Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1226

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 1226
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 using the Black-Scholes option pricing model with the following weighted-average
assumptions used for grants under the fixed option plan:

 Schedule
of Weighted-Average Assumptions Used for Grants Under  Fixed Option Plan

    December 31,  
    December 31, 

    2024  
    2023 
  
    Average risk-free interest rates 
     3.56% 
     4.04%
  
    Average expected life (in years) 
     5.56  
     6.34 
  
    Volatility 
     39.15% 
     54.40%

The
weighted average fair value of warrants granted with exercise prices at the current fair value of the underlying stock was approximately
$1.09 and $6.88 per warrant for the years ended December 31, 2024 and 2023, respectively.

The
following is a summary of activity of outstanding common stock warrants, as retrospectively presented pursuant to the amendment on March
7, 2022:

 Schedule
of Outstanding Common Stock Warrants

    Weighted 

    Average 

    Number  
    Exercise 

    of
    Shares  
    Prices 
  
    Balance, December 31, 2022 
     365,141  
    $6.81 
  
    Warrants
    granted 
     112,110  
     6.88 
  
    Balance, December 31, 2023 
     477,251  
     6.83 
  
    Warrants
    granted 
     2,984,911  
     1.09 
  
    Balance, December
    31, 2024 
     3,462,162  
    $1.88 

    Exercisable, December
    31, 2024 
     3,462,162  
    $1.88 

Note
21 – Income Taxes

The
Company incurred a net operating loss for the period from November 19, 2021 (the effective date of the conversion from a limited liability
company to a corporation) through December 31, 2024 and, accordingly, no provision for income taxes has been recorded. In addition, no
benefit for income taxes has been recorded due to the uncertainty of the realization of any tax assets. At December 31, 2024, the Company
had