Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 688

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1B
Chunk 688
---
 the year ended December 31, 2024, the Company made no principal and interest payments
on the loan. The outstanding balance on the loan was $90,850 as of December 31, 2024.

    F-25

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 “Hart”), pursuant to which the Company issued a promissory note in the principal
amount of $300,000 and will issue 10,000 shares of its common stock to Hart (the “Hart Note”). The Hart Note has a one-time
interest payment of $50,000 payable on the maturity date of May 15, 2024, which was extended to August 15, 2024. The proceeds from the
sale of the Hart Note are for general working capital. The Company may prepay the Hart Note at any time without penalty. The Company’s
failure to comply with the material terms of the Hart Note will be considered an event of default and the principal sum of the Hart Note
will increase by 20% of the outstanding balance for each subsequent 30 days it remains in default. For the year ended December 31, 2024,
the Company made principal payments on the loan totaling $250,000, and interest payments of $50,000. The outstanding balance on the loan
was $0 as of December 31, 2024.

The
FirstFire Note

On
May 17, 2024, the Company entered into a promissory note with FirstFire Global Opportunities Fund, LLC, a Delaware limited liability
company (the “FirstFire”), pursuant to which the Company issued a promissory note in the principal amount of $240,000
with an original discount of $40,000
(the “FirstFire Note”). The FirstFire
Note accrues interest at a rate of 19%
per annum and has a maturity date of April
17, 2025. The proceeds from the sale of the FirstFire
Note are for general corporate purposes. The FirstFire Note has mandatory monthly payments due the 17th of each month. The initial payment
on August 17, 2024 is $185,600.
Monthly payments from September 2024 – December 2024 are $22,000.
Monthly payments from January 2025 - April