Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 17

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 tabular format, of specific natural expense categories
such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization, within each relevant expense
caption on the income statement. The ASU also requires disclosure of the total amount of selling expenses and a qualitative description
of expenses remaining in the “other” category. For public business entities, the amendments are effective for annual reporting
periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15,
2027. The Company is currently evaluating the impact of adopting this ASU on its financial statements and disclosures.

Note
3. Going Concern

The
accompanying consolidated financial statements and notes have been prepared assuming the Company will continue as a going concern. For
the three months ended March 31, 2025, the Company incurred a net loss of $1,199,930, had an accumulated deficit of $47,489,149 and a
working capital deficit of $687,321. These factors raise substantial doubt as to the Company’s ability to continue as a going concern.
The Company’s ability to continue as a going concern is dependent upon the Company’s ability to increase revenues, execute
on its business plan to acquire complimentary companies, raise capital, and to continue to sustain adequate working capital to finance
its operations. The failure to achieve the necessary levels of profitability and cash flows would be detrimental to the Company. The
consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going
concern.

Note
4. Other Current Assets

Other
current assets totaled $932,810 as of March 31, 2025 and $1,109,494 as of December 31, 2024. As of March 31, 2025, approximately $731,000
and $84,000 of the balance was related to prepaid inventory to the Company’s suppliers and prepaid legal fees, respectively. As of December 31, 2024, approximately $943,000 and $136,000 of the balance was related to prepaid inventory to the
Company’s suppliers and prepaid legal fees, respectively. The
remainder of the balance was related to prepaid insurance and other prepaid expenses.

Note
5. Fixed Assets, Net

Fixed
assets comprised the following:

 Schedule
of Fixed Assets

    March 31, 2025  
    December 31, 2024 
  
    Computer equipment