Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 128

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 128
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write-downs are charged to cost of goods sold. The Company recorded an inventory allowance of $176,000 for the year ended December 31, 2023.

| F-7 |

The Company’s inventory as of December 31, 2023 and December 31, 2022 consists of:

Schedule of Inventory

|                                    |     |   | December 31, 2023 |   |     |   | December 31, 2022 |
|:-----------------------------------|:----|:--|------------------:|:--|:----|:--|------------------:|
| Inventory purchased for resale     |     | $ |         1,708,311 |   |     | $ |         3,052,518 |
| Feeds and eggs processed           |     |   |           102,373 |   |     |   |           156,984 |
| Raw materials for packaged seafood |     |   |                   |   |     |   |                   |
| Packaged seafood inventory         |     |   |                   |   |     |   |                   |
| Inventory other                    |     |   |                   |   |     |   |                   |
| In-transit inventory               |     |   |           973,837 |   |     |   |         1,598,650 |
| Less: Inventory allowance          |     |   |          (176,000 | ) |     |   |                 - |
| Inventory, net                     |     | $ |         2,608,521 |   |     | $ |         4,808,152 |

Advances to Suppliers and Related Party

In the normal course of business, the Company may advance payments to its suppliers, including Bacolod, a related party. These advances are in the form of prepayments for products that will ship within a short window of time. In the event that it becomes necessary for the Company to return products or adjust for quality issues, the Company is issued a credit by the vendor in the normal course of business and these credits are also reflected against future shipments.

As of December 31, 2023, and December 31, 2022, the balance due from Bacolod for future shipments was approximately $ 1,300,000. No new purchases have been made from Bacolod since November 2020. There was nocost of revenue related to inventories purchased from Bacolod recorded for the years ended December