Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 42

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 42
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 ended September 30, 2025 from $0 for the three months ended September
30, 2024. This increase was due to commissionable revenues for the three months ended September 30, 2024.

Salaries
and Wages Expense. Salaries and wages expense decreased to $239,299 for the three months ended September 30, 2025 as compared to
$268,530 for the three months ended September 30, 2024. This decrease is mainly attributable to the decrease in gross wages.

Director
Compensation. Director compensation increased to $138,012 for the three months ended September 25, 2025 as compared to $3,012 for
the three months ended September 30, 2024. This increase is mainly attributable to the accrual of director compensation for year-end
stock issuances.

Depreciation
and Amortization. Depreciation and amortization expense increased to $6,269 for the three months ended September 30, 2025 as compared
to $1,535 for the three months ended September 30, 2024. This increase is attributable to higher depreciation due to depreciable purchases
of fixed assets during the three months ended September 30, 2025.

Other
Operating Expense. Other operating expense decreased to $456,599 for the three months ended September 30, 2025 from $2,077,793 for
the three months ended September 30, 2024. This decrease is mainly attributable to expenses like legal and professional fees, storage
warehouse, and loss from operating expenses in AFVFL during the three months ended September 30, 2024.

Other
Income. Other income increased for the three months ended September 30, 2025 to $68,531 from $18 for the three months ended September
30, 2024. This increase is mainly attributable to the employment retention tax relief credit received.

Loss
on Settlement of Debt. Loss on settlement of debt increased for the three months ended September 30, 2025 to $52,205 from $0 for
the three months ended September 30, 2024. The increase is caused by the Securities Purchase Agreement notes repayments during the three
months ended September 30, 2025

Change
in Fair Value of Derivative and Warrant Liabilities. Change in fair value of derivative and warrant liabilities decreased to $19,628
for the three months ended September 30,