Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1439

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 6
Chunk 1439
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 31, 2024, $1,500,000 of note principal was
converted to 1,891,310 shares of common stock. 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. As of
December 31, 2024, the total derivative liability and warrant liability was $49,565 and $0, respectively.

Agile
Lending, LLC loan

On
June 14, 2023, the Company, through its subsidiary Keeler & Co. (“Borrowers”) entered into a subordinated business loan
and security agreement with Agile Lending, LLC as lead lender (“Agile”) and Agile Capital Funding, LLC as collateral agent,
which provides for a term loan to the Company in the amount of $525,000 which principal and interest (of $231,000) is due on December
15, 2023. Commencing June 23, 2023, the Company is required to make weekly payments of $29,077 until the due date. The loan may be prepaid
subject to a prepayment fee. An administrative agent fee of $25,000 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 June
14, 2023, in the principal amount of $525,000 which note is secured by all of the Borrower’s assets, including receivables. For
the year ended December 31, 2023, the Company made principal and interest payments on the loan totaling $525,000 and $116,658, respectively,
and the outstanding interest balance was refinanced on January 2, 2024 loan. The refinancing provides for a term loan to the Company
in the amount of $122,491 which principal and interest (of $48,996) is due on May 31, 2024. Commencing January 5, 2024, the Company is
required to make weekly payments of $7,795 until the due date. The loan may be prepaid subject to a prepayment fee. An administrative
agent fee of $5,833 was paid on the loan. A default interest rate of 5% will become effective upon the occurrence of an event of default.
In connection with