Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 36

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 1
Chunk 36
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9,914 as compared
to cash used in investing activities of $23,146 for the three months ended March 31, 2024. The decrease was mainly attributable to a
decrease in the purchases of fixed assets for the three months ended March 31, 2025 compared to the purchases of fixed assets for the
three months ended March 31, 2024.

Cash
Provided by Financing Activities. Cash provided by financing activities for the three months ended March 31, 2025 was $80,167 as
compared to cash provided by financing activities of $622,626 for the three months ended March 31, 2024. The increase is mainly attributable
due to the increased repayments of short-term loans and less proceeds from common stock offering during the three months ended March
31, 2025.

 25 

Lind
Global Fund II LP investment

On
May 30, 2023, the Company entered into a securities purchase agreement with Lind pursuant to which the Company issued to Lind a secured,
two-year, interest free convertible promissory note in the principal amount of $1,200,000 (the “Lind Note”) and a warrant
(the “Lind Warrant”) to purchase 8,701 shares of common stock of the Company commencing six months after issuance and exercisable
for five years at an exercise price of $122.50 per share, for the aggregate funding amount of $1,000,000. The Lind Warrant includes cashless
exercise and full ratchet anti-dilution provisions. In connection with the issuance of the Lind Note and the Lind Warrant, the Company
paid Lind a $50,000 commitment fee. The proceeds from the sale of the Note and Warrant are for general working capital purposes.

On
July 27, 2023, the Company, entered into a First Amendment to the securities purchase agreement (the “Purchase Agreement Amendment”)
with Lind, pursuant to which the Company amended the securities purchase agreement, entered into with Lind as of May 30, 2023 in order
to permit the issuance of further senior convertible promissory notes in the aggregate principal amount of up to $1,800,000 and warrants
in such aggregate amount 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