Company: MFON
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001641172-25-002942
Chunk: 761

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 4
Chunk 761
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 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 Credit Facility Agreement to extend the maturity of the agreement and related convertible
notes thereunder until June 30, 2026. Principal payments have been deferred to a period beginning on July 31, 2024 and ending June 30,
2026. 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
August 13, 2024 amended terms were agreed upon and the Company then entered into Amendment No. 3 (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 Credit Facility Agreement to extend the maturity of the agreement and related convertible
notes thereunder until June 30, 2026. Principal payments have been deferred to a period beginning on October 31, 2024 and ending September
30, 2026. 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%.

The
Company entered into Amendment No.