Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 960

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 960
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     3.45%  
     (206,832) 
     5.10%
  
    Permanent book/tax differences 
     252,817   
     (2.03)% 
     (237,419) 
     5.85%
  
    Change in valuation allowance 
     2,934,868   
     (23.52)% 
     74,848  
     (1.85)%
  
    Other 
     (137,271)  
     1.10% 
     1,221,327  
     (30.11)%
  
    Income Tax Provision/(Benefit) 
     -  
     -  
     -  
     - 

The
components of the net deferred tax asset at December 31, 2024 and 2023, are as follows:

 Schedule of Deferred Income Tax Asset

    December
    31,  2024  
    December
    31,  2023 
  
    Deferred
    Tax Assets 

    Allowance
    for bad debt 
     $9,774  
     $5,797 
  
    Fixed
    assets 
     171,728  
     136,208 
  
    Inventory reserve 
     356,290  
     - 
  
    Net
    operating loss carryovers 
     5,932,995  
     3,626,165 
  
    Non-capital
    Losses 
     727,316  
     511,340 
  
    Other 
     99,962  
     83,687 
  
    Net
    Deferred Tax Asset/(Liability) 
     7,298,065  
     4,363,197 
  
    Valuation
    Allowance 
     (7,298,065)  
     (4,363,197)
  
    Net
    Deferred Tax Asset/(Liability) 
    $- 
                                               
    $- 

Tax
periods for all fiscal years after 2020 remain open to examination by the federal and state taxing jurisdictions to which the Company
is subject. As of December 31, 2024, the Company has cumulative net federal and state operating losses of $24,189,098 and $18,368,316,
respectively