Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1168

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 1168
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 subscription agreement between the Company and the Investors. The Notes mature on the earlier of December
31, 2025, or the occurrence of a “Qualified Subsequent Financing” or “Change of Control” and bear interest at
a rate of 15% per annum. The Company’s obligations under the Notes are secured by liens on substantially all of the Company’s
assets pursuant to the terms of a Security Agreement between the Company and the Investors.

Equity
Investments

ATM
Financing

On
October 23, 2024, we entered into an ATM Agreement with Alexander Capital for the sale of shares of common stock from time to time through
Alexander Capital having an aggregate offering price of up to $3 million. As of December 31, 2024, we had sold 1,317,307 shares
of common stock under the ATM Agreement resulting in gross proceeds of approximately $2.5 million and aggregate net proceeds of approximately
$2.3 million, after deducting expenses, including a 3% commission paid to Alexander Capital. Subsequent to December 31, 2024, the ATM
Agreement was amended to increase the aggregate offering price of shares of common stock that may
be sold under the ATM Agreement to $5 million. Following December 31, 2024, we sold 1,303,115 additional shares of common stock
under the ATM Agreement for gross proceeds of approximately $2.5 million and aggregate net proceeds of approximately $2.4 million.
As of the date of the filing of this Annual Report on Form 10-K, as a result of such sales of common stock under the ATM Agreement, the
Company believes it has stockholders’ equity in excess of $2.5 million, in compliance with Nasdaq Listing Rule 5550(b)(1).

Related
Party Financing

On
July 15, 2024, the Company entered into subscription agreements with three related parties, consisting of Eric Healy, the Company’s
Chief Executive Officer; Eagle Vision, an affiliate of John Dalfonsi, the Company’s Chief Financial Officer; and the Company’s
President, pursuant to which such investors agreed to purchase $525,000 of “Units” from the Company, each Unit consisting
of (i) 100 shares of common stock, and (ii) a warrant to purchase 125 shares of common stock over the following ten years at an exercise
price of $1.00 per share, at