Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 554

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1A
Chunk 554
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 and security agreement with Agile and Agile Capital as collateral
agent, which provides for a term loan to the Company in the amount of $210,000 which principal and interest (of $84,000) and is due on
April 1, 2024. Commencing October 19, 2023, the Company is required to make weekly payments of $12,250 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
October 19, 2023, in the principal amount of $210,000 which note is secured by all of the Borrowers’ assets, including receivables.
For the year ended December 31, 2024, the Company made principal payments on the loan totaling $112,000 and interest payments of $84,000.
The outstanding balance on the loan was $0 as of December 31, 2024.

On
March 1, 2024, the Borrowers 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 $210,000 which principal and interest (of $79,800) is due on August
29, 2024. Commencing March 7, 2024, the Company is required to make weekly payments of $11,146 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 March
1, 2024, in the principal amount of $210,000 which note is secured by all of the Borrowers’ assets, including receivables. For
the year ended December 31, 2024, the Company made principal payments on the loan totaling $210,000 and interest payments of $79,800.
The outstanding balance on the loan was $0 as of December 31, 2024.

On
May 9, 2024, the Borrowers entered into a subordinated business loan and security agreement