Company: BSFC
Filing Date: 2025-07-15
Form Type: 10-Q
Source: 0001641172-25-019736
Chunk: 31

Company: Blue Star Foods Corp.
Filing Date: 2025-07-15
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 the Company issued eighteen-month18 Series A-2 warrants to purchase
up to 214,823 shares of common stock which warrants are exercisable upon stockholder approval at an exercise price of $23.28 per share.
Since the exercise of these warrants is contingent upon stockholder approval, which stockholder approval has not been obtained, such
warrants were not considered as outstanding as of March 31, 2024.

There
was no warrant activity for the three months ended March 31, 2025.

Note
10. Commitment and Contingencies

Office
lease

On
January 1, 2022, the Company entered into a verbal month-to-month lease agreement for its executive offices with an unrelated third party
and paid $17,400 on the lease for the three months ended March 31, 2024. For the three months ended March 31, 2025, the Company paid
$13,800 under this lease.

Coastal
Pride leased approximately 1,100 square feet of office space in Beaufort, South Carolina which consists of a lease with a related party
for $1,000 per month that expires in October 2024. In August 2024, the lease was terminated as of August 31, 2024.

Coastal
Pride also leased a 9,050 square foot facility for $1,000 per month from Gault, an unrelated third party, for its soft-shell crab operations in Beaufort, South
Carolina under a one-year1 lease that expired in February 2023. On February 3, 2023, the lease was renewed for $1,500 per month until
February 2024. On February 3, 2024, the Coastal Pride entered into a verbal month-to-month lease agreement with Gault for $1,500 per
month. For the three months ended March 31, 2025, Coastal Pride paid $4,500 on the lease.

The
offices and facility of TOBC are located in Nanaimo, British Columbia, Canada and are on land which was leased to TOBC for
approximately $2,500
per month plus taxes, from Steve and Janet Atkinson, a related party and the former TOBC owners. On April 1, 2022, TOBC entered into
a new five-year lease with Steve and Janet Atkinson for CAD$2,590
per month plus taxes, and an additional