Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 882

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 2
Chunk 882
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 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, 2024.

The
Company’s Common Stock was traded on the OTC Markets’ OTC Pink Current Information tier at the end of December 2024. In February
2025, the Company was upgraded to the OTCQB tier.

British
Columbia Civil Claim

On July 16, 2024, the Company, through TOBC, filed a lawsuit in the Supreme Court of British Columbia (the “Court”)
against their landlords Steven Atkinson, Kathryn Atkinson and Janet Atkinson (the “Landlords”) requesting a declaration that
their commercial lease located at 2904 and 2934 Jameson Road, Nanaimo, B.C. V9R 6W8 dated April 1, 2022 by and between TOBC and their
Landlords is a valid lease and remains in full force and effect. The