Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 937

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 937
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, 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 year.

 33 

Liquidity
and Capital Resources

The
following table summarizes our total current assets, liabilities and working capital as of December 31, 2024 and December 31,
2023.

    December 31,  
    December 31, 

    2024  
    2023 
  
    Current
    Assets 
    $4,916,614  
    $1,678,243 

    Current Liabilities 
    $8,813,996  
    $779,093 

    Working Capital 
    $(3,897,382) 
    $899,150 

As
of December 31, 2024, we had negative working capital of $3,897,382. We have incurred net losses since our inception and we anticipate
net losses and negative operating cash flows for the near future. To date, our primary sources of capital have been cash generated from
the sales of our products, common stock sales, and debt and convertible debt financing. As of December 31, 2024, we had cash of
$2,329,452, total liabilities of $10,514,292, and an accumulated deficit of $17,562,057. As of December 31, 2023, we had cash of
$657,789, total liabilities of $914,622, and an accumulated deficit of $12,810,541.

Cash
Flow

Comparison
of the Year Ended December 31, 2024 and the Year Ended December 31, 2023

The
following table sets forth the primary sources and uses of cash for the periods presented below:

    Year Ended 

    December
    31, 

    2024  
    2023 
  
    Net cash used in operating activities 
    $(4,859,816) 
    $(3,529,372)
  
    Net cash used in investing activities 
     (2,822,561) 
     (116,565)
  
    Net cash provided by financing activities 
     9,362,621  
     3,755,279 
  
    Effect of exchange rate
    changes on cash