Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 943

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 943
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 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, we cannot undertake any transaction that would result in a change of control of
us without the prior written consent of EnWave.

ITEM
7A. Quantitative and Qualitative Disclosures About Market Risk

We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information
under this item.

 36 

ITEM
8. Financial Statements and Supplementary Data

BRANCHOUT
FOOD INC.

CONSOLIDATED
FINANCIAL STATEMENTS

FOR
THE YEARS ENDED DECEMBER 31, 2024 AND 2023

TABLE
OF CONTENTS

    Page
  
    Report
    of Independent Registered Public Accounting Firm, M&K CPAS, PLLC (PCAOB ID: 2738)
    F-1

    Consolidated
    Balance Sheets as of December 31, 2024 and 2023
    F-2

    Consolidated
    Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023
    F-3

    Consolidated
    Statement of Stockholders’ Equity for the years ended December 31, 2024 and 2023
    F-4

    Consolidated
    Statements of Cash Flows for the years ended December 31, 2024 and 2023
    F-5

    Notes
    to Consolidated Financial Statements
    F-6

37

REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Board of Directors and Stockholders

BranchOut
Food Inc.

Opinion
on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of BranchOut Food, Inc. (the Company) as of December 31, 2024 and 2023, and the related consolidated statements of operations and comprehensive loss, stockholders’ equity, and cash flows for the years ended December 31, 2024 and 2023, and the related