Company: BOF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010566
Chunk: 114

Company: BranchOut Food Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 114
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 three months ended March 31, 2025, compared to the corresponding period in 2024, as we increased our marketing efforts in the current period, given greater available resources. Our rent increased primarily due to leases entered into in the latter half of the
prior year, as we began to develop our operating facility in Peru, which resulted in increased travel expenses for the same reason. Sales
commissions decreased as we focused most of our resources on servicing our largest customer. We expect commissions to increase as we
grow. Storage, shipping and handling expenses increased primarily due to increased international shipping rates and increased production
that was driven by our increased sales.

Salaries
and Wages

Salaries
and wages for the three months ended March 31, 2025 was $314,242, compared to $598,286 for the three months ended March 31, 2024, a decrease
of $284,044, or 47%. This decrease was primarily attributable to $376,384 of non-cash, stock-based compensation related to stock options
awarded during the prior period, compared to $4,024 of non-cash, stock-based compensation related to stock options awarded during the
current period.

Professional
Fees

Professional
fees for the three months ended March 31, 2025 was $235,034, compared to $390,666 for the three months ended March 31, 2024, a decrease
of $155,632, or 40%. This decrease was primarily attributable to $149,594 of non-cash, stock-based compensation for the three months
ended March 31, 2024 that were not incurred during the current period.

Other
Income (Expense)

In
the three months ended March 31, 2025, other expense was $235,842 on a net basis, consisting of $240,978 of interest expense, as partially
offset by $5,136 of interest income. For the three months ended March 31, 2024, other expense was $25,867 on a net basis, consisting
of $28,744 of interest expense, as partially offset by $2,877 of interest income. Other expense increased by $209,975, or 812%, primarily
due to interest on increased outstanding debt as we funded our expansion into Peru during 2024.

Net
loss

Net
loss for the three months ended March 31, 2025 was $918,382, compared to