Company: BSFC
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021887
Chunk: 38

Company: Blue Star Foods Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 38
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 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 September 30, 2025.

On
September 11, 2023, in connection with the underwritten public offering, the Company issued 18eighteen-month
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 September 30, 2025.

There
was no warrant activity for the nine months ended September 30, 2025 and 2024.

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 $52,200 on the lease for the nine months ended September 30, 2024. For the nine months ended September 30, 2025, the Company
paid $28,300 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 effective immediately.

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 1one-year
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 nine months
ended September 30, 2025, Coastal Pride paid $12,000 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