Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1393

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 6
Chunk 1393
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 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 “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.

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 2025 are $3,000. The Company may prepay the FirstFire Note