$BSFC

Blue Star Foods Corp.

CIK:0001730773|SEC Filings

Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
REVENUE, NET	$ 532,417	$ 1,172,340	$ 782,676	$ 2,133,098
COST OF REVENUE	235,352	919,650	476,864	1,788,764
GROSS PROFIT	297,065	252,690	305,812	344,334
COMMISSIONS		460		460
SALARIES AND WAGES	184,948	333,226	367,825	603,510
DIRECTOR COMPENSATION	138,012	138,012	276,024	276,024
DEPRECIATION AND AMORTIZATION	6,385	6,932	12,771	13,318
OTHER OPERATING EXPENSES	122,289	267,935	323,854	916,418
LOSS FROM OPERATIONS	(154,569)	(493,875)	(674,662)	(1,465,396)
OTHER INCOME (EXPENSE)	52,662	(1,866)	53,942	4,749
CHANGE IN FAIR VALUE OF DERIVATIVE AND WARRANT LIABILITIES		15,846		29,936
CHANGE IN FAIR VALUE OF CONVERTIBLE NOTES	57,651		(79,078)
LOSS ON SETTLEMENT OF DEBT			(47,241)	(41,066)
INTEREST EXPENSE	(20,869)	(171,923)	(53,399)	(379,971)
NET LOSS	(65,125)	(651,818)	(800,438)	(1,851,748)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	(65,125)	(651,818)	(800,438)	(1,851,748)
COMPREHENSIVE LOSS:
CHANGE IN FOREIGN CURRENCY TRANSLATION ADJUSTMENT	57,419	(112,088)	37,986	(93,248)
COMPREHENSIVE LOSS	$ (7,706)	$ (763,906)	$ (762,452)	$ (1,944,996)
Loss per common share:
Net loss per common share - basic	$ (0.00)	$ (0.04)	$ (0.01)	$ (0.12)
Net loss per common share - diluted	$ (0.00)	$ (0.04)	$ (0.01)	$ (0.12)
Weighted average common shares outstanding - basic	145,307,833	16,640,461	154,645,271	15,552,678
Weighted average common shares outstanding - diluted	145,307,833	16,640,461	154,645,271	15,552,678

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (800,438)	$ (1,851,748)
Adjustments to reconcile net loss to net cash (used in) operating activities:
Stock based compensation	6,024	(2,480)
Common stock issued for service	33,000	66,000
Depreciation of fixed assets	12,771	13,318
Amortization of debt discounts	7,500	152,047
Allowance for inventory obsolescence	(149,171)	27,432
Loss on settlement of debt	47,241	40,166
Lease expense	10,645	15,031
Credit loss expense	710	(10,041)
Gain on revaluation of fair value of derivative and warrant liabilities		(29,936)
Loss on revaluation of fair value of convertible notes	79,078
Changes in operating assets and liabilities:
Accounts receivables	22,819	15,373
Inventories	160,965	171,333
Other current assets	32,752	544,222
Right of use liability	(10,645)	(15,031)
Other assets	3,246	(20,000)
Accounts payable and accruals	190,030	449,113
Accrued compensation	270,000	270,000
Customer refunds		(23,044)
Other current liabilities	(12,472)
Net Cash (Used in) Operating Activities	(95,945)	(188,245)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets		(9,914)
Net Cash (Used in) Investing Activities		(9,914)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from common stock offering		19,950
Proceeds from short-term loan		550,000
Proceeds from convertible debt	50,000
Repayments of short-term loan	5,318	(560,788)
Net Cash Provided by Financing Activities	55,318	9,162
Effect of Exchange Rate Changes on Cash	37,310	(91,881)
NET INCREASE IN CASH AND CASH EQUIVALENTS	(3,317)	(280,878)
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD	14,436	326,854
CASH AND CASH EQUIVALENTS – END OF PERIOD	11,119	45,976
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	8,038	113,729
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES
Common stock issued for partial settlement of note payable	106,825	147,821
Common stock issued for loan commitment fees
Derivative liability recognized on issuance of convertible note
Common stock issued for directors stock compensation	540,000	540,000
Stock compensation reclassified to related party receivable	$ 60,000

Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 11,119	$ 14,436
Accounts receivable, net of allowances and credit losses of $25,141 and $24,117	31,561	55,091
Inventory, net	393,185	404,979
Other current assets	562,901	594,220
Total Current Assets	1,089,255	1,160,651
FIXED ASSETS, net	93,241	106,150
RIGHT OF USE ASSET	39,452	50,097
OTHER ASSETS	66,093	69,336
TOTAL ASSETS	1,288,041	1,386,234
CURRENT LIABILITIES
Accounts payables	771,957	538,635
Accrued expenses	581,991	355,283
Accrued compensation	480,000	480,000
Convertible notes, net of debt discounts	55,500	55,500
Convertible notes, at fair value	1,922,579	1,822,102
Current maturities of lease liabilities	38,993	39,577
Loan payable, net of non current portion	354,141	364,254
Other current liabilities	20,895	33,367
Total Current Liabilities	4,226,056	3,688,718
LONG-TERM LIABILITIES
Lease liability, net of current portion	459	10,520
Loan payable, net of current portion	34,631	43,498
TOTAL LIABILITIES	4,261,146	3,742,736
STOCKHOLDERS’ EQUITY
Series A Super-Voting Convertible Preferred Stock, $0.0001 par value; 5,000,000 shares authorized, 1,550,000 shares issued and outstanding as of June 30, 2026, and 1,000,000 shares issued and outstanding as of December 31, 2025	155	100
Common stock, $0.0001 par value, 500,000,000 shares authorized; 163,880,101 shares issued and outstanding as of June 30, 2026, and 91,631,956 shares issued and outstanding as of December 31, 2025	16,379	9,154
Additional paid-in capital	47,788,194	47,649,570
Accumulated other comprehensive loss	(29,185)	(67,171)
Accumulated deficit	(50,672,170)	(49,871,732)
Stock subscription receivable	(155)	(100)
Treasury stock, 151 shares as of June 30, 2026 and 151 shares as of December 31, 2025	(76,323)	(76,323)
TOTAL STOCKHOLDERS’ EQUITY	(2,973,105)	(2,356,502)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	1,288,041	1,386,234
Related Party [Member]
CURRENT ASSETS
Advance to related party	$ 90,489	$ 91,925