Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 196

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 9A
Chunk 196
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Management’s
Annual Report on Internal Control Over Financial Reporting

Our
management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined
in Exchange Act Rule 13a-15(f). The design of any system of controls is based in part upon certain assumptions about the likelihood of
future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions,
regardless of how remote. All internal control systems, no matter how well designed, have inherent limitations. Because of its inherent
limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate. Therefore, even those systems determined to be effective can provide only
reasonable assurance with respect to financial statement preparation and presentation.

We
carried out an evaluation, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer,
of the effectiveness of our internal controls over financial reporting as of December 31, 2024. In making this assessment, our management
used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in “Internal Control
— Integrated Framework (2013).” Based on this assessment, management identified the following material weaknesses that have
caused management to conclude that, as of December 31, 2024, our disclosure controls and procedures, and our internal control over financial
reporting, were not effective at the reasonable assurance level. We noted the following deficiencies that we believe to be material weaknesses:
(1) the Company has no formal control process related to the identification and approval of related party transactions; (2) the Company
lacks a formal and complete set of policies and procedures that cover the Company’s internal controls over financial reporting;
(3) the Company did not maintain effective internal controls to assure proper segregation of duties; and (4) the Company has a lack of
resources to evaluate and review appropriate accounting treatment for certain complex areas, such as the treatment of deferred tax assets,
unique transactions, and share based compensation.

38

Changes
in Internal Control over Financial Reporting

There
have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the