Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 179

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 179
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% advance in order to increase imports to meet customer demand.

The line of credit was secured by a first priority security interest on all the assets of each Borrower. Pursuant to the terms of a guaranty agreement, the Company guaranteed the obligations of the Borrowers under the note and John Keeler, Executive Chairman and Chief Executive Officer of the Company, provided a personal guaranty of up to $ 1,000,000to Lighthouse. During the six months ended June 30, 2023, cash proceeds from the working capital line of credit totaled $ 2,405,034and cash payments to the working capital line of credit totaled $ 4,182,971.

On June 16, 2023, the Company terminated the Loan Agreement and paid a total of approximately $ 108,400to Lighthouse which included, as of June 16, 2023, an outstanding principal balance of approximately $ 93,400, accrued interest of approximately $ 9,900, and other fees incurred in connection with the line of credit of approximately $ 4,900. Upon the repayment of the total outstanding indebtedness owing to Lighthouse, the Loan Agreement and all other related financing agreements and documents entered into in connection with the Loan Agreement were deemed terminated.

John Keeler Promissory Notes

As of September 30, 2024, the Company paid off the unsecured promissory notes with John Keeler and paid interest expense of $ 4,435. During the nine months ended
September 30, 2023, the Company paid interest expense of $39,930.
These notes are payable on demand and accrue interest at an annual rate of 6%.
The Company made principal payments of $165,620and
$124,161during
the nine months ended September 30, 2024 and 2023, respectively.

Walter Lubkin Jr. Note

On November 26, 2019, the Company issued a five-year unsecured promissory note in the principal amount of $ 500,000to Walter Lubkin Jr. as part of the purchase price for the Coastal Pride acquisition. The note bears interest at the rate of 4% per annum. The note is payable quarterly in an amount equal to the lesser of (i) $25,000 or (ii) 25% of the EBITDA of Coastal Pride, as determined on the first day of each quarter.

For the year ended December 31, 202