Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 351

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 351
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 payments on the Lind Note of $1,500,000
through the issuance of an aggregate of 1,891,622 shares of common stock. As of December 31, 2024, the outstanding balance on the Lind
Note was $55,500, net of debt discount of $27,656.

34

Agile
Loan

On March 1, 2024, the Company, through its subsidiary Keeler & Co. (“Borrowers”)
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 $210,000 which principal and interest (of $79,800) is due on August 29, 2024. Commencing March
7, 2024, the Company is required to make weekly payments of $11,146 until the due date. The loan may be prepaid subject to a prepayment
fee. An administrative agent fee of $10,000 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 March 1, 2024, in the principal
amount of $210,000 which note is secured by all of the Borrowers’ assets, including receivables.

On May 9, 2024, the Borrowers
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 $210,000 which principal and interest (of $84,000) is due on November 22, 2024. Commencing
May 17, 2024, the Company is required to make weekly payments of $10,500 until the due date. The loan may be prepaid subject to a prepayment
fee. An administrative agent fee of $10,000 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 May 9, 2024, in the principal amount
of $210,000 which note is secured by all of the Borrowers’ assets, including receivables.

On July 25, 2024, the Borrowers entered into a subordinated business loan
and security agreement with Agile and