Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 564

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1A
Chunk 564
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 5.0%,
with interest only monthly payments beginning January 1, 2024, and the full principal due by December 31, 2026. As of December 31,
2024, the outstanding balance on the loan was CAD$60,000.

Interest expense totaled $2,060,718 and $1,771,942 for the year ended December 31, 2024 and 2023, respectively. For
the year ended December 31, 2024, approximately $1,232,500 and $868,900 of the balance was related to amortization on debt discount and
cash paid interest.

Note
8. Stockholders’ Equity

Preferred
Stock

Our
Board of Directors has designated 10,000 shares of preferred stock as “8% Series A Convertible Preferred Stock”. The Series
A Convertible Preferred Stock (“Series A Stock”) has no maturity and is not subject to any sinking fund or redemption and
will remain outstanding indefinitely unless and until converted by the holder or the Company redeems or otherwise repurchases the Series
A Stock.

Dividends.
Cumulative dividends accrue on each share of Series A Stock at the rate of 8% (the “Dividend Rate”) of the purchase price
of $1,000.00 per share, commencing on the date of issuance. Dividends are payable quarterly, when and if declared by the Board, beginning
on September 30, 2018 (each a “Dividend Payment Date”) and are payable in shares of common stock (a “PIK Dividend”)
with such shares being valued at the daily volume weighted average price (“VWAP”) of the common stock for the thirty trading
days immediately prior to each Dividend Payment Date or if not traded or quoted as determined by an independent appraiser selected in
good faith by the Company. Any fractional shares of a PIK Dividend will be rounded to the nearest one-hundredth of a share. All shares
of common stock issued in payment of a PIK Dividend will be duly authorized, validly issued, fully paid and non-assessable. Dividends
will accumulate whether or not the Company has earnings, there are funds legally available for the payment of those dividends and whether
or not those dividends are declared by the Board.

For
the year ended December 31, 2024 and 2023, the Company had no preferred stock outstanding.

Common
Stock

In
January