Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 141

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 141
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kin Jr. Note

On November 26, 2019, the Company issued a five-year unsecured promissory note in the principal amount of $ 500,000to Walter Lubkin Jr. as part of the purchase price for the Coastal Pride acquisition. The note bears interest at the rate of 4% per annum. The note is payable quarterly in an amount equal to the lesser of (i) $25,000 or (ii) 25% of the EBITDA of Coastal Pride, as determined on the first day of each quarter.

For the year ended December 31, 2022, $ 38,799of the outstanding principal and accrued interest was paid in cash and $ 104,640of the outstanding principal and accrued interest was paid in shares of common stock of the Company.

| F-15 |

For the year ended December 31, 2023, $ 250,000of the outstanding principal was paid in shares of common stock of the Company.

Interest expense for the note totaled approximately $ 14,100and $ 18,000during the year ended December 31, 2023 and December 31, 2022, respectively.

As of December 31, 2023 and December 31, 2022, the outstanding principal balance on the note totaled $ 100,000and $ 350,000, respectively.

Lind Global Fund II LP notes

2022 Note

On January 24, 2022, the Company entered into a securities purchase agreement with Lind Global Fund II LP, a Delaware limited partnership (“Lind”), pursuant to which the Company issued Lind a secured, two-year, interest free convertible promissory note in the principal amount of $ 5,750,000(the “2022 Lind Note) and a five-year warrant to purchase 1,000,000shares of common stock at an exercise price of $ 4.50per share, subject to customary adjustments ( 1,000shares of common stock at an exercise price of $ 4,500per share after taking into account the Company’s Reverse Stock Split). The warrant provides for cashless exercise and for full ratchet anti-dilution if the Company issues securities at less than $ 4.50per share (exercise price of $ 4,500per share after taking into account the Company’s Reverse Stock Split). In connection with the issuance of the 2022 Lind Note and the warrant, the Company paid a $ 150,000commitment