Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 172

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 172
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 transit from suppliers. The Company also has eggs and fish in process inventory from TOBC and raw materials for packaged seafood and other inventory from AFVFL. The cost of inventory is primarily determined using the specific identification method for crab meat and raw materials for packaged seafood inventory. Fish in process inventory is measured based on the estimated biomass of fish on hand. The Company has established a standard procedure to estimate the biomass of fish on hand using counting and sampling techniques. Inventory is valued at the lower of cost or net realizable value, cost being determined using the first-in, first-out method for crab meat and raw materials for packaged seafood inventory and using various estimates and assumptions in regard to the calculation of the biomass, including expected yield, market value of the biomass, and estimated costs of completion.

Merchandise is purchased cost and freight shipping point and becomes the Company’s asset and liability upon leaving the suppliers’ warehouse. The Company periodically reviews the value of items in inventory and records an allowance to reduce the carrying value of inventory to the lower of cost or net realizable value based on its assessment of market conditions, inventory turnover and current stock levels. For the nine months ended September 30, 2024, the Company recorded an inventory allowance of $ 714,900. For the year ended December 31, 2023, the Company recorded an inventory allowance in the amount of $ 176,000which was charged to cost of goods sold.

The Company’s inventory as of September 30, 2024 and December 31, 2023 consists of:

Schedule of Inventory

|                                    |     |   | September 
       30, 
      2024 |   |     |   |  December 
       31, 
      2023 |   |
|:-----------------------------------|:----|:--|----------:|:--|:----|:--|----------:|:--|
| Inventory purchased for resale     |     | $ | 2,154,578 |   |     | $ | 1,708,311 |   |
| Feeds and eggs processed           |     |   |    71,494 |   |     |   |   102,373 |   |
| Raw materials for packaged seafood |     |   |   313,563 |   |     |   |         - |   |
| Packaged seafood inventory         |     |   |   654,224 |   |     |   |         - |   |
| Inventory other