Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 141

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 141
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    Average expected life (in years) 
     5.56  
     6.34 
  
    Volatility 
     39.15% 
     54.40%

The
weighted average fair value of warrants granted with exercise prices at the current fair value of the underlying stock was approximately
$1.09 and $6.88 per warrant for the years ended December 31, 2024 and 2023, respectively.

The
following is a summary of activity of outstanding common stock warrants, as retrospectively presented pursuant to the amendment on March
7, 2022:

 Schedule
of Outstanding Common Stock Warrants

    Weighted 

    Average 

    Number  
    Exercise 

    of
    Shares  
    Prices 
  
    Balance, December 31, 2022 
     365,141  
    $6.81 
  
    Warrants
    granted 
     112,110  
     6.88 
  
    Balance, December 31, 2023 
     477,251  
     6.83 
  
    Warrants
    granted 
     2,984,911  
     1.09 
  
    Balance, December
    31, 2024 
     3,462,162  
    $1.88 

    Exercisable, December
    31, 2024 
     3,462,162  
    $1.88 

Note
21 – Income Taxes

The
Company incurred a net operating loss for the period from November 19, 2021 (the effective date of the conversion from a limited liability
company to a corporation) through December 31, 2024 and, accordingly, no provision for income taxes has been recorded. In addition, no
benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At December 31, 2024, the Company
had approximately $9,512,000 of federal net operating losses. The net operating loss carry forwards, if not utilized, will begin to expire
in 2041.

The
provision (benefit) for income taxes for the period from November 19, 2021 (the effective date of the conversion from a limited liability
company to a corporation) through December 31, 2024 were assuming a 21% effective tax rate.

    F