Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 20

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 ended September 30, 2025 and 2024, depreciation expense totaled approximately $19,600 and $4,200, respectively.

    14

Note
6. Accrued Compensation

Accrued
compensation totaled $405,000 as of September 30, 2025 and $540,000 as of December 31, 2024. As of September 30, 2025, the total balance
was related to accruing compensation for year-end payment to the Company’s Board of Directors. This is a fixed dollar amount compensation
and will be settled by common stock calculated at year-end. This was recorded in the directors compensation on the income statement with
directors option expenses as non-cash compensation. During nine months ended September 30, 2024, there is no compensation granted to
directors as the Company granted the annual compensation at the end of year 2024 and the Company recognized a net credit to stock compensation
expense of $1,317 due to options forfeitures.

Note
7. Debt

John
Keeler Promissory Notes

The
Company had unsecured promissory notes outstanding to John Keeler, a related party, of approximately $0 of principal at September 30,
2025 and December 31, 2024, and no interest expense during the nine months ended September 30, 2025 and interest expense of $4,435 during
the nine months ended September 30, 2024. The Company made principal payments totaling of $165,620 during the nine months ended September
30, 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 $3,000 during the nine months ended September 30, 2025 and 2024, respectively.