Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 481

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1A
Chunk 481
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 convertible debt financing, $206,183 of decreased deferred offering cost payments, and
$5,489 of decreased principal payments on finance leases, as partially offset by $1,697,203 of decreased proceeds received on the sale
of common stock. Our financing activities during the year ended December 31, 2024 are further described below.

 34 

Debt
Financing

Kaufman
Convertible Note

Pursuant
to a Securities Purchase Agreement dated July 15, 2025 (as amended, the “SPA”) on July 24, 2024 Kaufman Capital LLC (“Kaufman
Capital”) purchased from us (i) a 12% Senior Secured Convertible Promissory Note in the principal amount of up to $3,400,000 (the
“Convertible Note”), convertible into shares of common stock at a fixed price of $0.7582 per share, (ii) a warrant to purchase
1,000,000 shares of common stock at an exercise price of $1.00 per share, and (iii) a warrant to purchase 500,000 shares of common stock
at an exercise price of $1.50 per share, in consideration of an initial loan in the principal amount of $2,000,000 made to the Company
under the Convertible Note. On December 9, 2024, Kaufman Kapital made an additional loan to the Company under the Convertible Note in
the amount of $1,400,000. The Convertible Note matures on the earlier of (i) December 31, 2025, (ii) the sale by the Company of $5,000,000
of equity or debt securities in a single transaction or series of related transactions (excluding certain specified transactions), or
(iii) the closing of a change of control transaction as provided in the Convertible Note. Loans outstanding under the Convertible Note
bear interest at an initial rate of 12% per annum, and together with accrued principal are convertible into common stock. The Company’s
obligations under the Convertible Note are secured by a lien granted to Kaufman Kapital on substantially all of the Company’s assets
pursuant to a Security Agreement entered between the Company and Kaufman Kapital (the “Security Agreement”).

Kaufman
Promissory Note

On
August 30, 2024, the Company borrowed $1,200,000 from Kaufman Kapital pursuant to a