Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1332

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 1332
---
arrants

    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-28

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

The
components of the Company’s deferred tax asset are as follows:

 Schedule
of Deferred Tax Asset

    December 31,  
    December 31, 

    2024  
    2023 
  
    Deferred tax assets: 

    Net
    operating loss carry forwards 
    $1,997,520  
    $1,680,000 

    Net deferred tax assets before valuation allowance 
    $1,997,520  
    $1,680,000