Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 21

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 convertible promissory note, pursuant to the Purchase Agreement Amendment, the embedded conversion
feature was accounted for as a derivative liability. The fair value of the derivative liability at issuance amounting to $118,984, was
recorded as a debt discount and amortized over the term of the note.

On
August 3, 2024 the Company and Lind entered into a waiver and acknowledgement agreement.

The
Company and Lind previously entered into that certain Securities Purchase Agreement, dated as of May 20, 2023, as amended on July 27,
2023 pursuant to which the Company issued Lind a senior convertible promissory note in the principal amount of $300,000. Each of the
Company and Lind acknowledge that the amounts owing under the convertible promissory note as of the filing of the Waiver Agreement is
equal to $355,500.

During
the three months ended March 31, 2025, there were no payments to the note principal. As of March 31, 2025, the outstanding balance on
the notes was $55,500, net of debt discount of $15,803, and totaling $39,697. As of December 31, 2024, the outstanding balance on the notes was $55,500, net of debt discount of $27,656, and totaling
$27,844. For the three months ended March 31, 2025 and 2024, amortization
of debt discounts totaled $11,853 and $113,352, respectively.

     16 

Agile
Lending, LLC Loans

On
January 28, 2025, the Company, and Keeler & Co. (each a “Borrower”) entered into a subordinated business loan and security
agreement with Agile and Agile Capital as collateral agent, which provides for a term loan to the Company in the amount of $420,000 which
principal and interest (of $176,400) is due on August 15, 2025. Commencing February 7, 2025, the Company is required to make weekly payments
of $21,300 until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $20,000 was paid on
the loan which was recognized as a debt discount and amortized over the term of the loan. In connection with the loan, Agile was issued
a subordinated secured promissory note, dated January