2024 Q2 Form 10-Q Financial Statement

#000149315224019106 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $1.363M $1.471M $97.34K
YoY Change 299.22% 1411.03%
Cost Of Revenue $1.214M $1.183M $71.16K
YoY Change 297.19% 1563.05%
Gross Profit $148.8K $283.6K $26.18K
YoY Change 298.16% 983.22%
Gross Profit Margin 10.91% 19.28% 26.9%
Selling, General & Admin $975.2K $1.309M $576.9K
YoY Change 32.59% 126.87%
% of Gross Profit 655.54% 461.48% 2203.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $56.33K $56.34K $55.82K
YoY Change 1.03% 0.92%
% of Gross Profit 37.87% 19.87% 213.22%
Operating Expenses $975.2K $1.309M $632.7K
YoY Change 23.25% 106.85%
Operating Profit -$826.4K -$1.025M -$606.5K
YoY Change 9.62% 69.02%
Interest Expense -$116.1K $28.74K -$170.6K
YoY Change -152.19% -116.85%
% of Operating Profit
Other Income/Expense, Net -$116.1K -$25.87K -$170.6K
YoY Change -47.12% -84.84%
Pretax Income -$942.6K -$1.051M -$777.1K
YoY Change -3.18% 35.24%
Income Tax
% Of Pretax Income
Net Earnings -$942.6K -$1.051M -$777.1K
YoY Change -3.18% 35.24%
Net Earnings / Revenue -69.15% -71.45% -798.33%
Basic Earnings Per Share -$0.22 -$0.26 -$0.26
Diluted Earnings Per Share -$0.22 -$0.26 -$0.20
COMMON SHARES
Basic Shares Outstanding 4.253M shares 4.044M shares 3.002M shares
Diluted Shares Outstanding 4.268M shares 4.109M shares 3.002M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $936.1K $251.7K $200.2K
YoY Change -41.08% 25.72%
Cash & Equivalents $936.1K $0.00 $436.0K
Short-Term Investments
Other Short-Term Assets $120.1K $79.54K $1.315M
YoY Change -83.22% -93.95%
Inventory $274.0K $118.1K $257.9K
Prepaid Expenses
Receivables $389.5K $500.0K $89.26K
Other Receivables $25.19K $22.38K $14.24K
Total Short-Term Assets $2.586M $1.269M $1.877M
YoY Change -26.38% -32.37%
LONG-TERM ASSETS
Property, Plant & Equipment $1.379M $908.7K $966.5K
YoY Change 49.72% -5.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $275.0K $235.8K
YoY Change
Total Long-Term Assets $4.069M $1.422M $1.587M
YoY Change 177.06% -10.38%
TOTAL ASSETS
Total Short-Term Assets $2.586M $1.269M $1.877M
Total Long-Term Assets $4.069M $1.422M $1.587M
Total Assets $6.655M $2.691M $3.464M
YoY Change 33.61% -22.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.078M $409.1K $464.0K
YoY Change 350.56% -11.82%
Accrued Expenses $73.91K $78.10K $788.3K
YoY Change -29.77% -90.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $66.44K
YoY Change -100.0% -100.0%
Long-Term Debt Due $119.4K $382.6K $7.977M
YoY Change -51.69% -95.2%
Total Short-Term Liabilities $1.283M $869.8K $9.295M
YoY Change 102.22% -90.64%
LONG-TERM LIABILITIES
Long-Term Debt $1.459M $127.3K $34.50K
YoY Change 863.98% 268.87%
Other Long-Term Liabilities $1.930M
YoY Change
Total Long-Term Liabilities $3.389M $127.3K $34.50K
YoY Change 2138.71% 268.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.283M $869.8K $9.295M
Total Long-Term Liabilities $3.389M $127.3K $34.50K
Total Liabilities $4.672M $997.1K $9.330M
YoY Change 494.57% -89.31%
SHAREHOLDERS EQUITY
Retained Earnings -$14.80M -$13.86M
YoY Change 39.2%
Common Stock $16.79M $15.52M
YoY Change 13.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.983M $1.694M -$5.866M
YoY Change
Total Liabilities & Shareholders Equity $6.655M $2.691M $3.464M
YoY Change 33.61% -22.29%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$942.6K -$1.051M -$777.1K
YoY Change -3.18% 35.24%
Depreciation, Depletion And Amortization $56.33K $56.34K $55.82K
YoY Change 1.03% 0.92%
Cash From Operating Activities -$853.9K -$503.6K -$656.6K
YoY Change -60.16% -23.3%
INVESTING ACTIVITIES
Capital Expenditures $526.3K $50.00K
YoY Change 5111.19%
Acquisitions
YoY Change
Other Investing Activities $0.00 $9.900K
YoY Change
Cash From Investing Activities -$526.3K -$40.10K
YoY Change 5111.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.065M $137.6K 544.1K
YoY Change -37.55% -74.71%
NET CHANGE
Cash From Operating Activities -853.9K -$503.6K -656.6K
Cash From Investing Activities -526.3K -$40.10K
Cash From Financing Activities 2.065M $137.6K 544.1K
Net Change In Cash 684.3K -$406.1K -112.5K
YoY Change -40.64% 261.03%
FREE CASH FLOW
Cash From Operating Activities -$853.9K -$503.6K -$656.6K
Capital Expenditures $526.3K $50.00K
Free Cash Flow -$1.380M -$553.6K -$656.6K
YoY Change -35.9% -15.69%

