2024 Q1 Form 10-K Financial Statement

#000149315224012492 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.471M $1.478M $2.826M
YoY Change 1411.03% 5472.75% 275.69%
Cost Of Revenue $1.183M $1.667M $2.922M
YoY Change 1563.05% 3416.69% 216.68%
Gross Profit $283.6K -$188.1K -$96.23K
YoY Change 983.22% 801.77% -43.58%
Gross Profit Margin 19.28% -12.72% -3.41%
Selling, General & Admin $1.309M $1.422M $3.406M
YoY Change 126.87% 149.65% 58.99%
% of Gross Profit 461.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $56.34K $56.34K $223.9K
YoY Change 0.92% 0.9% 140.06%
% of Gross Profit 19.87%
Operating Expenses $1.309M $1.255M $3.406M
YoY Change 106.85% 100.59% 52.35%
Operating Profit -$1.025M -$1.443M -$3.502M
YoY Change 69.02% 123.21% 45.55%
Interest Expense $28.74K -$26.31K -$423.6K
YoY Change -116.85% -94.87% -81.07%
% of Operating Profit
Other Income/Expense, Net -$25.87K -$423.6K
YoY Change -84.84%
Pretax Income -$1.051M -$1.469M -$3.926M
YoY Change 35.24% -20.86% -15.46%
Income Tax
% Of Pretax Income
Net Earnings -$1.051M -$1.469M -$3.926M
YoY Change 35.24% -20.86% -15.46%
Net Earnings / Revenue -71.45% -99.37% -138.92%
Basic Earnings Per Share -$0.26 -$1.44
Diluted Earnings Per Share -$0.26 -$0.36 -$1.44
COMMON SHARES
Basic Shares Outstanding 4.044M shares 4.044M shares 2.726M shares
Diluted Shares Outstanding 4.109M shares 2.726M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $251.7K $657.8K $657.8K
YoY Change 25.72% 110.36% 110.36%
Cash & Equivalents $0.00 $0.00
Short-Term Investments
Other Short-Term Assets $79.54K $28.57K $28.57K
YoY Change -93.95% -94.26% -97.23%
Inventory $118.1K $336.8K $336.8K
Prepaid Expenses
Receivables $500.0K $635.6K $635.6K
Other Receivables $22.38K $19.53K $19.53K
Total Short-Term Assets $1.269M $1.678M $1.678M
YoY Change -32.37% 55.68% 3.49%
LONG-TERM ASSETS
Property, Plant & Equipment $908.7K $1.062M $1.062M
YoY Change -5.98% 3.91% 3.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $1.422M $1.447M $1.447M
YoY Change -10.38% -33.82% -11.92%
TOTAL ASSETS
Total Short-Term Assets $1.269M $1.678M $1.678M
Total Long-Term Assets $1.422M $1.447M $1.447M
Total Assets $2.691M $3.125M $3.125M
YoY Change -22.29% -4.26% -4.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $409.1K $383.0K $383.0K
YoY Change -11.82% 36.73% 36.73%
Accrued Expenses $78.10K $165.2K $165.2K
YoY Change -90.09% -76.01% -76.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Long-Term Debt Due $382.6K $230.9K $230.9K
YoY Change -95.2% -96.84% -96.84%
Total Short-Term Liabilities $869.8K $779.1K $779.1K
YoY Change -90.64% -90.69% -90.69%
LONG-TERM LIABILITIES
Long-Term Debt $127.3K $135.5K $135.5K
YoY Change 268.87% 292.84% 292.84%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $127.3K $135.5K $135.5K
YoY Change 268.87% 292.84% 292.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $869.8K $779.1K $779.1K
Total Long-Term Liabilities $127.3K $135.5K $135.5K
Total Liabilities $997.1K $914.6K $914.6K
YoY Change -89.31% -89.12% -89.12%
SHAREHOLDERS EQUITY
Retained Earnings -$13.86M -$12.81M
YoY Change 44.18%
Common Stock $15.52M $15.02M
YoY Change 301.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.694M $2.210M $2.210M
YoY Change
Total Liabilities & Shareholders Equity $2.691M $3.125M $3.125M
YoY Change -22.29% -4.26% -4.26%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.051M -$1.469M -$3.926M
YoY Change 35.24% -20.86% -15.46%
Depreciation, Depletion And Amortization $56.34K $56.34K $223.9K
YoY Change 0.92% 0.9% 140.06%
Cash From Operating Activities -$503.6K -$271.1K -$3.529M
YoY Change -23.3% -40.29% 43.02%
INVESTING ACTIVITIES
Capital Expenditures $50.00K $50.00K $116.6K
YoY Change 158.18%
Acquisitions
YoY Change
Other Investing Activities $9.900K $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$40.10K -$50.00K -$116.6K
YoY Change 419.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.226M
YoY Change 62160.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $137.6K -29.57K 3.755M
YoY Change -74.71% -105.58% 72.06%
NET CHANGE
Cash From Operating Activities -$503.6K -271.1K -3.529M
Cash From Investing Activities -$40.10K -50.00K -116.6K
Cash From Financing Activities $137.6K -29.57K 3.755M
Net Change In Cash -$406.1K -350.7K 109.3K
YoY Change 261.03% -560.4% -135.54%
FREE CASH FLOW
Cash From Operating Activities -$503.6K -$271.1K -$3.529M
Capital Expenditures $50.00K $50.00K $116.6K
Free Cash Flow -$553.6K -$321.1K -$3.646M
YoY Change -15.69% -29.28% 45.09%

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<p id="xdx_805_eus-gaap--NatureOfOperations_zW7HDBYnwBOf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Note 1 – <span id="xdx_82C_zEdk6ptNpgp6">Nature of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline">Nature of Business</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BranchOut Food Inc. (“BranchOut,” the “Company,” “we,” “our” or “us”) was incorporated as Avochips Inc. in Oregon on February 21, 2017, and converted into AvoLov, LLC, an Oregon limited liability company, on November 2, 2017. On November 19, 2021, the Company converted from an Oregon limited liability company into BranchOut Food Inc., a Nevada corporation. The Company is engaged in the development, marketing, sale, and distribution of plant-based, dehydrated fruit and vegetable snacks and powders. The Company’s products are currently manufactured for it by two contract manufacturers, one based in Chile and the other in Peru, where BranchOut’s continuous through-put dehydration machine is located. Our manufacturers produce products for us using a new proprietary dehydration technology licensed by the Company. The Company’s customers are primarily located throughout the United States.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2023Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
4.59
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
108404 shares
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.125
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
108404 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.125
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
118500 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.194
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
57600 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.125
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
169304 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.639
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
79926 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.594
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
1680000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
932400 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1680000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
932400 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1680000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
932400 usd

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