Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 506

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1A
Chunk 506
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 are for general working capital. Upon the
occurrence of an event of default as described in the October 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. The October Diagonal Note has mandatory monthly payments of
$15,170 beginning on October 30, 2024, and due on the 30th of every month thereafter until February 28, 2025.

On December 16, 2024, pursuant to a securities purchase
agreement, the Company issued to Diagonal a convertible promissory note in the principal amount of $90,850 with an original issue discount
of $11,850 (the “December Diagonal Note”). The December Diagonal Note has a one-time interest payment of $10,902 paid upon
issuance and a maturity date of September 15, 2025. Upon the occurrence of an event of default as described in the December 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.
The December Diagonal Note has mandatory monthly payments of $11,306 beginning on January 15, 2025, and due on the 15th of every month
thereafter until September 15, 2025.

35

On
January 28, 2025, pursuant to a securities purchase agreement, the Company issued to Diagonal a convertible promissory note in
the principal amount of $149,650 with an original issue discount of $19,650 (the “January Diagonal Note”). The January Diagonal
Note has a one-time interest payment of $19,454 paid upon issuance and a maturity date of October 30, 2025. Upon the occurrence of an
event of default as described in the January 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. The January Diagonal Note has an initial payment of $109,918 due on July
30, 2025, with monthly payments of $19,728 due on the 30th of every month thereafter until October 30, 2025.

The Hart Note

On April 16, 2024, the Company entered into a securities
purchase agreement (the “Purchase Agreement”) with Hart Associates, LLC, a Delaware limited liability company (the “