Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 597

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 597
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 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 a purchase price per Unit equal to $75.82. The Company completed the sale of the Units to Eric Healy and
the Company’s President on July 23, 2024, and the sale of the Units to Eagle Vision on August 30, 2024, resulting in the issuance
of an aggregate of 692,429 shares of common stock and warrants to purchase 865,536 shares of common stock.

 35 

Follow-on
Public Offering

On
June 26, 2024, we sold 1,750,000 shares of common stock in a public offering at a price of $0.80 per share, less underwriting discounts
and commissions, and on July 19, 2024, the underwriter in the offering exercised its over-allotment option to purchase an additional
222,500 shares of common stock. We received aggregate net proceeds in this offering of $1,164,685 after deducting the underwriting
discounts and commissions and offering expenses.

Satisfaction
of our Cash Obligations for the Next 12 Months

As
of December 31, 2024, we had incurred recurring losses from operations resulting in an accumulated deficit of $17,562,057, cash
on hand of $2,329,452 and negative working capital of $3,897,382. Subsequent to December 31, 2024, we received gross proceeds of approximately
$2.4 million from sales of our common stock in an “At-the-Market” offering. However, assuming we continue to generate substantial
losses from operations, we will not have sufficient funds to fund our operations at their current levels for the next twelve months.
Although we anticipate that our results of operations will improve substantially as a result of the recent launch of our new facility
in Peru, there can be no assurance in that regard, and we may be required to obtain additional financing to fund operations. Since inception,
we have raised funds primarily through debt and convertible debt financing, and the sale of equity securities. No assurance can be given
that any future financing will be available if required