Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1872

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 8
Chunk 1872
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 2023, the Company issued 79,167 shares of its common stock to settle $570,000 principal of the subordinated
notes.

Walter
Lubkin Jr. Note

On
November 26, 2019, the Company issued a five-year unsecured promissory note in the principal amount of $500,000 to Walter Lubkin Jr.
as part of the purchase price for the Coastal Pride acquisition. The note bears interest at the rate of 4% per annum. The note is payable
quarterly in an amount equal to the lesser of (i) $25,000 or (ii) 25% of the EBITDA of Coastal Pride, as determined on the first day
of each quarter.

For
the year ended December 31, 2023, $250,000 of the outstanding principal was paid in shares of common stock of the Company.

For
the year ended December 31, 2024, $100,000 of the outstanding principal was paid cash.

Interest
expense for the note totaled approximately $3,800 and $14,100 during the year ended December 31, 2024 and December 31, 2023, respectively.

As
of December 31, 2024 and December 31, 2023, the outstanding principal balance on the note totaled $0 and $100,000, respectively.

Lind
Global Fund II LP notes

2022
Note

On
January 24, 2022, the Company entered into a securities purchase agreement with Lind Global Fund II LP, a Delaware limited
partnership (“Lind”), pursuant to which the Company issued Lind a secured, two-year, interest free convertible
promissory note in the principal amount of $5,750,000
(the “2022 Lind Note) and a five-year 5 warrant to purchase 1,000,000 shares of common stock at an exercise price of $4.50 per
share, subject to customary adjustments (1,000 shares of common stock at an exercise price of $4,500 per share after taking into
account the Company’s Reverse Stock Split). The warrant provides for cashless exercise and for full ratchet anti-dilution if
the Company issues securities at less than $4.50 per share (exercise price of $4,500 per share after taking into account the
Company’s Reverse Stock Split). In connection with the issuance of the 2022 Lind Note and the warrant, the Company