Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 31

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 the sale of the Labrys Note are for general working capital. Upon the occurrence of an event of
default as described in the Labrys 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, Labrys Funds will have the right to convert all or any part of
the outstanding and unpaid amount of the Labrys Note into shares of the Company’s common stock at a conversion price of 75%
of the market price as described in the note. The Company will reserve a sufficient number of shares to provide for the issuance of
shares upon the full conversion of the Labrys Note. For the nine months ended September 30, 2025, the Company made no
principal and interest payments on the loan. As of September 30, 2025, the outstanding balance on the note was $169,500,
net of discount of $23,306, and totaling $146,194. Interest expense related to the loan $1,836 for the nine months ended September 30, 2025.

Quick
Capital Note

On
September 16, 2025, the Company issued to Quick Capital a convertible promissory note in the principal amount of $47,059
with an original issue discount of $7,059
(the “Quick Capital Note”). The Quick Capital Note has an interest rate of 13%
with a one-time interest payment of $6,118
paid upon issuance and a maturity date of June
16, 2026. The proceeds from the sale of the Quick Capital Note are for general working capital. Upon the occurrence of an
event of default as described in the Quick Capital Note, the note will become immediately due and payable at a default interest rate
of 24%
of the then outstanding principal amount of the note. Additionally, Quick Capital will have the right to convert all or any part of
the outstanding and unpaid amount of the Quick Capital 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 will reserve a sufficient number of shares to provide for the issuance of
shares upon the full conversion of the Quick Capital Note. For the nine months ended September 30, 2025, the Company made no
principal and interest payments on the loan. As of September 30, 2025, the outstanding balance on the note was $47,059,
net of discount of $7