Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 83

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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 75% of the market price as described in the note. The Company may not, without
Diagonal’s written consent, sell, lease, or otherwise dispose of any significant portion of its assets except in the ordinary course
of business. The Company will reserve a sufficient number of shares to provide for the issuance of shares upon the full conversion of
the January Diagonal Note. The Company is required to make monthly payments starting July 30, 2025, until the due date of October 30, 2025.
The first payment due July 30, 2025, is $109,918. The monthly payment for August 30, 2025, September 30, 2025, and October 30, 2025, is
$19,729. For the six months ended June 30, 2025, the Company made no principal and interest payments. The outstanding
balance on the loan was $149,650, net of discount of $8,733, and totaling $140,917 as of June 30, 2025.

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 Capital, LLC, a New Jersey
limited liability company (“Jefferson”) whereby we issued promissory notes in the aggregate principal amount of $550,000
(the “August Private Placement Offering”).

The
Company agreed to issue to Quick Capital and Jefferson up to 39,300 shares of our Common Stock as a “Commitment Fee”.

As
part of the August Private Placement Offering, the Company issued two promissory notes each in the principal amount of $275,000 with
an original issue discount of $25,000 (the “Private Placement Notes”). The Private Placement Notes have a one-time interest
payment of $27,500. Thereafter, any principal amount of interest which is not paid upon maturity will accrue at a rate of the lesser
of (i) sixteen percent (16%) per annum, or (ii) the maximum amount permitted by law from the due date thereof until the same is paid.
The Private Placement Notes have a maturity date of 10 months after issuance and the proceeds from the notes are for general corporate
purposes. The Company agreed to issue to each of Quick Capital and Jefferson 19,650 shares of Common Stock