Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1170

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 1170
---
 which we operate, we may not be able to sustain or increase profitability and our failure to do so would adversely
affect our business, including our ability to raise additional funds.

The
accompanying financial statements appearing in this 10-K have been prepared assuming that we will continue as a going concern, which
contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business. The financial
statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and
classification of liabilities that might be necessary should we be unable to continue as a going concern.

Off-Balance
Sheet Arrangements

We
did not have any off-balance sheet arrangements, such as structured finance, special purpose entities, or variable interest entities
during the years ended December 31, 2024 and 2023.

Emerging
Growth Company

As
an emerging growth company under the JOBS Act, we are eligible to take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies. We have elected to avail ourselves of this exemption
from new or revised accounting standards and, therefore, while we are an emerging growth company, we will not be subject to new or revised
accounting standards at the same time that they become applicable to other public companies that are not emerging growth companies. As
a result, our financial statements and interim financial statements may not be comparable to companies that comply with new or revised
accounting pronouncements as of public company effective dates.

We
will remain an emerging growth company until the earliest of (i) the last day of our first fiscal year in which we have total annual
gross revenues of $1.235 billion or more, (ii) the last day of the first fiscal year in which we become a “large accelerated filer”
as defined in Rule 12b-2 under the Exchange Act, with at least $700 million of equity securities held by non-affiliates as of the end
of the last business day of the second quarter of that fiscal year, (iii) the date on which we have issued, in any three-year period,
more than $1.0 billion in non-convertible debt securities, or (iv) the last day of our fiscal year after the fifth anniversary of the
date of the completion of our IPO.

EnWave
Contract

Pursuant
to the terms of the Licensing Agreement with EnWave,