Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 201

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 201
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 Note, the note will become immediately due and payable at a default
interest rate of 22% of the then outstanding principal amount of the note. The October Diagonal Note has mandatory monthly payments of
$15,170 beginning on October 30, 2024, and due on the 30th of every month thereafter until February 28, 2025.

On December 16, 2024, pursuant to a securities purchase agreement, the Company issued to Diagonal a convertible promissory note in the principal amount of $ 90,850with an original issue discount of $ 11,850(the “December Diagonal Note”). The December Diagonal Note has a one-time interest payment of $ 10,902paid upon issuance and a maturity date of September 15, 2025. Upon the occurrence of an event of default as described in the December Diagonal Note, the note will become immediately due and payable at a default interest rate of 22% of the then outstanding principal amount of the note. The December Diagonal Note has mandatory monthly payments of $ 11,306beginning on January 15, 2025, and due on the 15th of every month thereafter until September 15, 2025.

On January 28, 2025, pursuant to a securities purchase agreement, the Company issued to Diagonal a convertible promissory note in the principal amount of $ 149,650with an original issue discount of $ 19,650(the “January Diagonal Note”). The January Diagonal Note has a one-time interest payment of $ 19,454paid upon issuance and a maturity date of October 30, 2025. Upon the occurrence of an event of default as described in the January Diagonal Note, the note will become immediately due and payable at a default interest rate of 22% of the then outstanding principal amount of the note. The January Diagonal Note has an initial payment of $ 109,918due on July 30, 2025, with monthly payments of $ 19,728due on the 30th of every month thereafter until October 30, 2025.

On January 28, 2025, the Company 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 $ 420,000which principal and interest (of $ 176,400) is due on August 15, 2025. Comm