Company: MFON
Filing Date: 2025-06-06
Form Type: 10-Q
Source: 0001641172-25-014006
Chunk: 71

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-06-06
Form: 10-Q
Item: Part I, Item 8
Chunk 71
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 per annum.
Accrual of interest will commence on the date of The Convertible Note, will continue until this Note is fully paid, and will be payable in a single
installment at maturity three years from the date the Convertible Note was issued.

During the first quarter of 2025 the Company issued
5 Convertible Notes payable to Thomas B. Akin for $250,000. As an inducement we issued 416,667 warrants to purchase shares of our common
stock at $.60 per share. Simple interest on the unpaid principal balance of this Note will accrue at the rate of 8.0% per annum. Accrual
of interest will commence on the date of The Convertible Note, will continue until this Note is fully paid, and will be payable in a single installment
at maturity three years from the date the Convertible Note was issued.

During the three months ended March 31, 2025 the
company recorded $171,575
of interest expense in connection with the related party convertible notes and $144,273
in
amortized debt discount in connections with related party convertible notes. As of March 31, 2025 the Convertible Notes issued to related
parties had a principal balance of $9,100,000
with
a debt discount of $1,252,743
for
a net principal balance of $7,847,257
and
accrued interest of $647,732.

    14

Related Party Senior Secured Convertible Notes

On March 17, 2025, Mobivity Holdings Corp. (the “Company”)
entered into a convertible promissory note purchase agreement (the “Agreement”) with four accredited investors, including
Thomas B. Akin, a member of the Company’s Board of Directors (“Board”), and Bruce E. Terker, an owner of 5% or more
of the outstanding shares of the Company’s common stock, $0.001 par value (“Common Stock”), who each participated on
the same terms as the other accredited investors (collectively, the “Investors”). Pursuant to the Agreement, the Company received
$2.0 million in proceeds and issued unsecured convertible promissory notes (each a “Convertible Note” and collectively, the
“Convertible Notes”) in the aggregate principal amount of $2.0 million. The Convertible Notes were issued as part of a convertible
note offering authorized by the Company’s board of