Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 368

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 368
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accompanying notes are an integral part of these audited consolidated financial statements

F-4

Blue
Star Foods Corp.

CONSOLIDATED
STATEMENTS OF CASH FLOWS

    Year Ended December 31 

    2024  
    2023 
  
    CASH FLOWS FROM OPERATING ACTIVITIES: 

    Net Loss 
    $(12,478,487) 
    $(4,471,612)
  
    Adjustments to reconcile net loss to net cash (used in) operating activities: 

    Stock based compensation 
     2,986  
     69,125 
  
    Common stock issued for service 
     302,000  
     319,083 
  
    Write-off of fixed assets 
     276,867  
     - 
  
    Depreciation of fixed assets 
     5,866  
     4,521 
  
    Amortization of debt discounts 
     1,232,529  
     868,954 
  
    Allowance for inventory obsolescence 
     1,241,305  
     176,000 
  
    Allowance for related party advances and  long-term receivable 
     1,807,829  
     - 
  
    Loss on settlement of debt 
     102,911  
     977,188 
  
    Lease expense 
     40,869  
     72,526 
  
    Credit loss expense 
     7,962  
     8,340 
  
    (Gain) loss on revaluation of fair value of derivative and warrant liabilities 
     354,296  
     (2,497,088)
  
    Changes in operating assets and liabilities: 

    Accounts receivables 
     176,592  
     270,881 
  
    Inventories 
     919,456  
     2,023,631 
  
    Advances to related parties 
     95,525  
     123,000 
  
    Other current assets 
     (348,322) 
     140,290 
  
    Right of use liability 
     (40,869) 
     (71,946)
  
    Other assets 
     (35,932) 
     4,467 
  
    Accounts payable and accruals 
     321,619