Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 148

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 148
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 2022 to extend the loan forgiveness date from December 31, 2022 to December 31, 2023. If less than 75% of the loan amount was outstanding at December 31, 2023, the then outstanding balance will be converted to interest only monthly payments at 5.0%. As of December 31, 2023, the outstanding balance on the loan was CAD$ 60,000.

Note 8. Acquisitions

Acquisition of Gault Seafood

On February 3, 2022, Coastal Pride entered into an asset purchase agreement with Gault Seafood and Robert J. Gault II pursuant to which Coastal Pride acquired all of Gault Seafood’s right, title and interest in and to assets relating to Gault Seafood’s soft-shell crab operations, including intellectual property, equipment, vehicles and other assets used in connection with the soft-shell crab operations. Coastal Pride did not assume any liabilities in connection with the acquisition. The purchase price for the assets consisted of a cash payment in the amount of $ 359,250and the issuance of 167shares of common stock of the Company with a fair value of $ 359,250. The acquisition was accounted for as an asset acquisition.

Fair Value of Consideration Transferred and Recording of Assets Acquired

The following table summarizes the acquisition date fair value of the consideration paid and identifiable assets acquired.

Schedule of Fair Value of Assets Acquired and Liabilities Assumed

| Consideration Paid:                                     |     |   |         |
|:--------------------------------------------------------|:----|:--|--------:|
| Cash                                                    |     | $ | 359,250 |
| Common stock, 167 shares of common stock of the Company |     |   | 359,250 |
| Transaction costs                                       |     |   |  39,231 |
| Fair value of total consideration                       |     | $ | 757,731 |
| Purchase Price Allocation:                              |     |   |         |
| Fixed assets acquired                                   |     | $ | 146,600 |
| Customer relationships                                  |     |   | 611,131 |
| Fair market value of net assets acquired                |     | $ | 757,731 |

Note 9. Stockholders’ Equity

Preferred Stock

Our Board of Directors has designated 10,000shares of preferred stock as “ 8% Series A Convertible Preferred Stock”. The Series A Convertible Preferred Stock (“Series A Stock”) has no maturity and is not