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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_843_eus-gaap--UseOfEstimates_zCQp1dSPuz42" 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"><span id="xdx_86D_zIAFQUM8WOu9">Use of Estimates</span></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">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.</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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BRANCHOUT FOOD INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES TO THE CONDENSED FINANCIAL STATEMENTS</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Unaudited)</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>
CY2024Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_847_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zOZhrkaMUtR6" 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"><span id="xdx_86A_zbXib7z6Cfib">Reclassifications</span></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">Certain reclassifications have been made to the prior years’ financial statements to conform to current year presentation. These reclassifications had no effect on previously reported results of operations or retained earnings.</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>
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-13861508 usd
CY2024Q1 BOF Working Capital
WorkingCapital
-399444 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
2210476 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2024Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1700 usd
CY2023Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
407789 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2024Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
15717 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
13734 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
102348 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
323071 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
118065 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
336805 usd
CY2024Q1 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
319974 usd
CY2024Q1 BOF Advances Of Estimated Finish Product Costs Percentage
AdvancesOfEstimatedFinishProductCostsPercentage
0.70 pure
CY2024Q1 BOF Remaining Advances Of Estimated Finish Product Costs Percentage
RemainingAdvancesOfEstimatedFinishProductCostsPercentage
0.30 pure
CY2024Q1 us-gaap Revenues
Revenues
1470836 usd
CY2023Q1 us-gaap Revenues
Revenues
110579 usd
CY2024Q1 BOF Slotting Discounts And Allowances
SlottingDiscountsAndAllowances
3820 usd
CY2023Q1 BOF Slotting Discounts And Allowances
SlottingDiscountsAndAllowances
13239 usd
CY2024Q1 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
1467016 usd
CY2023Q1 us-gaap Revenues Net Of Interest Expense
RevenuesNetOfInterestExpense
97340 usd
CY2024Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
598 usd
CY2023Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
88485 usd
CY2024Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
63861 usd
CY2024Q1 BOF Relative Fair Value Of Warrants Issued As Debt Discount
RelativeFairValueOfWarrantsIssuedAsDebtDiscount
8861 usd
CY2024Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
14666 usd
CY2024Q1 us-gaap Advertising Expense
AdvertisingExpense
57059 usd
CY2023Q1 us-gaap Advertising Expense
AdvertisingExpense
36669 usd
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
525978 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
50446 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
49195 usd
CY2024Q1 us-gaap Prepaid Insurance
PrepaidInsurance
2087 usd
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2403 usd
CY2024Q1 us-gaap Prepaid Advertising
PrepaidAdvertising
8523 usd
CY2023Q4 us-gaap Prepaid Advertising
PrepaidAdvertising
20106 usd
CY2024Q1 BOF Prepaid Professional Fees
PrepaidProfessionalFees
46540 usd
CY2023Q4 BOF Prepaid Professional Fees
PrepaidProfessionalFees
6056 usd
CY2024Q1 us-gaap Interest Receivable Current
InterestReceivableCurrent
22387 usd
CY2023Q4 us-gaap Interest Receivable Current
InterestReceivableCurrent
19535 usd
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
79537 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
48100 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1283334 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1233334 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
374671 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
