Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1878

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 8
Chunk 1878
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 the loan. In connection with the loan, Agile was issued a subordinated secured promissory note, dated June
14, 2023, in the principal amount of $525,000 which note is secured by all of the Borrower’s assets, including receivables. For
the year ended December 31, 2023, the Company made principal and interest payments on the loan totaling $525,000 and $116,658, respectively,
and the outstanding interest balance was refinanced on January 2, 2024 loan. The refinancing provides for a term loan to the Company
in the amount of $122,491 which principal and interest (of $48,996) is due on May 31, 2024. Commencing January 5, 2024, the Company is
required to make weekly payments of $7,795 until the due date. The loan may be prepaid subject to a prepayment fee. An administrative
agent fee of $5,833 was paid on the loan. A default interest rate of 5% will become effective upon the occurrence of an event of default.
In connection with the refinanced loan, Agile was issued a subordinated secured promissory note, dated January 2, 2024, in the principal
amount of $122,491 which note is secured by all of the Borrower’s assets, including receivables. For the year ended December 31,
2024, the Company made principal payments on the loan totaling $122,491 and interest payments of $48,996. The outstanding balance on
the loan was $0 as of December 31, 2024.

    F-23

On
October 19, 2023, the Borrowers 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 $210,000 which principal and interest (of $84,000) and is due on
April 1, 2024. Commencing October 19, 2023, the Company is required to make weekly payments of $12,250 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