Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1382

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 1382
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, 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, 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