Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 290

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 290
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, respectively. There can be no assurance that we will not continue to incur net losses in the future. We may not succeed in
expanding our customer base and product offerings and even if we do, may never generate revenue that is significant enough to achieve
profitability. Even if we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual
basis. Furthermore, we may not be able to control overhead expenses even where our operations successfully expand. Our failure to become
and remain profitable would depress our value and could impair our ability to raise capital, expand our business, diversify our product
offerings, or even continue our operations.

Our
audited financial statements for the years ended December 31, 2024 and 2023 included a statement from our independent registered public
accounting firm that there is substantial doubt about our ability to continue as a going concern, and a continuation of negative financial
trends could result in our inability to continue as a going concern.

There
is substantial doubt about our ability to continue as a going concern over the next twelve months and our independent registered public
accounting firm has included a “going concern” explanatory paragraph in their report in our financial statements as of and
for the years ended December 31, 2024 and 2023. If our operating results fail to improve, our financial condition will deteriorate which
could render us unable to continue as a going concern.

Our
failure to meet the continued listing requirements of Nasdaq could result in a delisting of our securities.

On
April 11, 2024, we received a letter from Nasdaq stating that we were not in compliance with Nasdaq Listing Rule 5550(b)(1) (the “Rule”)
because our stockholders’ equity of $2,210,476 as of December 31, 2023 was below the minimum requirement of $2,500,000. Pursuant
to Nasdaq’s Listing Rules, on May 28, 2024, we submitted to Nasdaq a plan to regain compliance with the Rule, which was accepted
by Nasdaq and provided us with an extension of 180 calendar days from April 11, 2024 (until October 8, 2024) to regain compliance with
the Rule. On October 10, 2024, Nasdaq notified us that we did not meet the terms of the extension to regain compliance with the Rule,
and as a result, unless we requested an