Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 337

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 337
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 marketing 
    $311,586  
    $162,048  
    $149,538  
     92%
  
    Rent 
    $240,213  
    $37,439  
    $202,774  
     542%
  
    Travel 
    $167,064  
    $58,385  
    $108,679  
     186%
  
    Commissions 
    $212,447  
    $186,365  
    $26,082  
     14%
  
    Storage, shipping and handling 
    $459,089  
    $241,017  
    $218,072  
     90%
  
    Asset impairment expense 
    $-  
    $761,085  
    $(761,085) 
     N/A 

Advertising
and marketing expenses increased for the year ended December 31, 2024, as compared to the corresponding period in 2023, as we focused
our resources on growing our sales. Our rent increased primarily due to leases entered into in the current year, as we began to develop
our operating facility in Peru, which also resulted in increased travel expenses. Commissions increased due to our increased sales, and
storage, shipping and handling expenses increased primarily due to increased international shipping rates and increased production that
was driven by our increased sales. In addition, during 2023, we recognized $761,085 of impairment
expense, consisting of $485,265, $243,305 and $32,515 on the collectability of a note receivable, VAT taxes receivable and prepaid inventory,
respectively, related to amounts owed from NXTDried Superfoods, one of our prior co-manufacturers.

Salaries
and Wages

Salaries
and wages for the year ended December 31, 2024 was $1,604,200, compared to $1,129,858 for the year ended December 31, 2023,
an increase of $474,342, or 42%. This increase was primarily attributable to increased headcount in line with our expanded operations,
including $414,614 of non-cash, stock-based compensation related to stock options awarded during the current year.

Professional
Fees

Professional
fees for the year ended December 31, 2024 was $1,291,141, compared to $694,596 for the year ended December 31, 202