Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 411

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 411
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the Company or any warrants, rights or options to purchase or acquire any such shares, or repay any indebtedness of the investor (iii)
advance any loans made in the ordinary course of business in excess of $100,000, (iv) sell, lease or otherwise dispose of any significant
portion of our assets outside the ordinary course of business, and (v) enter into any transaction or arrangement structured in accordance
with, based upon, or related or pursuant to, in whole or in part, either Section 3(a)(9) or Section 3(a)(10) of the Securities Act.

In
conjunction with the August Private Placement Offering, the Company entered into a registration rights agreement with each of Quick Capital
and Jefferson. The Company agreed to file a registration statement with the Securities and Exchange Commission to register the re-sale
of the maximum number of shares of Common Stock covered in the August Private Placement Offering within sixty (60) calendar days from
the date of execution.

During
the year ended December 31, 2024, the Company made aggregate principal payments on the Private Placement Notes of $192,486
of which $20,436
was paid through the issuance of an aggregate of 250,000
shares of common stock. The outstanding balance on the loan was $357,514 as of December 31, 2024.

    F-27

Vehicle Loan

On December 7, 2024, the Company entered into a financing loan in connection with the
purchase of a company vehicle. The loan has a principal amount of $69,299,
bears interest at an annual rate of 9.34%,
and is repayable in monthly installments of $1,450,
including principal and interest, over a term of 60 months. As of December 31, 2024, the outstanding balance on the vehicle loan was
$69,299.

First
West Credit Union CEBA Loan

On
June 24, 2021, the Company assumed a commercial term loan with First West Credit Union Canada Emergency Business Account
(“CEBA”) in the principal amount of CAD$60,000 in
connection with the acquisition of TOBC. The
loan initially bears no interest and is due on December 31, 2022. Under the amended terms, if no more than 75% of the principal was
repaid by December 31, 2023, the full amount
would convert to a term loan bearing interest at an annual