Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 838

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 2
Chunk 838
---
(91,541)
  
    Principal payments on finance
    lease 
     (9,926) 
     (36,390)
  
    Proceeds from sale of common
    stock 
     4,528,797  
     6,226,000 
  
    Net cash provided by financing
    activities 
     9,362,621  
     3,755,279 

    Effect of exchange rate
    changes on cash 
     (8,581) 
     - 

    Net increase in cash 
     1,671,663  
     109,342 
  
    Cash - beginning of period 
     657,789  
     548,447 
  
    Cash - ending of period 
    $2,329,452  
    $657,789 

    Supplemental disclosures: 

    Interest paid 
    $196,007  
    $466,337 
  
    Income taxes paid 
    $-  
    $- 

    Non-cash investing and financing transactions: 

    Equipment purchased with
    debt financing 
    $500,000  
    $- 
  
    Relative fair value of
    warrants issued as a debt discount 
    $101,866  
    $46,090 
  
    Relative fair value of
    shares issued on debt conversions 
    $-  
    $6,029,204 
  
    Initial recognition of
    right-of-use assets and lease liabilities 
    $1,547,182  
    $184,592 

The
accompanying notes are an integral part of these financial statements.

F-5

BRANCHOUT
FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

Note
1 – Nature of Business

Nature
of Business

BranchOut
Food Inc. (“BranchOut,” the “Company,” “we,” “our” or “us”) was incorporated
as Avochips Inc. in Oregon on February 21, 2017, and converted into AvoLov, LLC, an Oregon limited liability company, on November 2,
2017. On November 19, 2021, the Company converted from an Oregon limited liability company into BranchOut Food Inc., a Nevada corporation.
The Company is engaged in the development, marketing, sale, and distribution of plant-based, dehydrated fruit and vegetable snacks and
pow