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BranchOut Food Inc (BOF+2.12%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenue to $2,181,495 from $906,996 in the same quarter the previous year. This increase is attributed to higher sales to the company's largest customer.
Cost of goods sold for the quarter was $1,845,155, compared to $934,603 in the same quarter of the previous year. This increase is due to the higher volume of sales.
The company reported a gross profit of $336,340 for the quarter, compared to a gross loss of $27,607 in the previous year, with the improvement attributed to cost savings from bulk shipping arrangements.
General and administrative expenses increased to $560,537 from $230,459, primarily due to higher advertising, marketing, and rent costs.
Salaries and wages rose to $309,433 from $222,764, driven by an increased headcount and stock-based compensation expenses.
Professional fees increased to $369,525 from $218,160, mainly due to higher legal and consulting fees.
The company recorded other expenses of $367,650, primarily due to interest expenses on increased outstanding debt.
Net loss for the quarter was $1,270,805, up from $705,993 in the previous year, primarily due to increased operating expenses and interest costs.
BranchOut Food Inc. continues to focus on expanding its production capabilities with the completion of a new facility in Peru, which began operations in October 2024.
The company acknowledges the going concern uncertainty due to recurring losses and limited working capital, and is seeking additional financing to sustain operations.
The filing also details various financial agreements, including a securities purchase agreement with Kaufman Kapital LLC and an at-the-market issuance sales agreement with Alexander Capital, L.P.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BranchOut Food Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.