Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 140

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 140
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 2022, 65% to July 31, 2022, 60% to August 31, 2022 and 55% to September 30, 2022 at a monthly fee of 0.25% on the portion of the loan in excess of the 50% advance, in order to increase imports to meet customer demand.

The line of credit was secured by a first priority security interest on all the assets of each Borrower. Pursuant to the terms of a guaranty agreement, the Company guaranteed the obligations of the Borrowers under the note and John Keeler, Executive Chairman and Chief Executive Officer of the Company, provided a personal guaranty of up to $ 1,000,000to Lighthouse.

For the year ended December 31, 2022, cash proceeds from the working capital line of credit totaled $ 12,552,008and cash payments to the working capital line of credit totaled $ 13,144,141. The outstanding balance owed to Lighthouse as of December 31, 2022 was $ 1,776,068.

On June 16, 2023, the Company terminated the Loan Agreement and paid a total of approximately $ 108,400to Lighthouse which included, as of June 16, 2023, an outstanding principal balance of approximately $ 93,400, accrued interest of approximately $ 9,900, and other fees incurred in connection with the line of credit of approximately $ 4,900. Upon the repayment of the total outstanding indebtedness owing to Lighthouse, the Loan Agreement and all other related financing agreements and documents entered into in connection with the Loan Agreement were deemed terminated.

John Keeler Promissory Notes – Subordinated

The Company had unsecured promissory notes outstanding to John Keeler of $ 165,620and $ 893,000as of December 31, 2023 and 2022, respectively. These notes are payable on demand and bear an annual interest rate of 6%. Since March 31, 2021, these notes are subordinated to the Lighthouse note. The Company made principal payments during the year ended December 31, 2023 and 2022 of $ 157,380and $ 67,000, respectively. During the year ended December 31, 2023, the Company issued 79,167shares of its common stock to settle $ 570,000principal of the subordinated notes.

Walter Lub