Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1772

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 8
Chunk 1772
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 share for
$250,000. In connection with the issuance of the note and the warrant, the Company paid a $12,500 commitment fee. The proceeds from the
sale of the note and warrant are for general working capital purposes.

Due
to the variable conversion price of the Purchase Agreement Amendment, the embedded conversion feature was accounted as a derivative liability.
The fair value of the derivative liability at issuance amounting to $118,984 was recorded as debt discount and amortized over the term
of the note.

    F-22

On
August 3, 2024 the Company and Lind entered into a waiver and acknowledgement agreement.

The
Company and Lind previously entered into that certain Securities Purchase Agreement, dated as of May 20, 2023, as amended on July
27, 2023 pursuant to which the Company issued Lind a senior convertible promissory note in the principal amount of $300,000. Each of the Company and Lind acknowledge that the amounts owing under the convertible promissory note as of the filing
of the Waiver Agreement is equal to $355,500.00.

During the year ended December 31, 2024, $1,500,000 of note principal was
converted to 1,891,310 shares of common stock. 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. As of
December 31, 2024, the total derivative liability and warrant liability was $49,565 and $0, respectively.

Agile
Lending, LLC loan

On
June 14, 2023, the Company, through its subsidiary Keeler & Co. (“Borrowers”) entered into a subordinated business loan
and security agreement with Agile Lending, LLC as lead lender (“Agile”) and Agile Capital Funding, LLC as collateral agent,
which provides for a term loan to the Company in the amount of $525,000 which principal and interest (of $231,000) is due on December
15, 2023. Commencing June 23, 2023, the Company is required to make weekly payments of $29,077 until the due date. The loan may be prepaid
subject to a prepayment fee. An administrative agent fee of $25,000 was paid on the loan which was recognized as a debt discount and
amortized over the term of