Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 988

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 988
---
 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 $6,226,000, after deducting underwriters’
discounts and commissions and before consideration of other issuance costs.

Pursuant
to the Underwriting Agreement, the Company also issued to the Underwriter a Common Stock Purchase Warrant to purchase up to 82,110 shares
of Common Stock at an exercise price of $7.20, which may be exercised for a five-year period beginning December 18, 2023.

Prior
to the IPO, all deferred offering costs were capitalized in other noncurrent assets on the balance sheets. Deferred offering costs of
$1,283,954, primarily consisting of accounting, legal, and other fees related to the Company’s IPO, were offset against the IPO
proceeds upon the closing of the Company’s IPO in June 2023.

Unit
Offering Sale of Common Stock and Warrants, Related Parties for the Year Ended December 31, 2024

On
July 15, 2024, the Company entered into Subscription Agreements (the “Subscription Agreements”) with three related parties,
consisting of Eric Healy, the Company’s Chief Executive Officer; Eagle Vision; and 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