Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 50

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 2
Chunk 50
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,451 for the three months ended March
31, 2024. The decrease in net loss is primarily attributable to the change in fair value of derivative and warrant liabilities and the
interest expense.

 24 

Liquidity
and Capital Resources

The
Company had cash of $23,049 as of March 31, 2025. At March 31, 2025, the Company had a working capital deficit of $687,321 and the Company’s
primary sources of liquidity consisted of inventory of $342,825 and accounts receivable of $455,518.

The
Company has historically financed its operations through the cash flow generated from operations, capital investment, notes payable and
a working capital line of credit.

Cash
(Used in) Operating Activities. Cash used in operating activities during the three months ended March 31, 2025 was $392,550 as
compared to cash used in operating activities of $679,928 for the three months ended March 31, 2024. The decrease is primarily
attributable to decrease in inventory of $571,008, offset by the increase in other current assets of $622,820 and increase in
payables and accruals of $629,617 for the three months ended March 31, 2025 compared with the three months ended March 31,
2024.

Cash
(Used in) Investing Activities. Cash used in investing activities for the three months ended March 31, 2025 was $9,914 as compared
to cash used in investing activities of $23,146 for the three months ended March 31, 2024. The decrease was mainly attributable to a
decrease in the purchases of fixed assets for the three months ended March 31, 2025 compared to the purchases of fixed assets for the
three months ended March 31, 2024.

Cash
Provided by Financing Activities. Cash provided by financing activities for the three months ended March 31, 2025 was $80,167 as
compared to cash provided by financing activities of $622,626 for the three months ended March 31, 2024. The increase is mainly attributable
due to the increased repayments of short-term loans and less proceeds from common stock offering during the three months ended March
31, 2025.

 25 

Lind
Global Fund II LP investment

On
May 30, 2023, the Company entered into a securities purchase agreement with