Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 496

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 496
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GAAP”) and the rules of the U.S. Securities and Exchange Commission (“SEC”).
All references to GAAP are in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification
(“ASC”) and the GAAP hierarchy.

When
preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets
and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of
revenue and expenses during the reporting period. Actual results could differ from those estimates.

These
statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for
fair presentation of the information contained therein.

Principles
of Consolidation

The
accompanying consolidated financial statements include the accounts of the following entities, all of which were under common control
and ownership at December 31, 2024:

    Name
    of Entity
     
    Jurisdiction
     
    Relationship
  
    BranchOut
    Food Inc.(1)
     
    Nevada,
    U.S.
     
    Parent
  
    BranchOut
    Food Sucursal Peru(2)
     
    Pisco,
    Peru
     
    Subsidiary

    (1)
    Holding
    company in the form of a corporation.
  
    (2)
    Peruvian
    wholly-owned subsidiary of BranchOut Food Inc. in the form of a branch.

The
consolidated financial statements herein contain the operations of the wholly-owned subsidiary listed above. The Company’s headquarters
are located in Bend, Oregon.

Initial
Public Offering

In
June 2023, the Company completed its initial public offering (“IPO”) in which it issued and sold 1,190,000 shares of its
common stock at a price of $6.00 per share pursuant to an Underwriting Agreement between the Company and Alexander
Capital, L.P. (the “Underwriter”). The Company received net proceeds of $6,226,000, after deducting underwriters’
discounts and commissions and before consideration of other issuance costs. In connection with the IPO, a total of $6,029,204 of convertible
debt, consisting of $5,526,691 of principal and $502,513 of interest, was converted into 1,572,171 shares of common stock, inclusive
of $179,687, consisting of $165,000 of principal and