Company: BSFC
Filing Date: 2025-02-10
Form Type: POS AM
Source: 0001493152-25-005479
Chunk: 180

Company: Blue Star Foods Corp.
Filing Date: 2025-02-10
Form: POS AM
Chunk 180
---
3, $ 250,000of the outstanding principal was paid in shares of common stock of the Company.

As of September 30, 2024, $ 3,136of the outstanding interest to date was accrued on the note by the Company.

Interest expense for the note totaled approximately $ 3,000and $ 10,600 during nine months ended September
30, 2024 and 2023, respectively.

As of September 30, 2024 and December 31, 2023, the outstanding principal balance on the note totaled $ 100,000.

Lind Global Fund II LP notes

2022 Note

On January 24, 2022, the Company entered into a securities purchase agreement with Lind Global Fund II LP, a Delaware limited partnership (“Lind”), pursuant to which the Company issued Lind a secured, two-year, interest free convertible promissory note in the principal amount of $ 5,750,000(the “2022 Lind Note) and a five-year warrant to purchase 1,000,000shares of common stock at an exercise price of $ 4.50per share, subject to customary adjustments ( 1,000shares of common stock at an exercise price of $ 4,500per share after taking into account the Company’s Reverse Stock Split). The warrant provides for cashless exercise and for full ratchet anti-dilution if the Company issues securities at less than $ 4.50per share (exercise price of $ 4,500per share after taking into account the Company’s Reverse Stock Split). In connection with the issuance of the 2022 Lind Note and the warrant, the Company paid a $ 150,000commitment fee to Lind and $ 87,144of debt issuance costs. The Company recorded a total of $ 2,022,397debt discount at issuance of the debt, including original issuance discount of $ 750,000, commitment fee of $ 150,000, $ 87,144debt issuance cost, and $ 1,035,253related to the fair value of warrants issued. Amortization expense recorded in interest expense totaled $ 0and $ 643,778 for the nine months ended
September 30, 2024 and 2023, respectively.

| F-40 |

The outstanding principal under the 2022 Lind Note was payable commencing July 24, 2022, in 18 consecutive monthly installments of $ 333,333, at