Company: BSFC
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001493152-25-012137
Chunk: 72

Company: Blue Star Foods Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Part I, Item 1
Chunk 72
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 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 five-year lease with Kathryn Atkinson for CAD$2,370
per month plus taxes. Both leases are renewable for two additional five-year terms. The Company evaluated the lease terms at inception and has not determined whether it will exercise the renewal options.

Rental
and equipment lease expenses were approximately $22,900 for related party and $38,200 for non-related party for the six months ended
June 30, 2025. For the six months ended June 30, 2024, rental lease expenses was approximately $26,700 for related party and $50,200
for non-related party.

Note
12. Subsequent Events

Shares
issuances

On
July 17, 2025, the Company issued 470,957 shares of common stock to Diagonal as partial conversion of $15,000 principal pursuant to the
convertible promissory note.

On July 22, 2025, the Company
issued 261,437 shares of common stock to Jefferson as partial conversion of $9,250 accrued interest pursuant to the convertible promissory
note.

1800 Diagonal Notes

On July 1, 2025,
the Company entered into default on the September Diagonal Note and October Diagonal Note under the terms of a convertible promissory
note. Refer to Note 7 for additional information regarding the nature and
financial impact of this default.

22

ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-Looking
Statements

The
following management’s discussion and analysis should be read in conjunction with the financial statements and the related notes
thereto contained in this Quarterly Report. The management’s discussion and analysis contain forward-looking statements, such as
statements of our plans, objectives, expectations and intentions. Any statements that are not statements of historical fact are forward-looking
statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,”
“estimate,”