Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 30

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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In
conjunction with the August Private Placement Offering, the Company entered into a registration rights agreement with each of Quick Capital
and Jefferson. The Company agreed to file a registration statement with the Securities and Exchange Commission to register the re-sale
of the maximum number of shares of Common Stock covered in the August Private Placement Offering within sixty (60) calendar days from
the date of execution.

During
the nine months ended September 30, 2025, the Company made aggregate principal payments on the Private Placement Notes of $257,639
of which $91,441
was paid through the issuance of an aggregate of 2,876,074
shares of common stock. The outstanding balance on the loan was $99,874
as of September 30, 2025, compared to $357,514 as of December 31, 2024. Interest expense related to the loan was $6,111 for the nine months ended September 30, 2024, and $30,556 for
the nine months ended September 30, 2025.

Vehicle
Loan

On
December 7, 2024, the Company entered into a financing loan in connection with the purchase of a company vehicle. The loan has a
principal amount of $69,299,
bears interest at an annual rate of 9.34%,
and is repayable in monthly installments of $1,450,
including principal and interest, over a term of 60
months. For the nine months ended September 30, 2025, the Company made principal payments on the loan totaling $10,177
and interest payments of $4,373.
The outstanding balance on the loan was $59,122
as of September 30, 2025, compared to $69,299 as of December 31, 2024. Interest expense related to the loan $4,373 for the nine months ended September 30, 2025.

Labrys
Fund Note

On
August 25, 2025, the Company issued to Labrys Fund II, L.P. (“Labrys Fund”) a convertible promissory note in the
principal amount of $169,500
with an original issue discount of $25,425
(the “Labrys Note”). The Labrys Note has an interest rate of 13%
with a one-time interest payment of $22,035
paid upon issuance and a maturity date of August
25, 2026. The proceeds from