Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1859

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 8
Chunk 1859
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 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, the balance due from Bacolod for future shipments was approximately $1,300,000.
During the year ended December 31, 2024, the Company determined it was appropriate to record an allowance for the full balance due from
Bacolod. No new purchases have been made from Bacolod since November 2020. There was no
cost of revenue related to inventories purchased from Bacolod
recorded for the years ended December 31, 2024 and 2023.

Fixed
Assets

Fixed
assets are stated at cost less accumulated depreciation and are being depreciated using the straight-line method over the estimated useful
life of the asset as follows:

 Schedule of Estimated Usefule Life of Assets

    RAS System 
    10 years
  
    Furniture and fixtures 
    7 to 10 years
  
    Computer equipment 
    5 years
  
    Warehouse and refrigeration equipment 
    10 years
  
    Leasehold improvements 
    7 years
  
    Automobile 
    5 years
  
    Trade show booth 
    7 years

The
RAS system is comprised of tanks, plumbing, pumps, controls, hatchery, tools and other equipment all working together for the TOBC facility.

Leasehold
improvements are amortized using the straight-line method over the shorter of the expected life of the improvement or the remaining lease
term.

The
Company capitalizes expenditures for major improvements and additions and expenses those items which do not improve or extend the useful
life of the fixed assets.

The
Company reviews fixed assets for recoverability if events or changes in circumstances indicate the assets may be impaired. No impairment
was recorded related to fixed assets as of December 31, 2024 and 2023.

Other
Comprehensive (loss) Income

The
Company reports its comprehensive (loss) income in accordance with ASC 220, Comprehensive Income, which establishes standards
for reporting and presenting comprehensive (loss) income and its components in a full set of financial statements. Other comprehensive
(loss) income consists of net income (loss) and cumulative foreign currency translation adjustments.

    F-13

Foreign
Currency Translation

The
Company manages its exposure to fluctuations in foreign currency exchange rates through its normal operating activities. Its primary
focus is to monitor exposure to, and manage, the