Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 408

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 408
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Monthly payments from September 2024 – December 2024 are $22,000.
Monthly payments from January 2025 - April 2025 are $3,000.
The Company may prepay the FirstFire Note at any time without penalty. The Company’s failure to comply with the material terms
of the FirstFire Note will be considered an event of default and the principal sum of the FirstFire Note will become immediately due
and payable at an amount equal to 150% times the sum of (i) the then outstanding principal amount of the note plus (ii) accrued and unpaid
interest on the unpaid principal amount of the note to the date of payment plus (iii) default interest, (iv) plus any other amounts owed
to FirstFire. After the occurrence of an event of default, at any time, the FirstFire shall have the right, to convert all or any part
of the outstanding and unpaid amount of the FirstFire Note into fully paid and non-assessable shares of our common stock. The conversion
price shall be 61% multiplied by the Market Price (as defined in the FirstFire Note) (representing a discount rate of 39%). While the
FirstFire Note remains outstanding, we will reserve 40,000
shares of our common stock free from preemptive
rights, to provide for the issuance upon the full conversion of the FirstFire Note. While the FirstFire Note remains outstanding, we
shall not, without the FirstFire’s written consent, sell, lease, or otherwise dispose of any significant portion of our assets
outside the ordinary course of business. For the year ended December 31, 2024, the Company made principal payments on the loan totaling
$240,000,
and interest payments of $40,000.
The outstanding balance on the loan was $0 as of December 31, 2024.

August
2024 Private Placement Offering

In
August, 2024, the Company entered into securities purchase agreements (each a “Securities Purchase Agreement”) with each
of Quick Capital, LLC, a Wyoming limited liability company (“Quick Capital”) and Jefferson Street Capital, LLC, a New Jersey
limited liability company (“Jefferson”) whereby we issued promissory notes in the aggregate principal amount of $550,000
(the “August Private Placement Offering”).

The
Company agreed to issue to Quick Capital and Jefferson up to 39,300 shares of our Common Stock as a “Commitment Fee”.

As
part of the