Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 681

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1B
Chunk 681
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 (the “Purchase Agreement Amendment”)
with Lind, which provided for the issuance of further senior convertible promissory notes up to an aggregate principal amount of up to
$1,800,000 and the issuance of additional warrants in such amounts as the Company and Lind shall mutually agree.

Pursuant
to the Purchase Agreement Amendment, the Company issued to Lind a two-year, interest free convertible promissory note in the principal
amount of $300,000 and a warrant to purchase 3,505 shares of common stock of the Company at an exercise price of $67.00 per 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”)