Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 127

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 127
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 2022, the balance due from Bacolod for future shipments was approximately $ 1,300,000. No new purchases have been made from Bacolod since November 2020. There was nocost of revenue related to inventories purchased from Bacolod recorded for the years ended December 31, 2023 and 2022.

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. Noimpairment was recorded related to fixed assets as of December 31, 2023. For the year ended December 31, 2022, an impairment was recorded related to Coastal Pride and TOBC’s fixed assets of $ 1,873,619.

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-8 |

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 economic foreign currency exchange risks faced by, its operations and realized when the Company exchanges one currency for another.