Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 54

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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 at a default interest rate of 22% of the then outstanding principal amount of the note. Additionally,
Labrys Funds will have the right to convert all or any part of the outstanding and unpaid amount of the Labrys Note into shares of the
Company’s common stock at a conversion price of 75% of the market price as described in the note. The Company will reserve a sufficient
number of shares to provide for the issuance of shares upon the full conversion of the Labrys Note. For the nine months ended September
30, 2025, the Company made no principal and interest payments on the loan. The outstanding balance on the loan was $169,500 as of September
30, 2025.

Quick
Capital Note

On
September 16, 2025, the Company issued to Quick Capital a convertible promissory note in the principal amount of $47,059 with an original
issue discount of $7,059 (the “Quick Capital Note”). The Quick Capital Note has an interest rate of 13% with a one-time interest
payment of $6,118 paid upon issuance and a maturity date of June 16, 2026. The proceeds from the sale of the Quick Capital Note are for
general working capital. Upon the occurrence of an event of default as described in the Quick Capital Note, the note will become immediately
due and payable at a default interest rate of 24% of the then outstanding principal amount of the note. Additionally, Quick Capital will
have the right to convert all or any part of the outstanding and unpaid amount of the Quick Capital Note into shares of the Company’s
common stock at a conversion price of 65% of the market price as described in the note. The Company will reserve a sufficient number
of shares to provide for the issuance of shares upon the full conversion of the Quick Capital Note. For the nine months ended September
30, 2025, the Company made no principal and interest payments on the loan. The outstanding balance on the loan was $47,059 as of September
30, 2025.

ClearThink
Note

On
September 18, 2025, the Company issued ClearThink a convertible promissory note in the principal amount of $47,059 with an original issue
discount of $7,059 (the “ClearThink Note”). The ClearThink Note has an interest rate of 13% with a one-time interest payment
of $6,118 paid upon issuance and a maturity date of June