Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 7

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 2
Chunk 7
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 totaling $51,549. As of
December 31, 2024, the outstanding balance on the notes was $55,500, net of debt discount of $27,656, and totaling $27,844. For the
six months ended June 30, 2025 and 2024, amortization of debt discounts totaled $23,705 and $703,236, respectively.

Agile
Lending, LLC Loans 

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 $420,000 which principal and interest (of $176,400) and has a maturity
date of August 15, 2025. Commencing February 7, 2025, the Company is required to make weekly payments of $21,300 until the maturity date.
The loan may be prepaid subject to a prepayment fee. Administrative agent fee of $20,000 was 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 January 28, 2025, in the principal amount of $420,000 which note is secured by all of the Borrowers’ assets, including
receivables. For the six months ended June 30, 2025, the Company made principal payments on the loan totaling $134,000 and no interest
payments were made. The outstanding balance on the loan was $286,000 as of June 30, 2025.

27

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,