Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1162

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 1162
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 Total
    operating expenses 
     4,766,061  
     3,405,928  
     1,360,133 

    Operating loss 
     (3,902,441) 
     (3,502,158) 
     400,283 

    Other income (expense): 

    Interest income 
     14,156  
     11,719  
     2,437 
  
    Interest
    expense 
     (863,231) 
     (435,271) 
     427,960 
  
    Total
    other income (expense) 
     (849,075) 
     (423,552) 
     425,523 

    Net loss 
    $(4,751,516) 
    $(3,925,710) 
    $825,806 

Net
Revenue

Our
net revenue for the year ended December 31, 2024 was $6,516,337, compared to $2,825,855 for the year ended December 31, 2023, an
increase of $3,690,482, or 131%. The increase in revenue was primarily due to increased sales to our largest customer during the year
ended December 31, 2024.

Cost
of Goods Sold and Gross Profit (Loss)

Our
cost of goods sold for the year ended December 31, 2024 was $5,652,717, compared to $2,922,085 for the year ended December 31, 2023,
an increase of $2,730,632, or 93%. Cost of goods sold included $171,843 and $223,856 of depreciation on production equipment during the
years ended December 31, 2024 and 2023, respectively. Cost of goods sold increased primarily in line with the increase in our
sales for the period. As a result of the foregoing, we had a gross profit of $863,620, or 13% of revenues, for the year ended December 31,
2024, compared to a gross operating loss of $96,230, or (3%) of revenues, for the year ended December 31, 2023. Our gross profit
margin increased primarily due to cost savings realized as a result of our transition to bulk shipping arrangements and transitioning
to our own production facility during the current period.

 32 

General