Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 857

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 857
---
ivable 
     30,740  
     19,535 
  
    Total
    other current assets 
    $114,372  
    $48,100 

Note
9 – Property and Equipment

Property
and equipment at December 31, 2024 and 2023, consisted of the following:

 Schedule of Property and Equipment

    2024  
    2023 

    December
    31, 

    2024  
    2023 
  
    Equipment and machinery 
    $4,580,541  
    $1,233,334 
  
    Less: Accumulated depreciation 
     (524,242) 
     (318,335)
  
    Total
    property and equipment, net 
    $4,056,299  
    $914,999 

Depreciation
of property and equipment was $171,873 and $223,856 for the years ended December 31, 2024 and 2023, respectively. For the year ended,
December 31, 2024, a total of $34,034 of depreciation was included in the inventoried production costs, which gets expensed as Cost of
Goods Sold as the inventory is sold.

    F-15

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

Note
10 – Other Assets

Other
assets consisted of the following as of December 31, 2024 and 2023:

 Schedule of Other Assets

    December 31,  
    December 31, 

    2024  
    2023 
  
    First position
    mortgage(1) 
    $1,267,000  
    $- 
  
    VAT tax
    receivable(2) 
     680,483  
     - 
  
    Total
    other current assets 
    $1,947,483  
    $- 

    (1)
    On
    May 10, 2024, in connection with the lease of the Company’s facility in Peru, the Company paid $275,000
    toward the purchase of a First Position Mortgage (“FPM”) receivable in the amount of $1,267,000,
    which is secured by the Peru facility and was owed by the landlord of the Peru facility to its former tenant, for a purchase price
    of $