Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 129

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 129
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                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

Note
18 – Stockholders’ Equity

Preferred
Stock

The
Company has authorized 8,000,000 shares of $0.001 par value preferred stock. As of December 31, 2024, none of the preferred stock has
been designated or issued.

Common
Stock

The
Company has authorized 80,000,000 shares of $0.001 par value common stock. As of December 31, 2024, a total of 8,424,600 shares of common
stock have been issued. Each holder of common stock is entitled to one vote for each share of common stock held.

At-The-Money
Offering

On
October 23, 2024, the Company entered into an At-The-Market Issuance Sales Agreement (the “ATM Agreement”) for the sale of
shares of its common stock having an aggregate offering price of up to $3,000,000. The shares were sold at prevailing market prices,
and the offering was conducted through Alexander Capital, L.P. (“Alexander Capital”). Net proceeds from the offering of 1,317,307
shares of common stock under the ATM Agreement, after deducting applicable expenses, including a commission paid to Alexander Capital
equal to 3% of the gross proceeds from the sale of the shares, amounted to approximately $2,305,005 for the year ended December 31, 2024.
As of December 31, 2024, the Company had 182,693 shares of common stock authorized but unissued, as held in a brokerage account with
Alexander Capital, which were available for issuance under the ATM Agreement. These shares of common stock represent a part of the total
authorized share capital. The issuance of shares has resulted in an increase in the outstanding common stock of the Company, as the proceeds
will be used for general corporate purposes or specific use of proceeds, if applicable. No equity impact was recorded for these shares
during the year ended December 31, 2024.

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,