Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 282

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 282
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 of patents,
and purchased production machines, from EnWave, and we have been granted the exclusive rights to use the licensed technology platform
as applied to several core products in Peru, and avocado based products in the United States. In addition, BranchOut has the nonexclusive
rights to use the licensed technology platform for other products.

We
entered into a private labeling contract with one of the world’s largest retailers in late 2022 to supply the retailer with two
products for placement in half of their domestic stores. In late 2023, the same retailer agreed to carry two additional products of ours
in certain of their stores. In April 2024, we received a commitment from this retailer to carry another product of ours in their stores.
Based on this most recent commitment, our products have been carried in a total of 1,400 of this retailer’s stores as of December
31, 2024.

On
October 23, 2024, we entered into an At-The-Market Issuance Sales Agreement (the “ATM Agreement”) with Alexander Capital,
L.P. (“Alexander Capital”) for the sale of shares of common stock from time to time through Alexander Capital having an aggregate
offering price of up to $3 million. As of December 31, 2024, we had sold 1,317,307 shares of common stock under the ATM Agreement
resulting in gross proceeds of approximately $2.5 million and aggregate net proceeds of approximately $2.3 million, after deducting expenses,
including a 3% commission paid to Alexander Capital. Subsequent to December 31, 2024, the ATM Agreement was amended to increase the
aggregate offering price of shares of common stock that may be sold under the ATM Agreement to $5 million. Following December 31,
2024, we sold 1,303,115 additional shares of common stock under the ATM for gross proceeds of approximately $2.5 million and aggregate
net proceeds of approximately $2.4 million. As of the date of the filing of this Annual Report on Form 10-K, as a result of such
sales of common stock under the ATM Agreement, the Company believes it has stockholders’ equity in excess of $2.5 million,
in compliance with Nasdaq Listing Rule 5550(b)(1).

In
June 2023, we completed our initial public offering (“IPO”) in which we issued 1,190,000 shares of common stock at