Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1109

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 1109
---
500  
     3.194 
  
    Options canceled 
     (57,600) 
     (4.125)
  
    Balance, December 31, 2023 
     169,304  
     3.639 
  
    Options granted 
     424,166  
     1.95 
  
    Balance, December
    31, 2024 
     593,470  
    $2.39 

    Exercisable, December
    31, 2024 
     564,935  
    $2.58 

Note
20 – Common Stock Warrants

Warrants
to purchase a total of 3,462,162 shares of common stock at a weighted average exercise price of $1.88 per share, with a weighted average
remaining life of 5.11 years, were outstanding as of December 31, 2024.

Warrants
Issued Pursuant to Convertible Note Financing

As
discussed in further detail in Note 4, on July 24, 2024, the Company issued to Kaufman Kapital, in a private placement (i) a 12% Senior
Secured Convertible Promissory Note in the principal amount of up to $3,400,000, (ii) a warrant to purchase 1,000,000 shares of common
stock at an exercise price of $1.00 per share, and (iii) a warrant to purchase 500,000 shares of common stock at an exercise price of
$1.50 per share, in consideration of an initial loan in the principal amount of $2,000,000 made to the Company under the Convertible
Note. The proceeds received were allocated between the debt and warrants on a relative fair value basis. The relative aggregate estimated
value of the $1.00 Warrants using the Black-Scholes Pricing Model, based on a weighted average volatility rate of 39% and a weighted
average call option value of $0.2138, was $20,303, of which $6,214 was recognized as finance expense during the year ended December 31,
2024. As of December 31, 2024, there was $14,089 of unamortized expenses expected to be expensed over the remaining life of the outstanding
debt. The relative aggregate estimated value of the $1.50 Warrants using the Black-Scholes