Item 2. Properties
ITEM
2. PROPERTIES
The
Company’s executive offices and warehouse facility are based in Miami, Florida. We leased approximately 16,800 square feet of office/warehouse
space for our executive offices and distribution facility for $16,916 per month from John Keeler Real Estate Holding, Inc. (“Keeler
Real Estate”), a corporation owned by each trust for each of John Keeler III, Andrea Keeler and Sarah Keeler, each of whom is a
child of our Executive Chairman, John Keeler. On December 31, 2020, this facility was sold to an unrelated third-party purchaser and
the lease was terminated. In connection with the sale, the Company retained approximately 4,756 square feet of such space, rent-free
for the next 12 months. On January 1, 2022, the Company entered into a verbal month-to-month lease agreement for its executive offices
with an unrelated third party. The Company has paid $11,600 to date under this lease. We currently believe these spaces will be
adequate for our immediate and near-term needs.
Coastal
Pride leases 1,106 square feet of office space in Beaufort, South Carolina under a lease that expires in 2024 and 9,050 square
feet from Gault where Coastal operates the acquired RAS soft shell crab operation in Beaufort, South Carolina for $1,000
per month until a new facility is completed.
The
offices and facility of TOBC are located in Nanaimo, British Columbia, Canada and are on land leased to TOBC for approximately $2,500
per month plus taxes from Steve and Janet Atkinson, the former TOBC owners that expired December 2021. As of March 31, 2022, renewal
of this lease has not been finalized and no rent payments have been made.
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