Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1880

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 8
Chunk 1880
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2024, in the principal amount of $210,000 which note is secured by all of the Borrowers’ assets, including receivables. For
the year ended December 31, 2024, the Company made principal payments on the loan totaling $210,000 and interest payments of $84,000
were made. The outstanding balance on the loan was $0 as of December 31, 2024.

On
July 25, 2024, the Borrowers 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 $210,000 which principal and interest (of $84,000) is due on January
31, 2025. Commencing August 2, 2024, the Company is required to make weekly payments of $10,889 until the due date. The loan may be prepaid
subject to a prepayment fee. An administrative agent fee of $10,000 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 July
25, 2024, in the principal amount of $210,000 which note is secured by all of the Borrowers’ assets, including receivables. For
the year ended December 31, 2024, the Company made principal payments on the loan totaling $210,000 and interest payments of $29,556
were made. The outstanding balance on the loan was $0 as of December 31, 2024.

ClearThink
Term Loan 

On
January 18, 2024, the Company entered into the Revenue-Based Factoring MCA Plus Agreement with ClearThink Capital LLC (“ClearThink”)
which provides, among other things, for a 33-week term loan in the principal amount of $200,000 (with an additional one-time commitment
fee of $50,000). Interest accrues at the rate of 25% per annum with an additional 5% default interest rate or $50,000 will be added to
the principal amount and accrue after principal is paid. The Company is required to make biweekly payments of $14,706, commencing February
1, 2024 for the term of the agreement. On January 25, 2024, the Company issued 7,092 shares of