Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 621

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1B
Chunk 621
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 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.  

We
currently believe these spaces will be adequate for our immediate and near-term needs.

ITEM
3. LEGAL PROCEEDINGS

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 Company cannot provide any assurance as to the timing of resolution or outcome
of this matter.

On
January 17, 2025, the Company, through TOBC, filed a lawsuit in the Supreme Court of British Columbia against Harold Steven Atkinson,
Janet Atkinson and Ben Atkinson (the “Defendants”) for breach of contract, tort of intentional interference with economic
relations, breach of confidentiality and non-compete, breach of trust, breach of fiduciary duty, defamation, breach of duty of honest
performance and good faith, and damages. The Company claims that Harold Steven Atkinson purposely hid the renewal process of the Fisheries
and Oceans Canada – Freshwater / Land-based Aquaculture License (the “License”) and placed the License in his personal
name when it should be in the name of TOBC. The License is required to operate the aquaculture farm, including the transfer of eggs and
fingerlings to its facilities. While the dispute of who controls the License is ongoing, management believes that the Company can continue
to operate as the licensed facility pertains to TOBC.

The
Company is waiting for the Defendants to respond and a court date to be granted. The Company cannot provide any assurance as to the timing
of resolution or outcome of this matter.

ITEM
4. MINE SAFETY DISCLOSURES

Not
applicable.

27

PART
II

ITEM
5. MARKET FOR REGISTRANT’S