Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 347

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 347
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 31, 2024 decreased to $4,882,871 as compared to $5,966,452 for the
year ended December 31, 2023. This decrease is attributable to the decrease in poundage sold in the cost of goods.

Gross
Profit (Loss). Gross loss for the year ended December 31, 2024 is $1,288,990 as compared to gross profit of $158,077 for the year
ended December 31, 2023. This decrease is attributable to higher market prices and higher inventory reserve in comparison to the year
ended December 31, 2023.

Gross
Profit (Loss) Margin. Gross loss margin for the year ended December 31, 2024 is 35.9% as compared to gross profit margin of 2.6%
for the year ended December 31, 2023. This decrease is attributable to higher market prices and higher inventory reserve in comparison
to the year ended December 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 receiv