Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 508

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1A
Chunk 508
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convert all or any part of the outstanding and unpaid amount of the FirstFire Note into fully paid and non-assessable shares of our common
stock. The conversion price shall be 61% multiplied by the Market Price (as defined in the FirstFire Note) (representing a discount rate
of 39%). While the FirstFire Note remains outstanding, we will reserve 40,000 shares of our common stock free from preemptive rights,
to provide for the issuance upon the full conversion of the FirstFire Note. While the FirstFire Note remains outstanding, we shall not,
without the FirstFire’s written consent, sell, lease, or otherwise dispose of any significant portion of our assets outside the
ordinary course of business.

August 2024 Private Placement Offering

In August, 2024, the Company entered into securities
purchase agreements (each a “Securities Purchase Agreement”) with each of Quick Capital, LLC, a Wyoming limited liability
company (“Quick Capital”) and Jefferson Street Capital, LLC a New Jersey limited liability company (“Jefferson”)
whereby it will issue promissory notes in the aggregate principal amount of $550,000 (the “August Private Placement Offering”).

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The Company agreed to issue to each of Quick Capital
and Jefferson up to 19,650 shares of our common stock as a “Commitment Fee”

As part of the August Private Placement Offering,
the Company issued two promissory notes each in the principal amount of $275,000 with an original issue discount of $25,000 (the “Private
Placement Notes”). The Private Placement Notes have a one-time interest payment of $27,500. Thereafter, any principal amount of
interest which is not paid upon maturity will accrue at a rate of the lesser of (i) sixteen percent (16%) per annum and (ii) the maximum
amount permitted by law from the due date thereof until the same is paid. The Private Placement Notes have a maturity date of 10 months
after issuance and the proceeds from the notes are for general corporate purposes. The Company agreed to issue to each of Quick Capital
and Jefferson 19,650 shares of common stock as additional consideration for entering into Private Placement Notes.

The investors have the right, at any time on or following
the earlier of (i) the date that any of the shares are registered for resale under a registration statement of the Company or (ii) the
date that is six (6) months after the issue date, to convert all or