BOFMEDIUM SIGNALFINANCIAL10-K

BOF shows deteriorating operational performance with widening losses despite improved balance sheet positioning and substantially reduced capital expenditure.

The company's operating losses expanded meaningfully while net losses also increased, indicating continued operational challenges. However, the significant reduction in current liabilities and overall debt load suggests active balance sheet management, though this comes alongside reduced capital investment which may impact future growth capacity.

Comparing 2026-03-31 vs 2025-04-15View on EDGAR →
FINANCIAL ANALYSIS

BOF's financial picture presents mixed signals with operational performance declining as operating and net losses both widened year-over-year. The balance sheet showed improvement through meaningful reductions in current liabilities and total debt, while assets grew modestly driven by higher inventory levels. Capital expenditure dropped substantially from $2.8M to $747K, suggesting either improved capital efficiency or potentially concerning underinvestment in the business.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-73.8%
$2.8M→$747K

Capex reduced 73.8% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
-44%
-$4.9M→-$7.0M

Operating cash flow fell 44% — earnings quality concerns; investigate working capital changes and non-cash items.

Operating Income
P&L
-37.4%
-$3.9M→-$5.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-28.9%
-$4.8M→-$6.1M

Net income declined 28.9% — review whether driven by operations, interest costs, or non-recurring items.

Current Liabilities
Balance Sheet
-28.9%
$8.8M→$6.3M

Current liabilities reduced — improved short-term financial position and working capital health.

Inventory
Balance Sheet
+23.5%
$1.9M→$2.4M

Inventory built 23.5% — monitor whether demand supports this build or if write-downs may follow.

Current Assets
Balance Sheet
+15.6%
$4.9M→$5.7M

Current assets grew 15.6% — improving short-term liquidity or inventory/receivables build.

Total Liabilities
Balance Sheet
-15.5%
$10.5M→$8.9M

Liabilities reduced 15.5% — deleveraging improves balance sheet strength and financial flexibility.

Total Assets
Balance Sheet
+12.5%
$12.9M→$14.5M

Asset base grew 12.5% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-04-15
ADDED
As of March 31, 2026, there were 14,582,416 shares of registrant s common stock outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 15 Item 7.
Exhibits and Financial Statement Schedules 38 SIGNATURES 40 i PART I Forward Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 ( PSLRA ).
All statements contained in this report other than statements of historical fact are forward-looking statements, including statements regarding our future financial condition, results of operations, liquidity, capital requirements, business strategy, growth plans, manufacturing capabilities, customer demand, and product development.
Forward-looking statements may be identified by words such as anticipate, believe, continue, could, estimate, expect, intend, may, plan, potential, project, should, target, will, would, and similar expressions.
Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, and assumptions, many of which are beyond our control and difficult to predict.
New risks and uncertainties may emerge from time to time, and management cannot predict all such risks or their potential impact.
Readers are cautioned not to place undue reliance on forward-looking statements.
Any forward-looking statement made in this Form 10-K speaks only as of the date of this report.
Except as required by applicable law, we expressly disclaim any obligation to update, revise, or publicly release any revisions to forward-looking statements to reflect events, circumstances, or changes in expectations after the date of this report, whether as a result of new information, future developments, or otherwise.
REMOVED
As of April 14, 2025, there were 9,584,769 shares of registrant s common stock outstanding.
Market for Registrant s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22 Item 6.
Exhibits and Financial Statement Schedules 49 SIGNATURES 51 i PART I Forward Looking Statements This Form 10-K contains forward-looking statements including statements regarding our expectations of our future operations.
For this purpose, any statements contained in this Form 10-K that are not statements of historical fact may be deemed to be forward-looking statements.
Without limiting the foregoing, words such as may, will, expect, believe, anticipate, estimate, or continue or comparable terminology are intended to identify forward-looking statements.
or foreign regulatory actions affecting us or the food and beverage industry generally; the timing or likelihood of making regulatory filings and obtaining regulatory approvals; our ability to hire and retain key personnel; our ability to obtain additional financing if and when required for our operations; our ability to comply with government laws, rules and regulations both in the United States and internationally; and our expectations regarding the time during which we will be an emerging growth company under the Jumpstart our Business Startups Act of 2012 (the JOBS Act ).
The preceding list is not intended to be an exhaustive list of all of our forward-looking statements.
We have based these forward-looking statements on our current expectations, assumptions, estimates and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations.
While we believe these expectations, assumptions, estimates, and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control.
Moreover, we operate in a very competitive and rapidly evolving environment.
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