Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1584

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 7
Chunk 1584
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 and 2023.

    F-33

Note
12. 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 $69,600 on the lease for the year ended December 31, 2023. For the year ended December 31, 2024, the Company has paid $69,600
on 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. For the year ended December 31, 2024, Coastal Pride paid $8,000 on the lease.

Coastal
Pride also leased a 9,050
square foot facility for $1,000
per month from Gault 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.

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, 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. Both leases are renewable for two additional five-year terms.

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. V