Wed, May 15, 3:56 PM (244 days ago)
Blue Star Foods Corp. reported a net loss of $1,093,095 for Q1 2024, an improvement from the $1,951,402 loss in Q1 2023. Revenue increased by 19.1% to $2,260,329, driven by higher sales volumes and new packaged seafood inventory. Cost of goods sold rose to $2,089,567, reflecting the increased volume and higher inventory reserves. Gross profit decreased to $170,762 due to higher inventory reserves. Operating expenses saw mixed trends: salaries and wages decreased to $301,790 due to strategic reductions, while other operating expenses slightly increased to $705,651, mainly due to higher legal and professional fees. Interest expense decreased to $335,067 from $354,666, attributed to lower amortization of debt discounts. The company’s cash position at the end of Q1 2024 was $22,298, with a working capital surplus of $869,797. Cash used in operating activities decreased to $679,928, and cash used in investing activities was $23,146. Financing activities provided $622,626, primarily from stock offerings and loan proceeds. The company faces substantial doubt about its ability to continue as a going concern due to recurring losses and an accumulated deficit. Management is focused on increasing revenues, acquiring complementary businesses, and raising capital to sustain operations.