Company: BOF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010566
Chunk: 88

Company: BranchOut Food Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 88
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 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 8.16 years, outstanding as of March 31, 2025.

    21

BRANCHOUT FOOD INC.

NOTES TO THE CONDENSED
FINANCIAL STATEMENTS

(Unaudited)

Common
Stock Options Issued for Services

On
February 13, 2025, the Company granted options to purchase 10,000 shares of the Company’s common stock, having an exercise price
of $2.50 per share, exercisable over a 10-year term, to a new employee. The options will vest quarterly over three years from the date
of grant. The aggregate estimated value using the Black-Scholes Pricing Model, based on a volatility rate of 43% and a call option value
of $1.2384, was $12,384. The options are being expensed over the vesting period, resulting in $-0- of stock-based compensation expense
during the three months ended March 31, 2025. As of March 31, 2025, a total of $12,384 of unamortized expenses are expected to be expensed
over the vesting period.

Note
17 – Common Stock Warrants

Warrants
to purchase a total of 3,422,415 shares of common stock at a weighted average exercise price of $1.89 per share, with a weighted average
remaining life of approximately 4.88 years, were outstanding as of March 31, 2025.

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
18 - Income Taxes

The
Company incurred a net operating loss for the three months ended March 31, 2025, accordingly, no provision for income taxes has been
recorded. In addition, no