Company: MFON
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001641172-25-002942
Chunk: 302

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 1A
Chunk 302
---
 be issued at the end of each month at a rate of $1.08 per share of common stock in the amount
of the interest accrued for each month.

On
January 31, 2023, the Company then entered into Amendment No. 1 (the “Amendment”), which amends our existing Credit
Facility Agreement[1], dated as of November 11, 2022, between the Company and Thomas B. Akin, and any convertible notes
issued thereunder. The Amendment amends the existing Credit Facility Agreement to extend the maturity of the agreement and related
convertible notes thereunder until December 1, 2025. Principal payments have been deferred to a period beginning on January 1, 2024
and ending December 1, 2025, and further provides that any accrued interest on unpaid advances under the agreement is to be paid
quarterly in shares of our common stock, at a price per share equal to the volume-weighted average price of our common stock quoted
on the Over-The Counter Venture Market operated by OTC Markets Group Inc. (“OTCQB®”) over the ninety (90) trading
days immediately preceding such date. The Amendment provides for corresponding amendments to the form of convertible notes to be
issued under the Credit Agreement in the future and any outstanding convertible notes issued under the existing Credit Facility
Agreement. The Amendment was considered a debt modification as the cash flows under the amended terms do not differ by at least 10%
from the cash flows under the original agreement. The Company determined that the change in repayment terms should be accounted for
as a modification as opposed to a complete extinguishment of debt, based on the guidance in ASU 470-50. The key components of this
determination were as follows: (a) the changes in the structure of the debt was not deemed significant; and (b) the
modification of terms were not deemed substantial enough to be treated as an extinguishment, since the present value of the new
note terms did not exceeded the present value of the prior note terms by more than 10%.

On
January 31, 2024 amended terms were agreed upon and the Company then entered into Amendment No. 2 (the “Amendment”) signed
on May 3,2024, which amends the terms of the Credit Facility Agreement, between the Company and Thomas B. Akin, and any convertible notes
issued thereunder. The Amendment amends the existing