Blue Star(US:BSFC)2025-11-12 20:55Revenue and Profit - Revenue for the three months ended September 30, 2025 increased 77.9% to $462,260 compared to $259,779 for the same period in 2024[143]. - Revenue for the nine months ended September 30, 2025 increased 32.8% to $2,595,358 compared to $1,954,152 for the same period in 2024[154]. - Gross profit for the three months ended September 30, 2025 increased to $427,816 from a gross loss of $291,337 in the same period of 2024[145]. - Gross profit for the nine months ended September 30, 2025 increased to $772,150 from a gross loss of $283,468 in the same period of 2024[156]. - Other income increased to $73,280 for the nine months ended September 30, 2025 from $49,680 for the same period in 2024, mainly due to employment retention tax relief credit[161]. Net Loss - Net loss for the three months ended September 30, 2025 was $480,965, a significant decrease from $3,047,559 for the same period in 2024[153]. - Net loss for the nine months ended September 30, 2025 was $2,332,713, down from $6,360,767 for the same period in 2024[165]. Cash Flow and Operating Activities - Cash used in operating activities during the nine months ended September 30, 2025 was $372,077, a decrease from $4,285,630 for the same period in 2024[167]. - The Company had cash of $82,770 as of September 30, 2025, with a working capital deficit of $1,664,699[166]. Debt and Loans - The Company entered into a subordinated business loan of $420,000 with Agile Lending, requiring weekly payments of $21,300 until maturity on August 15, 2025[176]. - For the nine months ended September 30, 2025, the Company made principal payments on the Agile loan totaling $152,000, with an outstanding balance of $268,000[177]. - The September Diagonal Note issued on September 9, 2024, had a principal amount of $179,400 and a maturity date of June 15, 2025, with an interest rate of 13%[178]. - The Company made principal payments on the September Diagonal Note totaling $179,400, with no outstanding balance as of September 30, 2025[178]. - The October Diagonal Note had a principal amount of $121,900, with total principal payments of $81,267 and interest payments of $9,752 for the nine months ended September 30, 2025[179]. - The December Diagonal Note had a principal amount of $90,850, with principal payments of $81,329 and interest payments of $9,691 for the nine months ended September 30, 2025[180]. - The Company issued promissory notes in the aggregate principal amount of $550,000 as part of the August 2024 Private Placement Offering[183]. - During the nine months ended September 30, 2025, the Company made aggregate principal payments on the Private Placement Notes of $257,639, with an outstanding balance of $99,874[195]. - The Labrys Note issued on August 25, 2025, had a principal amount of $169,500, with no principal or interest payments made as of September 30, 2025[196]. - The Company issued a convertible promissory note to Quick Capital for a principal amount of $47,059 with an original issue discount of $7,059[197]. - The Quick Capital Note has an interest rate of 13% and a maturity date of June 16, 2026, with a one-time interest payment of $6,118 paid upon issuance[197]. - The outstanding balance on the Quick Capital Note was $47,059 as of September 30, 2025, with no principal and interest payments made during the nine months ended September 30, 2025[197]. - The Company issued a convertible promissory note to ClearThink for a principal amount of $47,059 with an original issue discount of $7,059[198]. - The ClearThink Note also has an interest rate of 13% and a maturity date of June 16, 2026, with a one-time interest payment of $6,118 paid upon issuance[198]. - The outstanding balance on the ClearThink Note was $47,059 as of September 30, 2025, with no principal and interest payments made during the nine months ended September 30, 2025[199]. - Both notes will become immediately due and payable at a default interest rate of 24% upon an event of default[197][199]. - The conversion price for both notes is set at 65% of the market price of the Company's common stock[197][199]. Other Information - The Company has no off-balance sheet arrangements[200]. - The Company is classified as a smaller reporting company and is not required to provide additional market risk information[201].