Company: BSFC
Filing Date: 2025-06-23
Form Type: 10-K
Source: 0001641172-25-015976
Chunk: 1086

Company: Blue Star Foods Corp.
Filing Date: 2025-06-23
Form: 10-K
Item: Item 3
Chunk 1086
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, 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(k) plan for its employees. For the years ended December 31, 2024 and 2023, no contributions were
made to the plan by the Company.

Note
14. Subsequent Events

Shares
issuances

On
January 13, 2025 and February 25, 2025, the Company issued an aggregate of 750,000 shares of common stock to Quick Capital as partial
conversion of $57,673 principal pursuant to the convertible promissory note.

On
January 14, 2025, the Company issued 480,000 shares of common stock