Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 133

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 133
---
 traded
price of the common stock on the date of grant.

    F-24

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

On
August 17, 2023, the Company issued 44,334 shares under the 2022 Equity Plan, to its securities counsel for services performed. The aggregate
fair value of the shares was $99,751, based on the closing traded price of the common stock on
the date of grant.

Debt
Conversions

In
connection with the IPO in June 2023, 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 $14,687
of interest, that converted into 43,562 shares of common stock issued upon the conversion of debts held by related parties. The notes
were converted in accordance with the conversion terms; therefore, no gain or loss had been recognized.

Note
19 – Common Stock Options

Stock
Incentive Plan

Our
board of directors and shareholders adopted our 2022 Omnibus Equity Incentive Plan on January 1, 2022 (the “2022 Plan”).
Our 2022 Plan allows for the grant of a variety of equity vehicles to provide flexibility in implementing equity awards, including nonqualified
stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance
units, incentive bonus awards, other cash-based awards and other stock-based awards. The number of shares reserved for issuance under
the 2022 Equity Plan was initially an aggregate of 600,000 shares, as adjusted on June 15, 2023 in connection with the Company’s
reverse stock split, subject to annual increases under the plan, resulting in 1,009,000 reserved shares as of December 31, 2024. There
were 593,470 options with a weighted average exercise price of $2.39 per share outstanding as of December 31, 2024.

Common
Stock Options Issued for Services

On
May 1, 2024, the Company granted options to purchase 30,000
shares of the Company’s common stock, having an exercise price of $2.40
per share, exercisable