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Blue Star Foods Corp. (BSFC-18.11%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net revenue to $884,283 from $1,561,679 in the same quarter the previous year. The decrease is attributed to a reduction in poundage sold.
Cost of goods sold for the quarter was $887,850, compared to $1,586,478 in the same quarter of the previous year. This decrease is attributed to the decrease in poundage sold.
The company reported a gross loss of $3,567 for the quarter, compared to a gross loss of $24,799 in the previous year, with the decrease attributed to a decrease in inventory reserve and cost.
Commissions expense increased to $11,429 from $423, due to commission expenses for a new subsidiary.
Salaries and wages decreased to $271,542 from $301,393, attributed to a strategic reduction in salaries.
Depreciation and amortization decreased to $1,535 from $2,754, due to lower depreciation on fixed assets.
Other operating expenses increased to $631,722 from $410,913, mainly due to legal and professional expenses.
Net loss for the quarter was $1,325,147, compared to $445,813 in the previous year. The increase is primarily due to changes in fair value of derivative and warrant liabilities.
Cash used in operating activities for the nine months ended September 30, 2024, was $4,285,630, compared to $3,112,126 in the previous year.
Cash provided by financing activities for the nine months ended September 30, 2024, was $4,350,018, compared to $3,667,373 in the previous year.
The company had cash of $72,697 as of September 30, 2024, with a working capital surplus of $2,527,851.
Blue Star Foods Corp. continues to focus on its operations in importing, packaging, and selling seafood products, with recent agreements to promote and sell products under the Wicked Tuna and Toby Keith brands.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Blue Star Foods Corp. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.