Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 191

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 191
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 accrued and unpaid interest on the unpaid principal amount of the note to the date of payment plus (iii) default interest, (iv) plus (v) any other amounts owed to FirstFire. After the occurrence of an event of default, at any time, the FirstFire shall have the right, to convert all or any part of the outstanding and unpaid amount of the FirstFire Note into fully paid and non-assessable shares of our common stock. The conversion price shall be 61% multiplied by the Market Price (as defined in the FirstFire Note) (representing a discount rate of 39%).While the FirstFire Note remains outstanding, we will reserve 40,000shares of our common stock free from preemptive rights, to provide for the issuance upon the full conversion of the FirstFire Note. While the FirstFire Note remains outstanding, we shall not, without the FirstFire’s written consent, sell, lease, or otherwise dispose of any significant portion of our assets outside the ordinary course of business. For the nine months ended September 30, 2024, the Company made principal payments on the loan totaling $ 240,000, and interest payments of $ 40,000. The outstanding balance on the loan was $ 0as of September 30, 2024.

Interest expense totaled $ 1,645,492and $ 1,470,143for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, approximately $ 927,100, $ 505,500and $ 97,200of the balance was related to amortization on debt discount, cash paid interest, and accrued interest. The remainder of the balance was related to amortization of loan costs.

August 2024 Private Placement Offering

In August, 2024, the Company entered into securities purchase agreements (each a “Securities Purchase Agreement”) with each of Quick Capital, LLC, a Wyoming limited liability company (“Quick Capital”) and Jefferson Street Capital, LLC, a New Jersey limited liability company (“Jefferson”) whereby we issued promissory notes in the aggregate principal amount of $ 550,000(the “August Private Placement Offering”).

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The Company agreed to issue to Quick Capital and Jefferson up to 39,300shares of our Common Stock as a “Commitment Fee”

As part of the August Private Placement Offering, the Company issued two promissory notes each in the principal amount of