Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1050

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 1050
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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, 2023, an increase
of $596,545, or 86%. This increase was primarily attributable to increased consulting fees. Professional fees included $290,085 and $258,574
of non-cash, stock-based compensation related to common stock and stock options awarded during the years ended December 31, 2024
and 2023, respectively.

Other
Income (Expense)

In
the year ended December 31, 2024, other expense was $849,075, consisting of $863,231 of interest expense, as partially offset by
$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