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BranchOut Food Inc

For the period ended Dec 31, 2023. Filed Apr 1, 2024.

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About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Apr 1, 2024

BOF$1.68-2.3%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

(Mark One)

For the fiscal year endedDecember 31,2023

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____________ to ____________

Commission file number:001-41723

(Exact name of registrant as specified in its charter)

nevada87-3980472
(State or other jurisdiction of(I.R.S. Employer
incorporation or organization)Identification No.)

205 SE Davis Ave., Suite C

Bend, Oregon 97702

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code:(844) 263-6637

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockBOFNasdaq Capital Market

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

Yes ☐No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No☒

The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant based upon the closing price of $3.25 per share as of June 30, 2023 was approximately $9,598,284.

As of March 29, 2024, there were 4,044,252 shares of registrant’s common stock outstanding.

DOCUMENTS INCORPORATED BY REFERENCE: None

TABLE OF CONTENTS

Page
PART I1
Item 1.Business2
Item 1A.Risk Factors6
Item 1B.Unresolved Staff Comments20
Item 1C.Cybersecurity20
Item 2.Properties20
Item 3.Legal Proceedings20
Item 4.Mine Safety Disclosures20
PART II21
Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities21
Item 6.[Reserved]24
Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations25
Item 7A.Quantitative and Qualitative Disclosures About Market Risk34
Item 8.Financial Statements and Supplementary Data35
Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure36
Item 9A.Controls and Procedures36
Item 9B.Other Information37
PART III37
Item 10.Directors, Executive Officers and Corporate Governance37
Item 11.Executive Compensation40
Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters42
Item 13.Certain Relationships and Related Transactions, and Director Independence43
Item 14.Principal Accounting Fees and Services46
PART IV47
Item 15.Exhibits and Financial Statement Schedules47
SIGNATURES48
ContentsView on SEC.gov

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