Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 24

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 and amortized over the term of the loan. In connection with the loan,
Agile was issued a subordinated secured promissory note, dated January 28, 2025, in the principal amount of $420,000
which note is secured by all of the Borrowers’ assets, including receivables. For the nine months ended September 30, 2025,
the Company made principal payments on the loan totaling $152,000
and no
interest payments were made. As of September 30, 2025, the outstanding balance on the loan was $268,000, and accrued interest of $176,400 had been recorded.

1800
Diagonal Notes

On
September 9, 2024, the Company issued to Diagonal a convertible promissory note in the principal amount of $179,400 with
an original issue discount of $23,400 (the
“September Diagonal Note”). The September Diagonal Note has an interest rate of 13%
with a one-time interest payment of $23,322 paid
upon issuance and a maturity date of June
15, 2025. The proceeds from the sale of the
September Diagonal Note are for general working capital. Upon the occurrence of an event of default as described in the September
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. Additionally, Diagonal will have the right to convert all or any part of the
outstanding and unpaid amount of the September Diagonal Note into shares of the Company’s common stock at a conversion price
of 65%
of the market price as described in the note. The Company may not, without Diagonal’s written consent, sell, lease, or
otherwise dispose of any significant portion of its assets except in the ordinary course of business. The Company will reserve a
sufficient number of shares to provide for the issuance of shares upon the full conversion of the September Diagonal Note. The
Company is required to make monthly payments starting March 15, 2025, until the due date of June 15, 2025. The first payment due
March 15, 2025, is $131,769.
The monthly payment for April 15, 2025, May 15, 2025, and June 15, 2025, is $23,651.
For the nine months ended September 30, 202