Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 480

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 480
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 presented below:

    Year Ended 

    December
    31, 

    2024  
    2023 
  
    Net cash used in operating activities 
    $(4,859,816) 
    $(3,529,372)
  
    Net cash used in investing activities 
     (2,822,561) 
     (116,565)
  
    Net cash provided by financing activities 
     9,362,621  
     3,755,279 
  
    Effect of exchange rate
    changes on cash 
     (8,581) 
     - 

    Net change in cash 
    $1,671,663  
    $109,342 

Net
Cash Used in Operating Activities

Net
cash used in operating activities was $4,859,816 for the year ended December 31, 2024, compared to $3,529,372 for the year ended December 31,
2023, an increase of $1,330,444, or 38%. The increase was primarily due to our increased net loss and increased purchases of inventory
and other assets, as adjusted for increased stock-based compensation, increased accounts payable, and $761,085
of impairment expense on the collectability of a note receivable, VAT taxes receivable and prepaid inventory during the prior year.

Net
Cash Used in Investing Activities

Net
cash used in investing activities was $2,822,561 for the year ended December 31, 2024, compared to $116,565 for the year ended December 31,
2023, an increase of $2,705,996, or 2,321%. This increase was primarily attributable to increased property and equipment purchases of
$2,847,207 during the current year, as partially offset by $24,646 of advances received on notes receivable in the current year that
were not replicated in the prior year, and $116,565 of property and equipment purchases in the prior year.

Net
Cash Provided by Financing Activities

Net
cash provided by financing activities was $9,362,621 for the year ended December 31, 2024, compared to $3,755,279 for the year ended
December 31, 2023, an increase of $5,607,342, or 149%. Our increased cash provided by financing activities was primarily from $7,071,898
of increased net proceeds received on debt and