Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 47

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 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 nine months ended September 30, 2025, there were no payments to the note principal. The note has a maturity due date of July 27,
2025. As of September 30, 2025, the outstanding balance on the notes was $55,500, net of debt discount of $0, and totaling $55,500. 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
nine months ended September 30, 2025 and 2024, amortization of debt discounts totaled $27,656 and $858,614, 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 $420,000 which note is secured by all of the Borrowers’ assets, including
receivables. For the nine months ended September 30, 2025, the Company made principal payments on the loan totaling $152,000 and no interest
payments were made. The outstanding balance on the loan was $268,000 as of September 30, 2025.

26

1800
Diagonal Notes

On