Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 46

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 was $202,993
as compared to cash provided by financing activities of $4,350,018 for the nine months ended September 30, 2024. The decrease is mainly
attributable due to the netted decrease in repayments and proceeds of short-term loans and less proceeds from common stock offering during
the nine months ended September 30, 2025.

Lind
Global Fund II LP investment

On
May 30, 2023, the Company entered into a securities purchase agreement with Lind pursuant to which the Company issued to Lind a secured,
two-year, interest free convertible promissory note in the principal amount of $1,200,000 (the “Lind Note”) and a warrant
(the “Lind Warrant”) to purchase 8,701 shares of common stock of the Company commencing six months after issuance and exercisable
for five years at an exercise price of $122.50 per share, for the aggregate funding amount of $1,000,000. The Lind Warrant includes cashless
exercise and full ratchet anti-dilution provisions. In connection with the issuance of the Lind Note and the Lind Warrant, the Company
paid Lind a $50,000 commitment fee. The proceeds from the sale of the Note and Warrant are for general working capital purposes.

On
July 27, 2023, the Company, entered into a First Amendment to the securities purchase agreement (the “Purchase Agreement Amendment”)
with Lind, pursuant to which the Company amended the securities purchase agreement, entered into with Lind as of May 30, 2023 in order
to permit the issuance of further senior convertible promissory notes in the aggregate principal amount of up to $1,800,000 and warrants
in such aggregate amount as the Company and Lind shall mutually agree.

Pursuant
to the Purchase Agreement Amendment, the Company issued to Lind a two-year, interest free convertible promissory note in the principal
amount of $300,000 and a warrant to purchase 3,505 shares of common stock of the Company, for the aggregate amount of $250,000. In connection
with the issuance of the note and the warrant, the Company paid a $12,500 commitment fee. The proceeds from the sale of the note and
warrant are for general working capital purposes.

On
August 3, 2024 the Company and Lind entered into a waiver and acknowledgement agreement.

The
Company and Lind previously entered into that certain