Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 352

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 352
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 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 collateral agent, which provides for a term loan to the Company in
the amount of $420,000 which principal and interest (of $176,400) and has a maturity date of August 15, 2025. Commencing February 7, 2025,
the Company is required to make weekly payments of $21,300 until the maturity date. The loan may be prepaid subject to a prepayment fee.
Administrative agent fee of $20,000 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 January 28, 2025, in the principal amount
of $420,000 which note is secured by all of the Borrowers’ assets, including receivables.

1800 Diagonal Notes

On April 16, 2024, pursuant to a securities
purchase agreement, the Company issued to 1800 Diagonal Lending LLC, a Virginia limited liability company (“Diagonal”) a
convertible promissory note in the principal amount of $138,000 with an original issue discount of $23,000 (the “April
Diagonal Note”). The April Diagonal Note has a one-time interest payment of $26,220 paid upon issuance and a maturity date of
January 15, 2025. The proceeds from the sale of the April Diagonal Note are for general working capital. Upon the occurrence of an