Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 60

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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. The note has a maturity due date of July 27, 2025. As of June 30, 2025, the outstanding balance on
the notes was $55,500,
net of debt discount of $3,951,
and totaling $51,549.
As of December 31, 2024, the outstanding balance on the notes was $55,500,
net of debt discount of $27,656,
and totaling $27,844.
For the six months ended June 30, 2025 and 2024, amortization of debt discounts totaled $23,705
and $703,236,
respectively.

    16

Agile
Lending, LLC Loans

On
January 28, 2025, the Company, and Keeler & Co. (each a “Borrower”) 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 $420,000 which
principal and interest (of $176,400) is due on August 15, 2025. Commencing February 7, 2025, the Company is required to make weekly payments
of $21,300 until the due date. The loan may be prepaid subject to a prepayment fee. An administrative agent fee of $20,000 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 January 28, 2025, in the principal amount of $420,000 which note is secured by all of the
Borrowers’ assets, including receivables. For the six months ended June 30, 2025, the Company made principal payments on the loan
totaling $134,000 and no interest payments were made. The outstanding balance on the loan was $286,000 as of June 30, 2025.

1800
Diagonal Notes

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