Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 890

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 890
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 December 31, 2024.

On September 9, 2024, pursuant to a securities
purchase agreement, the Company issued a convertible promissory note in the principal amount of $179,400 with an original issue
discount of $23,400 (the “September Diagonal Note”). The September Diagonal Note has a one-time interest payment of
$23,322 paid upon issuance and a maturity date of June 15, 2025. The proceeds from the September Diagonal Note are for general
working capital. Upon the occurrence of an event of default as described in the September Diagonal Note, the note will become
immediately due and payable at a default interest rate of 22% of the then outstanding principal amount of the note. The September
Diagonal Note has an initial payment of $131,769 due on March 15, 2025, with monthly payments of $23,651 due on the 15th of every
month thereafter until June 15, 2025.

On October 1, 2024, pursuant to a securities purchase
agreement, the Company issued to Diagonal a convertible promissory note in the principal amount of $121,900 with an original issue discount
of $15,900 (the “October Diagonal Note”). The October Diagonal Note has a one-time interest payment of $14,628 paid upon issuance
and a maturity date of June 30, 2025. The proceeds from the sale of the October Diagonal Note are for general working capital. Upon the
occurrence of an event of default as described in the October Diagonal Note, the note will become immediately due and payable at a default
interest rate of 22% of the then outstanding principal amount of the note. The October Diagonal Note has mandatory monthly payments of
$15,170 beginning on October 30, 2024, and due on the 30th of every month thereafter until February 28, 2025.

On December 16, 2024, pursuant to a securities purchase
agreement, the Company issued to Diagonal a convertible promissory note in the principal amount of $90,850 with an original issue discount
of $11,850 (the “December Diagonal Note”). The December Diagonal Note has a one-time interest payment of $10,902 paid upon
issuance and a maturity date of September 15, 2025. Upon the occurrence of an event of default as described