Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 25

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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5, the Company made principal payments on the loan totaling $179,400 of
which $38,681 was
paid through the issuance of an aggregate of 1,639,719 share
of common stock. The outstanding balance on the loan was $0 as
of September 30, 2025, compared to $179,400 as of December 31, 2024. Interest expense related to the loan was $0 for the nine months ended September 30, 2024, and $23,322 for the
nine months ended September 30, 2025.

On
October 1, 2024, the Company issued to Diagonal a convertible promissory note in the principal amount of $121,900 with
an original issue discount of $15,900 (the
“October Diagonal Note”). The October Diagonal Note has an interest rate of 12%
with a one-time interest payment of $14,628 paid
upon issuance and a maturity date of June
30, 2025. The proceeds from the sale of the
October Diagonal Note are for general working capital. Upon the occurrence of an event of default as described in the October
Diagonal Note, the note will become immediately due and payable at a default interest rate of 22%
of the then outstanding principal amount of the note. Additionally, Diagonal will have the right to convert all or any part of the
outstanding and unpaid amount of the October Diagonal Note into shares of the Company’s common stock at a conversion price of 75%
of the market price as described in the note. The Company may not, without Diagonal’s written consent, sell, lease, or
otherwise dispose of any significant portion of its assets except in the ordinary course of business. The Company will reserve a
sufficient number of shares to provide for the issuance of shares upon the full conversion of the October Diagonal Note. For the
nine months ended September 30, 2025, the Company made principal payments on the loan totaling $81,267. The
outstanding balance on the loan was $0 as
of September 30, 2025, compared to $81,267 as of December 31, 2024. Interest expense related to the loan was $0 for the nine months ended September 30, 2024, and $9,752 for the
nine months ended September 30, 2025.

On
December 16, 2024, the