Company: BOF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010566
Chunk: 36

Company: BranchOut Food Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 36
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,000 shares of $0.001 par value common stock. As of March 31, 2025, a total of 9,584,769 shares of common
stock had been issued. Each holder of common stock is entitled to one vote for each share of common stock held.

ATM
Offering

On
February 18, 2025, the Company entered into a First Amendment to an At-The-Market Issuance Sales Agreement (the “ATM
Agreement”) to increase the aggregate offering price of the shares of common stock that the Company may sell under the ATM
Agreement from $3,000,000 to up to $5,000,000. During the three months ended March 31, 2025, the Company sold a total of 1,303,115
shares of common stock, including 182,693 shares authorized, but unissued at December 31, 2024, at prevailing market prices under
the ATM Agreement for aggregate net proceeds of $2,407,448, after deducting applicable expenses, including  commissions paid to
Alexander Capital, L.P., as sales agent, equal to 3% of the gross proceeds from the sale of the shares.

Exercise
of Warrants

On
February 14, 2025, the Company received aggregate proceeds of $38,157 on the exercise of Representative’s Warrants to purchase
an aggregate of 39,747 shares of common stock.

Note
16 – Common Stock Options

Stock
Incentive Plan

Our
board of directors and shareholders adopted the 2022 Equity Plan on January 1, 2022. The 2022 Equity Plan allows for the grant of a variety
of equity vehicles to provide flexibility in implementing equity awards, including nonqualified stock options, incentive stock options,
stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, incentive bonus awards, other
cash-based awards and other stock-based awards. The number of shares reserved for issuance under the 2022 Equity Plan was initially an
aggregate of 600,000 shares, as adjusted on June 15, 2023 in connection with the Company’s reverse stock split, subject to annual
increases under the plan, resulting in 1,633,000 reserved shares as of March 31, 2025. There were 603,470 options with a weighted average
exercise price of $2.39 per share, and a weighted average remaining life of approximately