Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 686

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1B
Chunk 686
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000 and interest payments of $26,220. The outstanding balance on the loan was $0 as of December 31, 2024.

On
September 9, 2024, the Company issued to Diagonal a convertible promissory note in the principal amount of $179,400 with an original
issue discount of $23,400 (the “September Diagonal Note”). The September Diagonal Note has an interest rate of 13% with a
one-time interest payment of $23,322 paid upon issuance and a maturity date of June 15, 2025. The proceeds from the sale of the September
Diagonal Note are for general working capital. Upon the occurrence of an event of default as described in the September 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 September Diagonal
Note into shares of the Company’s common stock at a conversion price of 65% 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 September Diagonal Note. The Company is required to make monthly payments starting March 15, 2025, until the
due date of June 15, 2025. The first payment due March 15, 2025, is $131,769. The monthly payment for April 15, 2025, May 15, 2025, and
June 15, 2025, is $23,651. For the year ended December 31, 2024, no principal and interest payments were made. The outstanding balance
on the loan was $179,400 as of December 31, 2024.

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