Company: BSFC
Filing Date: 2025-03-05
Form Type: S-1
Source: 0001493152-25-009166
Chunk: 157

Company: Blue Star Foods Corp.
Filing Date: 2025-03-05
Form: S-1
Chunk 157
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1,412,213on the date of issuance using the following assumptions: stock price of $ 3,970.00at the date of the agreement, exercise price of the warrant, warrant term, volatility rate of 43.21% and risk-free interest rate of 1.53% from the Department of Treasury. The relative fair value of $ 1,035,253was calculated using the net proceeds of the convertible note and accounted for as paid in capital.

For the year ended December 31, 2022, the Company issued 125shares of common stock at an exercise price of $ 2,000.00to an investor upon exercise of a warrant.

On May 30, 2023, in connection with the issuance of the $ 1,200,000promissory note to Lind pursuant to a securities purchase agreement, the Company issued Lind a five-year warrant exercisable six months from the date of issuance to purchase 8,701shares of common stock at an exercise price of $ 122.50per share. The warrant provides for cashless exercise and full ratchet anti-dilution provisions. Under the Black-Scholes pricing model, the fair value of the warrants issued to purchase 8,701shares of common stock was estimated at $ 381,538on the date of issuance of the warrant and $ 664as of December 31, 2023 using the following assumptions: stock price of $ 107.00and $ 7.00; exercise price of $ 123.00, risk free rate of 3.81% and 3.84%, volatility of 46.01% and 50.12%; and expected term of five years. The fair value of the warrants of $ 381,538was recorded as a discount to the 2023 Lind Note and classified as liabilities.

On July 27, 2023, in connection with the issuance of the $ 300,000promissory note to Lind pursuant to the Purchase Agreement Amendment, the Company issued Lind a five-year warrant exercisable six months from the date of issuance to purchase 3,505shares of common stock at an exercise price of $ 67.00per share. The warrant provides for cashless exercise and full ratchet anti-dilution provisions. Under the Black-Scholes pricing model, the fair value of the warrants is estimated at $ 72,208on the date of issuance of the warrant and $ 910as of December 31,