Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 37

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 a warrant to purchase 3,505 shares of common stock of the Company, for the aggregate amount of $250,000. In
connection with the issuance of the note and the warrant, the Company paid a $12,500 commitment fee. The proceeds from the sale of the
note and warrant are for general working capital purposes.

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.

Agile
Lending, LLC Loans 

On
January 28, 2025, the Company 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) and has a maturity
date of August 15, 2025. Commencing February 7, 2025, the Company is required to make weekly payments of $21,300 until the maturity date.
The loan may be prepaid subject to a prepayment fee. 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 28, 2025, in the principal amount of $