Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 354

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 354
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agonal Note are for general working capital. Upon the
occurrence of an event of default as described in the October 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 October Diagonal Note has mandatory monthly payments of
$15,170 beginning on October 30, 2024, and due on the 30th of every month thereafter until February 28, 2025.

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.

35

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 30th of every month thereafter until October 30, 2025.

The Hart Note

On April 16, 2024, the Company entered into a securities
purchase agreement (the “Purchase Agreement”) with Hart Associates, LLC, a Delaware limited liability company (