Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 881

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 881
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, and on April 30, 2024, at a special meeting of the stockholders, holders
of approximately 62.9% of the Company’s voting power, approved the granting of authority to the Board to amend the Company’s
Certificate of Incorporation to effect a reverse stock split of the issued and outstanding shares of the Company’s common stock,
by a ratio of not less than 1-for-2 and not more than 1-for-50, with the exact ratio to be determined by the Board in its sole discretion.

The
Board determined to effectuate a 1:50 reverse stock split (the “Reverse Stock Split”) and on May 20, 2024 the Company amended
its Certificate of Incorporation to effect the Reverse Stock Split. All shares and per share amounts in the financial statements have
been retrospectively adjusted for all periods presented to reflect the Reverse Stock Split.

Agile
Loan

On
January 28, 2025, the Company 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 $420,000 which principal and interest (of $176,400) and has a maturity
date of August 15, 2025. Commencing February 7, 2025, the Company is required to make weekly payments of $21,300 until the maturity date.

30

Vendor
Agreement

On
November 12, 2024 the Company entered into a vendor agreement with Low Tide LLC (“LT”). The term of the agreement is 180
days, with will be automatically renewed for additional successive 180 day terms unless either party gives 90 days written notice to
terminate to the other.

LT
has developed products, including but not limited to seafood, under the Wicked Tuna brand using its licensing rights from Pilgrim and
the Toby Keith brand, (collectively the “Products”). We will, with LT, promote and sell the Products.

The
Company may, at its discretion, provide funding for the inventory to fulfill a purchase order (each a “PO”) for the Products
sold, and the parties will each receive the following:

    (i)
    As
    relates to Wicked Tuna, if the Company obtains a PO of a Product from its customers, we will pay LT a five percent (5%) margin on
    the Net Sales Amount. Net Sales Amount shall mean gross sales less returns and promotions