Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 891

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 891
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 in the December Diagonal Note,
the note will become immediately due and payable at a default interest rate of 22% of the then outstanding principal amount of the note.
The December Diagonal Note has mandatory monthly payments of $11,306 beginning on January 15, 2025, and due on the 15th of every month
thereafter until September 15, 2025.

35

On
January 28, 2025, pursuant to a securities purchase agreement, the Company issued to Diagonal a convertible promissory note in
the principal amount of $149,650 with an original issue discount of $19,650 (the “January Diagonal Note”). The January Diagonal
Note has a one-time interest payment of $19,454 paid upon issuance and a maturity date of October 30, 2025. Upon the occurrence of an
event of default as described in the January Diagonal Note, the note will become immediately due and payable at a default interest rate
of 22% of the then outstanding principal amount of the note. The January Diagonal Note has an initial payment of $109,918 due on July
30, 2025, with monthly payments of $19,728 due on the 30th of every month thereafter until October 30, 2025.

The Hart Note

On April 16, 2024, the Company entered into a securities
purchase agreement (the “Purchase Agreement”) with Hart Associates, LLC, a Delaware limited liability company (the “Hart”),
pursuant to which the Company issued a promissory note in the principal amount of $300,000 and will issue 10,000 shares of its common
stock to Hart (the “Hart Note”). The Hart Note has a one-time interest payment of $50,000 payable on the maturity date of
May 15, 2024, which was extended to August 15, 2024. The proceeds from the sale of the Hart Note are for general working capital. The
Company may prepay the Hart Note at any time without penalty. The Company’s failure to comply with the material terms of the Hart
Note will be considered an event of default and the principal sum of the Hart Note will increase by 20% of the outstanding balance for
each subsequent 30 days it remains in default.

The FirstFire Note

On May 17, 2024, the Company entered into a promissory note with FirstFire
Global Opportunities Fund