318335 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
908663 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
914999 usd
CY2024Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
56336 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
55823 usd
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
49195 usd
CY2023Q1 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
80761 usd
CY2024Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
598 usd
CY2023Q1 us-gaap Interest Expense Long Term Debt
InterestExpenseLongTermDebt
84739 usd
CY2023Q1 us-gaap Interest Expense Short Term Borrowings
InterestExpenseShortTermBorrowings
4946 usd
CY2023Q1 us-gaap Proceeds From Securitizations Of Credit Cards
ProceedsFromSecuritizationsOfCreditCards
807 usd
CY2024Q1 us-gaap Interest Expense
InterestExpense
28744 usd
CY2023Q1 us-gaap Interest Expense
InterestExpense
173445 usd
CY2024Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
38371 usd
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
43376 usd
CY2024Q1 us-gaap Interest Payable Current
InterestPayableCurrent
2038 usd
CY2023Q4 us-gaap Interest Payable Current
InterestPayableCurrent
2577 usd
CY2024Q1 BOF Accrued Chargebacks
AccruedChargebacks
37694 usd
CY2023Q4 BOF Accrued Chargebacks
AccruedChargebacks
119291 usd
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
78103 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
165244 usd
CY2024Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
34500 usd
CY2023Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
34500 usd
CY2024Q1 us-gaap Notes Payable
NotesPayable
34500 usd
CY2023Q4 us-gaap Notes Payable
NotesPayable
234500 usd
CY2024Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
34500 usd
CY2023Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
34500 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
168141 usd
CY2024Q1 us-gaap Share Price
SharePrice
1.00
CY2024Q1 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2027-08-31
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
3657 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
8454 usd
CY2024Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
3561 usd
CY2024Q1 BOF Finance Lease Cost
FinanceLeaseCost
12015 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
138774 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
147228 usd
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
31758 usd
CY2023Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
30901 usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
92761 usd
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
101029 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
124519 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
131930 usd
CY2024Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M13D
CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.1100 pure
CY2024Q1 BOF Repayment Of Finance Lease Liability
RepaymentOfFinanceLeaseLiability
7411 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
32914 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
43886 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
43886 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
29258 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
149944 usd
CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
25425 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
124519 usd
CY2024Q1 BOF Finance Lease Periodic Payment
FinanceLeasePeriodicPayment
3657 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
100000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
250000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
250000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
250000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
850000 usd
CY2024Q1 us-gaap Other Commitment
OtherCommitment
250000 usd
CY2023Q3 us-gaap Deposits
Deposits
50000 usd
CY2023Q4 us-gaap Deposits
Deposits
50000 usd
CY2024Q1 us-gaap Deposits
Deposits
50000 usd
CY2023Q3 us-gaap Deposits
Deposits
50000 usd
CY2023Q4 us-gaap Deposits
Deposits
50000 usd
CY2024Q1 us-gaap Deposits
Deposits
50000 usd
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
8000000 shares
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
80000000 shares
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
4121346 shares
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure

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