Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 188

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 188
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210,000which principal and interest (of $ 84,000) is due on November 22, 2024. Commencing May 17, 2024, the Company is required to make weekly payments of $ 10,500until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $ 10,000was 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 May 9, 2024, in the principal amount of $ 210,000which note is secured by all of the Borrowers’ assets, including receivables. For the nine months ended September 30, 2024, the Company made principal payments on the loan totaling $ 210,000and nointerest payments were made. The outstanding balance on the loan was $ 0as of September 30, 2024.

On July 25, 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 $ 210,000which principal and interest (of $ 84,000) is due on January 31, 2025. Commencing August 2, 2024, the Company is required to make weekly payments of $ 10,889until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $ 10,000was 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 July 25, 2024, in the principal amount of $ 210,000which note is secured by all of the Borrowers’ assets, including receivables. For the nine months ended September 30, 2024, the Company made principal payments on the loan totaling $ 98,000and nointerest payments were made. The outstanding balance on the loan was $ 112,000as of September 30, 2024.

ClearThink Term Loan

On January 18, 2024, the Company entered into the Revenue-Based Factoring MCA Plus Agreement with ClearThink Capital LLC (“ClearThink”) which provides, among other things, for