Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 78

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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 $188,245 as compared
to cash used in operating activities of $2,639,077 for the six months ended June 30, 2024. The decrease is primarily attributable to
decrease in inventory of $421,973 and decrease in accounts receivable of $319,177, offset by the increase in other current assets of
$2,068,264 and increase in payables and accruals of $611,222 for the six months ended June 30, 2025 compared with the six months ended
June 30, 2024.

Cash
(Used in) Investing Activities. Cash used in investing activities for the six months ended June 30, 2025 was $9,914 as compared to
cash used in investing activities of $57,797 for the six months ended June 30, 2024. The decrease was mainly attributable to a decrease
in the purchases of fixed assets for the six months ended June 30, 2025 compared to the purchases of fixed assets for the six months
ended June 30, 2024.

Cash
Provided by Financing Activities. Cash provided by financing activities for the six months ended June 30, 2025 was $9,162 as compared
to cash provided by financing activities of $2,650,048 for the six months ended June 30, 2024. The decrease is mainly attributable due
to the netted decrease in repayments and proceeds of short-term loans and less proceeds from common stock offering during the six months
ended June 30, 2025.

26

Lind
Global Fund II LP investment

On
May 30, 2023, the Company entered into a securities purchase agreement with Lind pursuant to which the Company issued to Lind a secured,
two-year, interest free convertible promissory note in the principal amount of $1,200,000 (the “Lind Note”) and a warrant
(the “Lind Warrant”) to purchase 8,701 shares of common stock of the Company commencing six months after issuance and exercisable
for five years at an exercise price of $122.50 per share, for the aggregate funding amount of $1,000,000. The Lind Warrant includes cashless
exercise and full ratchet anti-dilution provisions. In connection with the issuance of the Lind Note and the Lind Warrant, the Company
paid Lind a $50,000 commitment fee. The proceeds from the sale of the Note