Company: BOF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023605
Chunk: 98

Company: BranchOut Food Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 98
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 under the ATM Agreement from $3,000,000
to up to $5,000,000. During the six months ended June 30, 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.

On
June 4, 2025, Kaufman Kapital exercised warrants to purchase an aggregate of 1,000,000 shares of the Company’s common stock at
an exercise price of $1.00 per share. These warrants were originally issued in connection with the Kaufman Kapital Senior Secured Convertible
note. The exercises resulted in aggregate cash proceeds of $1,000,000.

During
the period ended June 30, 2025, additional warrants were exercised to purchase an aggregate of 135,000 shares of the Company’s
common stock at an exercise price of $1.00 per share. The exercises resulted in aggregate cash proceeds of $135,000.

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 June 30, 2025. There were 1,333,470 options with