Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 15

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 15
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 of common stock to each of Nubar Herian and John Keeler, 960,000 shares of common
stock to each of Timothy McLellan and Trond Ringstad, and 1,440,000 shares of common stock to Jeffrey Guzy, for serving as directors
of the Company.

January
17, 2025, February 25, 2025, and July 22, 2025, the Company issued an aggregate of 667,921 shares of common stock to Jefferson as partial conversion
of $41,833 principial and accrued interest pursuant to the convertible promissory note.

On
March 12, 2025, and July 17, 2025, the Company issued 759,058 shares of common stock to Diagonal as partial conversion of $30,000 principal
pursuant to the convertible promissory note.

During
the six months ended June 30, 2025, the Company issued an aggregate of 877,509 shares of common stock to the designee of ClearThink for
consulting services provided to the Company.

ITEM
3. DEFAULTS UPON SENIOR SECURITIES

As
of August 15, 2025, the Company was in default under two unsecured convertible promissory notes. The total amount in default, inclusive
of unpaid interest and contractual default interest, is approximately $98,471, representing approximately 6.7% of the Company’s
total consolidated assets as of June 30, 2025. The note will become immediately due and payable at a default interest
rate of 22% of the then outstanding principal amount of the note. Additionally, Diagonal will have the right to convert all or any part
of the outstanding and unpaid amount of the September and October Diagonal Note into shares of the Company’s common stock at a conversion
price of 65% and 75% of the market price as described in the note, respectively.

ITEM
4. MINE SAFETY DISCLOSURES

Not
applicable.

ITEM
5. OTHER INFORMATION

During
the six months ended June 30, 2025, none of the Company’s directors or officers adopted or terminated any contract, instruction,
or written plan for the purchase or sale of the Company’s securities intended to satisfy the affirmative defense conditions of
Rule 10b5-1(c) under the Exchange Act or any non-Rule 10b5-1 trading arrangements as defined in Item 408(a