Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 431

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 431
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 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 appeal, trading of our common stock would be suspended. On October 11, 2024, we submitted a request
for a hearing with Nasdaq’s Hearings Panel to appeal Nasdaq’s delisting determination, which stayed the suspension of trading
of our common stock.

As
of November 14, 2024, as a result of the sale of 928,602 Shares under the ATM Agreement for aggregate gross offering proceeds
of approximately $1,795,000, we regained compliance with the Rule, and the hearing before the Hearing Panel was cancelled. However, Nasdaq
informed us that it will continue to monitor the Company’s ongoing compliance with the stockholders’ equity requirement and,
if we fail to evidence compliance with the Rule upon the filing of its Annual Report on Form 10-K for the year ended December 31, 202