-lived intangible assets, for indicators of impairment whenever events or changes in circumstances
indicate that the carrying value may not be recoverable. Cash flows expected to be generated by the related assets are estimated over
the asset’s useful life on an undiscounted basis. If the evaluation indicates that the carrying value of the asset may not be recoverable,
the potential impairment is measured using fair value. Fair value estimates are completed using a discounted cash flow analysis. Impairment
losses for assets to be disposed of, if any, are based on the estimated proceeds to be received, less costs of disposal. No impairment
was recognized for the year ended December 31, 2024 and December 31, 2023.

Cash
and Cash Equivalents 

The
Company maintains cash balances with financial institutions in excess of Federal Deposit Insurance Company (“FDIC”) insured
limits. The Company has not experienced any losses on such accounts and believes it does not have a significant exposure.

The
Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. As of December
31, 2024 and 2023, the Company had no cash equivalents.

The
Company considers any cash balance in the lender designated cash collateral account as restricted cash. All cash proceeds must be deposited
into the cash collateral account, and will be cleared and applied to the line of credit. The Company has no access to this account, and
the purpose of the funds is restricted to repayment of the line of credit.

Accounts
Receivable

Accounts
receivable consists of unsecured obligations due from customers under normal trade terms, usually net 30 days. The Company grants credit
to its customers based on the Company’s evaluation of a particular customer’s credit worthiness.

Allowances
for doubtful accounts are maintained for potential credit losses based on the age of the accounts receivable and the results of the Company’s
periodic credit evaluations of its customers’ financial condition. Receivables are written off as uncollectible and deducted from
the allowance for doubtful accounts after collection efforts have been deemed to be unsuccessful. Subsequent recoveries are netted against
the provision for doubtful accounts expense. The Company generally does not charge interest on receivables.

Receivables
are net of estimated allowances for