Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1376

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 7
Chunk 1376
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$14,156 of interest income. During the year ended December 31, 2023, other expense was $423,552, consisting of $435,271 of interest
expense, as partially offset by $11,719 of interest income. Other expense increased by $425,523, or 100%, primarily due to interest on
increased outstanding debt as we funded our expansion into Peru during the current year.

Net
loss

Net
loss for the year ended December 31, 2024 was $4,751,516, compared to $3,925,710 during the year ended December 31, 2023, an
increased net loss of $825,806, or 21%. The increased net loss was primarily due to increased compensation and compliance costs related
to reporting as a public company, $427,960 of increased interest expense, and $536,074 of increased stock-based compensation during the
current year, as partially offset by increased gross profits during the current year, in addition to $761,085 of impairment expense in
2023 that wasn’t incurred in the current year.

 33 

Liquidity
and Capital Resources

The
following table summarizes our total current assets, liabilities and working capital as of December 31, 2024 and December 31,
2023.

    December 31,  
    December 31, 

    2024  
    2023 
  
    Current
    Assets 
    $4,916,614  
    $1,678,243 

    Current Liabilities 
    $8,813,996  
    $779,093 

    Working Capital 
    $(3,897,382) 
    $899,150 

As
of December 31, 2024, we had negative working capital of $3,897,382. We have incurred net losses since our inception and we anticipate
net losses and negative operating cash flows for the near future. To date, our primary sources of capital have been cash generated from
the sales of our products, common stock sales, and debt and convertible debt financing. As of December 31, 2024, we had cash of
$2,329,452, total liabilities of $10,514,292, and an accumulated deficit of $17,562,057. As of December 31, 2023, we had cash of
$657,789, total liabilities of $914