Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 893

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 893
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 Capital, LLC a New Jersey limited liability company (“Jefferson”)
whereby it will issue promissory notes in the aggregate principal amount of $550,000 (the “August Private Placement Offering”).

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The Company agreed to issue to each of Quick Capital
and Jefferson up to 19,650 shares of our common stock as a “Commitment Fee”

As part of the August Private Placement Offering,
the Company issued two promissory notes each in the principal amount of $275,000 with an original issue discount of $25,000 (the “Private
Placement Notes”). The Private Placement Notes have a one-time interest payment of $27,500. Thereafter, any principal amount of
interest which is not paid upon maturity will accrue at a rate of the lesser of (i) sixteen percent (16%) per annum and (ii) the maximum
amount permitted by law from the due date thereof until the same is paid. The Private Placement Notes have a maturity date of 10 months
after issuance and the proceeds from the notes are for general corporate purposes. The Company agreed to issue to each of Quick Capital
and Jefferson 19,650 shares of common stock as additional consideration for entering into Private Placement Notes.

The investors have the right, at any time on or following
the earlier of (i) the date that any of the shares are registered for resale under a registration statement of the Company or (ii) the
date that is six (6) months after the issue date, to convert all or any portion of the then outstanding and unpaid principal and interest
into fully paid and non-assessable shares of our common stock. The conversion price shall be $1.50, subject to adjustments. We have agreed
to reserve a sufficient number of common stock (initially, 2,000,000 shares) for issuance upon conversion of the Private Placement Notes
in accordance with their terms.

The Company may prepay the Private Placement Notes
at any time with fifteen (15) trading days prior written notice (the “Prepayment Notice Period”). During the Prepayment Notice
Period, the investor shall have the right to convert all or any portion of the Private Placement Notes pursuant to the terms of the note,
including the amount of the Private Placement Notes to be prepaid. If the Company exercises its right to prepay the notes in accordance
with their terms, the Company shall make payment to the investor of an amount in cash equal to the sum of: (i) 100% multiplied by