Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 626

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1B
Chunk 626
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 for additional successive 180 day terms unless either party gives 90 days written notice to
terminate to the other.

LT
has developed products, including but not limited to seafood, under the Wicked Tuna brand using its licensing rights from Pilgrim and
the Toby Keith brand, (collectively the “Products”). We will, with LT, promote and sell the Products.

The
Company may, at its discretion, provide funding for the inventory to fulfill a purchase order (each a “PO”) for the Products
sold, and the parties will each receive the following:

    (i)
    As
    relates to Wicked Tuna, if the Company obtains a PO of a Product from its customers, we will pay LT a five percent (5%) margin on
    the Net Sales Amount. Net Sales Amount shall mean gross sales less returns and promotions and freight allowance.

    (ii)
    As
    relates to the Toby Keith brand, if LT obtains a PO for the Products from its customers and the Company funds the purchase of the
    inventory to fulfill the PO, the Company shall receive a fee of one percent (1%) of the amount funded per month from LT from the
    first day of each month that the amount remains outstanding plus an allocation expense which shall be a direct pass through of cost
    which shall be calculated to include the cost of the product as well expenses associated with transportation, storage and miscellaneous
    expenses. The Company will be paid directly by LT’s customers. Thereafter, the Company will pay LT its portion within 48 hours
    of receiving funds for each PO.

The
parties agreed to certain customary covenants, including those relating to confidentiality and litigation. The parties also agreed
to certain mutual indemnification provisions for breaches or inaccuracies in their respective representations and warranties or
covenants. There were no transactions with LT during the year ended December 31, 2024.

31

NASDAQ
Delisting

On
December 18, 2024, the Company received formal notice from The Nasdaq Stock Market LLC (“Nasdaq”)
that the Nasdaq Hearings Panel (the “Panel”) had determined to delist the Company’s securities from Nasdaq based upon
the Company’s violation of Listing Rule 5550(a)(2), the “Minimum Bid Price Requirement”.
As a result of the Panel’s decision, Nasdaq suspended trading in the Company’s Common Stock effectively with the open of
business on Friday, December 20,