Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 483

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 483
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 approximately $2.4 million.
As of the date of the filing of this Annual Report on Form 10-K, as a result of such sales of common stock under the ATM Agreement, the
Company believes it has stockholders’ equity in excess of $2.5 million, in compliance with Nasdaq Listing Rule 5550(b)(1).

Related
Party Financing

On
July 15, 2024, the Company entered into subscription agreements with three related parties, consisting of Eric Healy, the Company’s
Chief Executive Officer; Eagle Vision, an affiliate of John Dalfonsi, the Company’s Chief Financial Officer; 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
the Company’s President on July 23, 2024, and the sale of the Units to Eagle Vision on August 30, 2024, resulting in the issuance
of an aggregate of 692,429 shares of common stock and warrants to purchase 865,536 shares of common stock.

 35 

Follow-on
Public Offering

On
June 26, 2024, we sold 1,750,000 shares of common stock in a public offering at a price of $0.80 per share, less underwriting discounts
and commissions, and on July 19, 2024, the underwriter in the offering exercised its over-allotment option to purchase an additional
222,500 shares of common stock. We received aggregate net proceeds in this offering of $1,164,685 after deducting the underwriting
discounts and commissions and offering expenses.

Satisfaction
of our Cash Obligations for the Next 12 Months

As
of December 31, 2024, we had incurred recurring losses from operations resulting in an accumulated deficit of $17,562,057, cash
on hand of $2,329,452 and negative working capital of $3,897,382. Subsequent to December 31, 2024, we received gross proceeds of approximately
$2.4 million from sales of