Company: MFON
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001641172-25-002942
Chunk: 932

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 7A
Chunk 932
---
U 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%.

The
Company entered into Amendment No. 4 (the “Amendment”) to Amended and Restated Credit Facility Agreement and Convertible
Notes (the Credit Facility Agreement), signed on November 21,2024, 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 Credit Facility Agreement
to extend the maturity of the agreement and related convertible notes thereunder until March 31, 2027. Principal payments have been deferred
to a period beginning on April 30, 2025 and ending March 31, 2027. 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%.

    -45-

During
the twelve months ended December 31, 2024, a total of $1,258,093 of accrued interest from equity payable was converted
into 2,395,511 shares of common stock. As of December 31, 2024, the Company had a principal total of $5,873,125,
a debt discount balance of $180,977
for a net principal balance of $5,692,148 and accrued interest
of $895,652 that
was recorded to Equity Payable.

Unsecured
Promissory Note

On
July 1, 2021, we entered into UP Notes in the aggregate principal amount of $271,875 with Talkot Fund LP and investor in the Company.
Each UP Note bears interest on the unpaid balance at the