Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 892

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 892
---
, 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 at any time without penalty. The Company’s failure to comply
with the material terms of the FirstFire Note will be considered an event of default and the principal sum of the FirstFire Note will
become immediately due and payable at an amount equal to 150% times the sum of (i) the then outstanding principal amount of the note plus
(ii) accrued and unpaid interest on the unpaid principal amount of the note to the date of payment plus (iii) default interest, (iv) plus
any other amounts owed to FirstFire. After the occurrence of an event of default, at any time, the FirstFire shall have the right, to
convert all or any part of the outstanding and unpaid amount of the FirstFire Note into fully paid and non-assessable shares of our common
stock. The conversion price shall be 61% multiplied by the Market Price (as defined in the FirstFire Note) (representing a discount rate
of 39%). While the FirstFire Note remains outstanding, we will reserve 40,000 shares of our common stock free from preemptive rights,
to provide for the issuance upon the full conversion of the FirstFire Note. While the FirstFire Note remains outstanding, we shall not,
without the FirstFire’s written consent, sell, lease, or otherwise dispose of any significant portion of our assets outside the
ordinary course of business.

August 2024 Private Placement Offering

In August, 2024, the Company entered into securities
purchase agreements (each a “Securities Purchase Agreement”) with each of Quick Capital, LLC, a Wyoming limited liability
company (“Quick Capital”) and Jefferson Street