Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 886

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 886
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665,231. The
increase is primarily attributable to a decrease in inventory of $1,104,175 netted against the decreases in customer refunds of $323,051,
accounts receivable netted against other current assets of $488,612 and increase in payables netted against allowance for advances to
affiliated suppliers of $2,059,616 for the year ended December 31, 2024.

33

Cash
(Used in) Investing Activities. Cash used in investing activities for the year ended December 31, 2024 was $101,736 as compared
to $159,609 cash used in investing activities for the year ended December 31, 2023. The decrease was a result of less fixed asset
purchases during the year ended December 31, 2024 compared to the year ended December 31, 2023.

Cash
Provided by Financing Activities. Cash provided by financing activities for the year ended December 31, 2024 was $6,417,872 as compared
to cash provided by financing activities of $3,676,355 for the year ended December 31, 2023. This increase is mainly attributable to
proceeds from common stock offerings and proceeds from short-term loans.

Lind
Global Fund II LP investment

On
May 30, 2023, the Company entered into a securities purchase agreement with Lind pursuant to which the Company issued to Lind a secured,
two-year, interest free convertible promissory note in the principal amount of $1,200,000 (the “Lind Note”) and a warrant
(the “Lind Warrant”) to purchase 8,701 shares of common stock of the Company commencing six months after issuance and exercisable
for five years at an exercise price of $122.50 per share, for the aggregate funding amount of $1,000,000. The Lind Warrant includes cashless
exercise and full ratchet anti-dilution provisions. In connection with the issuance of the Lind Note and the Lind Warrant, the Company
paid Lind a $50,000 commitment fee. The proceeds from the sale of the Note and Warrant are for general working capital purposes.

On
July 27, 2023, the Company, entered into a First Amendment to the securities purchase agreement (the “Purchase Agreement Amendment”)
with Lind, pursuant to which the Company amended the securities purchase agreement, entered into with Lind as of May 30, 2023 in