Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 745

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 745
---
 Product 
    Exclusivity
     Territories 
    Minimum
    Volume  (Kg/month)(“MOQ”) 
  
    Avocado Powder 
    Worldwide (except Chile) 
     1,000 
  
    Banana Chips 
    Worldwide (except Chile) 
     1,000 
  
    Avocado Snacks 
    North America (Canada and USA) 
     1,000 
  
    Avocado Chips 
    Worldwide 
     1,000 
  
    Other Powders 
    No Exclusivity 
     -0- 

Note
12 – Accrued Expenses

Accrued
expenses consist of the following:

 Schedule of Accrued Expenses

    2024  
    2023 

    December
    31, 

    2024  
    2023 
  
    Accrued payroll and taxes 
    $82,338  
    $43,376 
  
    Accrued interest 
     210,783  
     2,577 
  
    Accrued chargebacks 
     26,663  
     119,291 
  
    Accrued royalties 
     13,830  
     - 
  
    Total
    accrued expenses 
    $333,614  
    $165,244 

    F-16

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

Note
13 – Convertible Notes Payable, Related Parties

As
discussed in further detail in Note 4, on July 24, 2024, the Company issued the $3.4 million Convertible Note to Kaufman Kapital, together
with Warrants, convertible into shares of common stock at a fixed price of $0.7582 per share. The Convertible Note matures on the earlier
of (i) December 31, 2025, (ii) the sale by the Company of $5,000,000 of equity or debt securities in a single transaction or series of
related transactions (excluding certain specified transactions), or (iii) the closing of a change of control transaction as provided
in the Convertible Note. Loans outstanding under the Convertible Note bear interest at an initial rate of 12% per annum, and together
with accrued principal are convertible into common stock.

The
Company’s obligations under the Convertible Note are secured by a lien granted to Kauf