Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 509

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1A
Chunk 509
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 any portion of the then outstanding and unpaid principal and interest
into fully paid and non-assessable shares of our common stock. The conversion price shall be $1.50, subject to adjustments. We have agreed
to reserve a sufficient number of common stock (initially, 2,000,000 shares) for issuance upon conversion of the Private Placement Notes
in accordance with their terms.

The Company may prepay the Private Placement Notes
at any time with fifteen (15) trading days prior written notice (the “Prepayment Notice Period”). During the Prepayment Notice
Period, the investor shall have the right to convert all or any portion of the Private Placement Notes pursuant to the terms of the note,
including the amount of the Private Placement Notes to be prepaid. If the Company exercises its right to prepay the notes in accordance
with their terms, the Company shall make payment to the investor of an amount in cash equal to the sum of: (i) 100% multiplied by the
principal amount then outstanding plus (ii) accrued and unpaid interest on the principal amount to the prepayment notice date, and (iii)
$750 to reimburse the investor for administrative fees.

If the Company delivers a prepayment notice and fails
to pay the applicable prepayment amount, the Company shall forever forfeit its right to prepay any part of the Private Placement Notes.

The Private Placement Notes have mandatory monthly
payments of $43,200. The initial payments are due on November 9, 2024 and November 12, 2024, respectively.

The Company’s failure to comply with the material
terms of the Private Placement Notes will be considered an event of default and the principal sum of the Private Placement Notes will
become immediately due and payable at an amount equal to the principal amount then outstanding plus accrued interest (including any default
interest) through the date of full repayment multiplied by 135%, as well as all costs, all without demand, presentment or notice, unless
expressly waived by the investor.

The investor may assign its rights to any “accredited
investor” (as defined in Rule 501(a) of the 1933 Act) in a private transaction from Quick Capital or to any of its affiliates without
the consent of the Company.

While the Private Placement Notes remain outstanding,
we shall not, without the investor’s written consent (i) (a) pay, declare or set apart for such payment, any dividend or other distribution
on shares of capital stock other than dividends