Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1141

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 4
Chunk 1141
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 provides for a term loan to the Company in the amount of
$210,000 which principal and interest (of $84,000) is due on January 31, 2025. Commencing August 2, 2024, the Company is required to make
weekly payments of $10,889 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 July 25, 2024, in the principal amount of $210,000 which note is secured by all
of the Borrowers’ assets, including receivables.

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.

1800 Diagonal Notes

On April 16, 2024, pursuant to a securities
purchase agreement, the Company issued to 1800 Diagonal Lending LLC, a Virginia limited liability company (“Diagonal”) a
convertible promissory note in the principal amount of $138,000 with an original issue discount of $23,000 (the “April
Diagonal Note”). The April Diagonal Note has a one-time interest payment of $26,220 paid upon issuance and a maturity date of
January 15, 2025. The proceeds from the sale of the April Diagonal Note are for general working capital. Upon the occurrence of an
event of default as described in the