Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 52

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 2
Chunk 52
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 principal. As of March 31, 2025, the outstanding balance on
the notes was $55,500, net of debt discount of $15,803, and totaling $39,697. As of December 31, 2024, the outstanding balance on the notes was $55,500, net of debt discount of $27,656, and totaling
$27,844. For the three months ended March 31, 2025 and 2024, amortization
of debt discounts totaled $11,853 and $113,352, respectively.

Agile
Lending, LLC Loans 

On
January 28, 2025, the Company entered into a subordinated business loan and security agreement with Agile and Agile Capital as collateral
agent, which provides for a term loan to the Company in the amount of $420,000 which principal and interest (of $176,400) and has a maturity
date of August 15, 2025. Commencing February 7, 2025, the Company is required to make weekly payments of $21,300 until the maturity date.
The loan may be prepaid subject to a prepayment fee. Administrative agent fee of $20,000 was paid on the loan which was recognized as
a debt discount and amortized over the term of the loan. In connection with the loan, Agile was issued a subordinated secured promissory
note, dated January 28, 2025, in the principal amount of $420,000 which note is secured by all of the Borrowers’ assets, including
receivables. For the three months ended March 31, 2025, the Company made principal payments on the loan totaling $129,000 and
no interest payments were made. The outstanding balance on the loan was $291,000 as of March 31, 2025.

 26 

1800
Diagonal Notes

On
September 9, 2024, the Company issued to Diagonal a convertible promissory note in the principal amount of $179,400 with an original
issue discount of $23,400 (the “September Diagonal Note”). The September Diagonal Note has an interest rate of 13% with
a one-time interest payment of $23,322 paid upon issuance and a maturity date of June 15, 2025. The proceeds from the sale of the
September Diagonal Note are for general working capital. Upon the occurrence of an event of default