Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 423

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 1
Chunk 423
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 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. 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.

Rental
and equipment lease expenses were approximately $146,400 and $166,000 for the years ended December 31, 2024 and 2023, respectively.

Note
13. Employee Benefit Plan

The
Company provides and sponsors a 401