Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 147

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 147
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, 2023. Commencing June 23, 2023, the Company is required to make weekly payments of $ 29,077until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $ 25,000was 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 June 14, 2023, in the principal amount of $ 525,000which note is secured by all of the Borrowers’ assets, including receivables. For the year ended December 31, 2023, the Company made principal and interest payments on the loan totaling $ 525,000and $ 114,692, respectively, and the outstanding interest balance was refinanced in the January 2024 loan.

On October 19, 2023, the Borrowers
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 $210,000
which principal and interest (of $84,000)
is due on April 1, 2024. Commencing October 19, 2023, the Company is required to make weekly payments of $12,250
until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $10,000
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 October 19, 2023, in the principal amount of $210,000
which note is secured by all of the Borrowers’ assets, including receivables. For the year ended December 31, 2023, the
Company made principal payments on the loan totaling $98,000
and no
interest payments were made.

| F-18 |

First West Credit Union CEBA Loan

On June 24, 2021, the Company assumed a commercial term loan with First West Credit Union Canada Emergency Business Account (“CEBA”) in the principal amount of CAD$ 60,000in connection with the acquisition of TOBC. The loan initially bears no interest and is due on December 31, 2025. The loan was amended on October 19,