Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 185

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 185
---
 LLC Loans

On June 14, 2023, the Company, through its subsidiary Keeler & Co. (“Borrowers”) entered into a subordinated business loan and security agreement with Agile Lending, LLC as lead lender (“Agile”) and Agile Capital Funding, LLC as collateral agent, which provides for a term loan to the Company in the amount of $ 525,000which principal and interest (of $ 231,000) is due on December 15, 2023. Commencing June 23, 2023, the Company is required to make weekly payments of $ 29,077until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $ 25,000was 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 June 14, 2023, in the principal amount of $ 525,000which note is secured by all of the Borrower’s assets, including receivables. For the year ended December 31, 2023, the Company made principal and interest payments on the loan totaling $ 525,000and $ 116,658, respectively, and the outstanding interest balance was refinanced on January 2, 2024 loan. The refinancing provides for a term loan to the Company in the amount of $ 122,491which principal and interest (of $ 48,996) is due on May 31, 2024. Commencing January 5, 2024, the Company is required to make weekly payments of $ 7,795until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $ 5,833was paid on the loan. A default interest rate of 5% will become effective upon the occurrence of an event of default. In connection with the refinanced loan, Agile was issued a subordinated secured promissory note, dated January 2, 2024, in the principal amount of $ 122,491which note is secured by all of the Borrower’s assets, including receivables. For the nine months ended September 30, 2024, the Company made principal payments on the loan totaling $ 122,491and interest payments of $ 48,996. The outstanding balance on the loan was $ 0as of September