Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 571

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1A
Chunk 571
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 (2,414) 
    $-  

    Outstanding – December 31, 2024 
     12,205  
    $106.71  
     3.96  

    Exercisable – December 31, 2024 
     12,205  
    $106.71  
     3.96  
    $- 

On
May 30, 2023, in connection with the issuance of the $1,200,000 promissory
note to Lind pursuant to a securities purchase agreement, the Company issued Lind a five-year five
years warrant exercisable six months from the date
of issuance to purchase 8,701 shares
of common stock at an exercise price of $122.50 per
share. The warrant provides for cashless exercise and full ratchet anti-dilution provisions. Under the Black-Scholes pricing model,
the fair value of the warrants issued to purchase 8,701 shares
of common stock was estimated at $381,538 on
the date of issuance of the warrant and $664 as
of December 31, 2023 using the following assumptions: stock price of $107.00 and
$7.00;
exercise price of $123.00,
risk free rate of 3.81%
and 3.84%,
volatility of 46.01%
and 50.12%;
and expected term of five
years. The fair value of the warrants of
$381,538 was
recorded as a discount to the 2023 Lind Note and classified as liabilities.

On
July 27, 2023, in connection with the issuance of the $300,000
promissory note to Lind pursuant to the Purchase Agreement
Amendment, the Company issued Lind a five-year5 warrant exercisable six months from the date of issuance to purchase 3,505 shares of
common stock at an exercise price of $67.00 per share. The warrant provides for cashless exercise and full ratchet anti-dilution provisions.
Under the Black-Scholes pricing model, the fair value of the warrants is estimated at $72,208 on the date of issuance of the warrant
and $910 as of December 31, 2023 using the following assumptions: stock price of $53.50 and $7.00; exercise price of $67.00; risk free
rate of 4.24% and 3.