Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 884

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 884
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 31, 2023.

Commissions
Expenses. Commissions expenses increased to $4,490 for the year ended December 31, 2024 from $2,169 for the year ended December 31,
2023. The increase is attributable to higher commissionable revenues.

32

Salaries
and Wages Expense. Salaries and wages decreased to $1,668,585 for the year ended December 31, 2024 as compared to $1,858,004 for
the year ended December 31, 2023. This decrease is primarily attributable to a reduction in the number of employees and the absence
of stock-based compensation expense for the year ended December 31, 2024.

Depreciation
and Amortization. Depreciation and amortization expense increased to $5,866 for the year ended December 31, 2024 as compared to
$4,521 for the year ended December 31, 2023. This increase is attributable to higher depreciation due to purchase of new fixed
assets in the year ended December 31, 2024.

Other
Operating Expense. Other operating expenses increased 177% to $7,147,468 for the year ended December 31, 2024 as compared to
$2,525,661 for the year ended December 31, 2023. This increase is mainly attributable to an increase in legal and professional fees
related to our business operations, the valuation allowances recorded for advances and receivables with related parties and the $1.5 million losses sustained from the service agreement
that we entered into with Afritex Texas which expired in August 2024.

Other
Income. Other income increased to $51,926 for the year ended December 31, 2024 from $12,708 for the year ended December 31, 2023.
This increase is primarily attributable to higher collections received by Keeler & Co. from previously written off receivables.

Loss
on Conversion of Debt. Loss on conversion of debt decreased to $0 for the year ended December 31, 2024 from $977,188 for the year
ended December 31, 2023. This decrease is attributable to the decrease on conversion of principal in the Lind note.

Change
in Fair Value of Derivatives and Warrants Liabilities. Change in fair value of derivatives and warrants liabilities decreased to
a loss of $354,296 for the year ended December 31, 202