Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 18

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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    $56,746  
    $55,346 
  
    RAS system 
     8,515  
     - 
  
    Automobiles 
     94,298  
     94,298 
  
    Leasehold improvements 
     17,904  
     17,904 
  
    Total 
     177,463  
     167,548 
  
    Fixed assets, gross 
     177,463  
     167,548 

    Less: Accumulated depreciation 
     (51,074) 
     (44,688)
  
    Fixed assets, net 
    $126,389  
    $122,860 

For
the three months ended March 31, 2025 and 2024, depreciation expense totaled approximately $6,400 and $1,300, respectively.

     14 

Note
6. Debt

John
Keeler Promissory Notes

The
Company had unsecured promissory notes outstanding to John Keeler, a related party, of approximately $0
of principal at March 31, 2025 and December 31, 2024, and no
interest expense during the three months ended March 31, 2025
and interest expense of $2,484
during the three months ended March 31, 2024. The Company made
principal payments totaling of $79,582 during the three months ended March 31, 2024.

Walter
Lubkin Jr. Note

On
November 26, 2019, the Company issued a five-year unsecured promissory note in the principal amount of $500,000 to Walter Lubkin Jr.
as part of the purchase price for the Coastal Pride acquisition. The note bears interest at the rate of 4% per annum. The note is payable
quarterly in an amount equal to the lesser of (i) $25,000 or (ii) 25% of the EBITDA of Coastal Pride, as determined on the first day
of each quarter.

For
the year ended December 31, 2024, $100,000 of the outstanding principal was paid in cash.

Interest
expense for the note totaled approximately $0 and $1,000 during the three months ended March 31, 2025 and 2024, respectively.

As
of March 31, 2025 and December 31, 2024