Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 190

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 190
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,220. The outstanding balance on the loan was $ 0as of September 30, 2024.

On September 9, 2024, the Company issued to Diagonal a convertible promissory note in the principal amount of $ 179,400with an original issue discount of $ 23,400(the “Second Diagonal Note”). The Second Diagonal Note has an interest rate of 13% with a one-time interest payment of $ 23,322paid upon issuance and a maturity date of June 15, 2025. The proceeds from the sale of the Second Diagonal Note are for general working capital. Upon the occurrence of an event of default as described in the Second 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. Additionally, Diagonal will have the right to convert all or any part of the outstanding and unpaid amount of the Second Diagonal Note into shares of the Company’s common stock at a conversion price of 65% of the market price as described in the note. 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 a sufficient number of shares to provide for the issuance of shares upon the full conversion of the Second Diagonal Note. The Company is required to make monthly payments starting March 15, 2025, until the due date of June 15, 2025. The first payment due March 15, 2025, is $ 131,769. The monthly payment for April 15, 2025, May 15, 2025, and June 15, 2025, is $ 23,651. For the nine months ended September 30, 2024, no principal and interest payments were made. The outstanding balance on the loan was $ 179,400as of September 30, 2024.

| F-44 |

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 (the “Hart”), pursuant to which the Company issued a promissory note in the principal amount of $ 300,000and will issue 10,000shares of its common stock to Hart (the “Hart Note”). The Hart Note has a one