Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 211

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 11
Chunk 211
---
 2017, Keeler & Co issued an aggregate of $2,910,000, 6% demand promissory notes to John Keeler, our
Chief Executive Officer, Executive Chairman and a director. We may prepay the notes at any time first against interest due
thereunder. If an event of default occurs under the notes, interest will accrue at 18% per annum and if not paid within 10 days of
payment becoming due, the holder of the note is entitled to a late fee of 5% of the amount of payment not timely received. On
December 30, 2020, we entered into a debt repayment agreement with Mr. Keeler pursuant to which we issued 796,650 shares of common
stock to a third party designated by Mr. Keeler as repayment for an aggregate principal amount of $1,593,300 due under four such
notes. All interest due on the notes had previously been paid on a monthly basis. On December 31, 2023, the Company issued an
aggregate of 3,958,333 shares of common stock to John Keeler’s designee in lieu of payment of $570,000 of the principal
outstanding promissory notes held by Mr. Keeler. As of December 31, 2024, the Company no longer remained indebted to Mr. Keeler as
the promissory note was paid-off.

John
Keeler, our Chief Executive Officer, Executive Chairman and director owns 95% of Bacolod, an exporter of pasteurized crab meat from the
Philippines.

John
Keeler, our Chief Executive Officer, Executive Chairman and director, owns 95% of Bicol, a Philippine company, and an indirect supplier
of crab meat via Bacolod to the Company.

There
were no transactions between the Company and Bicol for the years ended December 31, 2024 and 2023. From time to time, we may prepay Bacolod
for future shipments of product which may represent five to six months of purchases. There was $1,299,984 due as of December 31, 2024
for future shipments from Bacolod and an allowance was recorded for this amount.

John
Keeler, our Chief Executive Officer, Executive Chairman and director, and Christopher Constable, our former Chief Financial Officer and
director, own 80% and 20%, respectively, of Strike the Gold Foods, Ltd., a UK company