Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 823

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 823
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 of
$2,329,452, total liabilities of $10,514,292, and an accumulated deficit of $17,562,057. As of December 31, 2023, we had cash of
$657,789, total liabilities of $914,622, and an accumulated deficit of $12,810,541.

Cash
Flow

Comparison
of the Year Ended December 31, 2024 and the Year Ended December 31, 2023

The
following table sets forth the primary sources and uses of cash for the periods 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