Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 888

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 888
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 $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 March 1, 2024, in the principal
amount of $210,000 which note is secured by all of the Borrowers’ assets, including receivables.

On May 9, 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 November 22, 2024. Commencing
May 17, 2024, the Company is required to make weekly payments of $10,500 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 May 9, 2024, in the principal amount
of $210,000 which note is secured by all of the Borrowers’ assets, including receivables.

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.

On January 28, 2025, the Company entered into a subordinated
business loan and security agreement with Agile and Agile Capital as