Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 147

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 147
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 loan with First West Credit Union Canada Emergency Business Account (“CEBA”) in the principal amount of CAD$ 60,000in connection with the acquisition of TOBC. The loan initially bears no interest and is due on December 31, 2025. The loan was amended on October 19, 2022 to extend the loan forgiveness date from December 31, 2022 to December 31, 2023. If less than 75% of the loan amount was outstanding at December 31, 2023, the then outstanding balance will be converted to interest only monthly payments at 5.0%. As of December 31, 2023, the outstanding balance on the loan was CAD$ 60,000.

Note 8. Acquisitions

Acquisition of Gault Seafood

On February 3, 2022, Coastal Pride entered into an asset purchase agreement with Gault Seafood and Robert J. Gault II pursuant to which Coastal Pride acquired all of Gault Seafood’s right, title and interest in and to assets relating to Gault Seafood’s soft-shell crab operations, including intellectual property, equipment, vehicles and other assets used in connection with the soft-shell crab operations. Coastal Pride did not assume any liabilities in connection with the acquisition. The purchase price for the assets consisted of a cash payment in the amount of $ 359,250and the issuance of 167shares of common stock of the Company with a fair value of $ 359,250. The acquisition was accounted for as an asset acquisition.

Fair Value of Consideration Transferred and Recording of Assets Acquired

The following table summarizes the acquisition date fair value of the consideration paid and identifiable assets acquired.

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

| Consideration Paid:                                     |     |   |         |
|:--------------------------------------------------------|:----|:--|--------:|
| Cash                                                    |     | $ | 359,250 |
| Common stock, 167 shares of common stock of the Company |     |   | 359,250 |
| Transaction costs                                       |     |   |  39,231 |
| Fair value of total consideration                       |     | $ | 757,731 |
| Purchase Price Allocation:                              |     |   |         |
| Fixed assets acquired                                   |     | $ | 146,600 |
| Customer relationships                                  |     |   | 611,131 |
| Fair market value of net assets acquired                |     | $ |