Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 601

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1B
Chunk 601
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 reasonable basis for our opinion.

Critical
Audit Matter

The
critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated
or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial
statements and (2) involved are especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

Going Concern 

Due to the net loss for the year, the Company evaluated
the need for a going concern.

Auditing management’s evaluation of a going
concern can be a significant judgement given the fact that the Company uses management estimates on future revenues and expenses which
are not able to be substantiated.

As discussed in Note 2, 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