Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 347

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 347
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, the Company has a going concern
due to recurring net losses from operations resulting in an accumulated deficit and working capital at December 31, 2024.

To evaluate the appropriateness of the going concern,
we examined and evaluated the financial information along with management’s plans to mitigate the going concern and management’s
disclosure on going concern.

/s/
M&K CPAS, PLLC

M&K
CPAS, PLLC

PCAOB
ID 2738

We
have served as the Company’s auditor since 2021.

The
Woodlands, TX

April
15, 2025

F-1

BRANCHOUT
FOOD INC.

CONSOLIDATED
BALANCE SHEETS

    December 31,  
    December 31, 

    2024  
    2023 
  
    Assets 

    Current assets: 

    Cash 
    $2,329,452  
    $657,789 
  
    Accounts receivable, net 
     418,463  
     635,549 
  
    Advances on inventory purchases 
     123,792  
     - 
  
    Inventory 
     1,930,535  
     336,805 
  
    Other current assets 
     114,372  
     48,100 
  
    Total current assets 
     4,916,614  
     1,678,243 

    Property and equipment, net 
     4,056,299  
     914,999 
  
    Right-of-use assets 
     1,575,497  
     147,228 
  
    Other assets 
     1,947,483  
     - 
  
    Note receivable 
     359,982  
     384,628 

    Total Assets 
    $12,855,875  
    $3,125,098 

    Liabilities and Stockholders’
    Equity 

    Current liabilities: 

    Accounts payable 
    $1,194,079  
    $382,948 
  
    Accrued expenses 
     333,614  
     165,244 
  
    Other current liabilities 
     912,000  
     - 
  
    Convertible notes payable,
    related parties, net of discounts 
     3,333,413  
     -