Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 57

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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The
Company had unsecured promissory notes outstanding to John Keeler, a related party, of approximately $0 of principal at June 30, 2025
and December 31, 2024, and no interest expense during the six months ended June 30, 2025 and interest expense of $3,775 during the six
months ended June 30, 2024. The Company made principal payments totaling of $121,582 during the six months ended June 30, 2024.

Walter
Lubkin Jr. Note

On
November 26, 2019, the Company issued a five-year unsecured promissory note in the principal amount of $500,000 to Walter Lubkin Jr.
as part of the purchase price for the Coastal Pride acquisition. The note bears interest at the rate of 4% per annum. The note is payable
quarterly in an amount equal to the lesser of (i) $25,000 or (ii) 25% of the EBITDA of Coastal Pride, as determined on the first day
of each quarter.

For
the year ended December 31, 2024, $100,000 of the outstanding principal was paid in cash.

Interest
expense for the note totaled approximately $0 and $2,000 during the six months ended June 30, 2025 and 2024, respectively.

As
of June 30, 2025 and December 31, 2024, the outstanding principal balance on the note totaled $0.

Lind
Global Fund II LP notes

2023
Note

On
May 30, 2023, the Company entered into a securities purchase agreement (the “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 “2023 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
years5 at an exercise price of $122.50
per share. 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