Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 186

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 186
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 30, 2024.

On October 19, 2023, 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) and is due on April 1, 2024. Commencing October 19, 2023, the Company is required to make weekly payments of $ 12,250until 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 October 19, 2023, 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 $ 112,000and interest payments of $ 84,000. The outstanding balance on the loan was $ 0as of September 30, 2024.

On March 1, 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 $ 79,800) is due on August 29, 2024. Commencing March 7, 2024, the Company is required to make weekly payments of $ 11,146until 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 March 1, 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 interest payments of $ 79,800. The outstanding balance on the loan was $ 0