Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 57

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 57
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 thereafter until February 28, 2025.

Upon the occurrence of an event of default, as described in the note, Diagonal will have the right to convert all or any part of the outstanding and unpaid amount of the October Diagonal Note into shares of the Company’s common stock at a conversion price of 75% of the market price. The Company may not, without Diagonal’s written consent, sell, lease, or otherwise dispose of any significant portion of its assets except in the ordinary course of business. The Company will reserve 1,427,233 shares of its Common Stock to provide for the issuance of shares upon the full conversion of the October Diagonal Note. The outstanding balance on the October Diagonal Note was $108,356 as of the date of this prospectus.

On
December 16, 2024, pursuant to a securities purchase agreement, the Company issued to Diagonal a convertible promissory note in the principal
amount of $90,850 with an original issue discount of $11,850 (the “December Diagonal Note”). The December Diagonal Note has
a one-time interest payment of $10,902 paid upon issuance and a maturity date of September 15, 2025. Upon the occurrence of an event
of default as described in the December Diagonal Note, the note will become immediately due and payable at a default interest rate of
22% of the then outstanding principal amount of the note. The December Diagonal Note has mandatory monthly payments of $11,306 beginning
on January 15, 2025, and due on the 15th of every month thereafter until September 15, 2025.

On
January 28, 2025, pursuant to a securities purchase agreement, the Company issued to Diagonal a convertible promissory note in the principal
amount of $149,650 with an original issue discount of $19,650 (the “January Diagonal Note”). The January Diagonal Note has
a one-time interest payment of $19,454 paid upon issuance and a maturity date of October 30, 2025. Upon the occurrence of an event of
default as described in the January Diagonal Note, the note will become immediately due and payable at a default interest rate of 22%
of the then outstanding principal amount of the note. The January Diagonal Note has an initial payment of $109,918 due on July 30, 2025,
with monthly payments of $19,728 due on the 30