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 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 $63,800 to date under this lease. We currently believe these spaces will be adequate for
our immediate and near-term needs.
32
Coastal
Pride leases an aggregate of 1,106 square feet of office space in Beaufort, South Carolina under two leases that expire in 2024 and
9,050 square feet from Gault under a one-year lease that expires in February 2023 where Coastal Pride operates a RAS soft-shell crab
operation in Beaufort, South Carolina for $1,000 per month until a new facility is completed. On February 3, 2023, the lease with
Gault was renewed for $1,500 per month until February 2024.
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, under a lease that expired December 1, 2021. 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 paid CAD$23,310
for rent for the year ended December 31, 2022, and an additional five-year lease with Kathryn Atkinson, spouse of TOBC’s President,
for CAD$2,370 per month plus taxes and paid CAD$21,330 for rent for the year ended December 31, 2022. Both leases are renewable for two
additional five-year terms.
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