Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1319

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 1319
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 Equipment we purchased, the Company agreed to purchase additional equipment from EnWave over time. The
additional equipment purchase schedule, as amended, requires the Company to purchase a “Second EnWave Machine” and pay up-to
four non-refundable deposits for the Second EnWave Machine in the amount of fifty thousand dollars ($50,000) each on September 30, 2023,
December 31, 2023, March 31, 2024 and June 30, 2024 (the “Interim Deposits”). The Company paid the first three non-refundable
deposits of $50,000 on September 27, 2023, December 31, 2023 and March 8, 2024, and completed the purchase on December 12, 2024. The
Company is also required to execute an Equipment Purchase Agreement for a 120kW, or greater rated power, EnWave Equipment (the “Third
EnWave Machine”) on or before December 31, 2025, and satisfy the payment obligations required with respect to the Third EnWave
Machine by the License Agreement. The Company is also required to enter into an Equipment Purchase Agreement for a 120kW, or greater,
rated power EnWave Equipment (the “Fourth EnWave Machine”) on, or before, December 31, 2026, and to satisfy the payment obligations
required with respect to the Fourth EnWave Machine by the License Agreement. The License Agreement is effective as long as EnWave possesses
its EnWave technology. There have been no royalty payments to date, and any future minimum royalty payments or equipment purchases under
this license agreement are an unrecognized commitment, as they relate to retaining exclusivity of the avocado products going forward
and the Company can elect not to pay.

    F-22

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

Note
18 – Stockholders’ Equity

Preferred
Stock

The
Company has authorized 8,000,000 shares of $0.001 par value preferred stock. As of December 31, 2024, none of the preferred stock has
been designated or issued.

Common
Stock

The
Company has authorized 80,000,000 shares of $0.001 par value common stock. As of December 31, 2024, a total of 8,424,600 shares of common
stock have been issued. Each holder of common stock