Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 32

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 32
---
,059, and totaling $40,000. Interest expense related to the loan $0 for the nine months ended September 30, 2025.

ClearThink
Note

On
September 18, 2025, the Company issued ClearThink a convertible promissory note in the principal amount of $47,059
with an original issue discount of $7,059
(the “ClearThink Note”). The ClearThink 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 ClearThink
Note are for general working capital. Upon the occurrence of an event of default as described in the ClearThink 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, ClearThink will have the right to convert all or any part of the
outstanding and unpaid amount of the ClearThink 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 ClearThink 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 $7,059, and totaling $40,000. Interest expense related to the loan $0 for the nine months ended September 30, 2025.

Note
8. Leases

The table below presents the lease-related assets
and liabilities recorded on the balance sheet as of September 30, 2025.

Schedule of lease related assets and liabilities

    September 30, 2025 
  
    Assets 

    Operating lease assets 
    $59,095 

    Liabilities 

    Current 

    Operating lease liabilities 
    $38,758 
  
    Noncurrent 

    Operating lease liabilities 
    $20,337 

Supplemental cash flow information related to
leases were as follows:

Schedule
of Supplemental Cash Flow Information Related to Leases

    Nine Months Ended September 30, 2025 

    Cash paid for amounts included in the measurement of lease liabilities: