Company: BOF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023605
Chunk: 85

Company: BranchOut Food Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 8
Chunk 85
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 $16,223 of interest. The Note Receivable is current with the next $12,000 minimum contractual annual payment due by
January 31, 2026.

As
of June 30, 2025, a total of $396,078 was outstanding from Nanuva, consisting of $359,982 of principal and $36,096 of unpaid interest.
The Advance Payment is collateralized by a second lien in the equipment. The Company has commenced negotiations with Nanuva to recover
the two Enwave Rev 10 Machines and terminate the MDA.

Note
9 – Accrued Expenses

Accrued
expenses consisted of the following as of June 30, 2025 and December 31, 2024, respectively:

 Schedule of Accrued Expenses

    June 30,  
    December 31, 

    2025  
    2024 
  
    Accrued payroll and taxes 
    $255,604  
    $82,338 
  
    Accrued interest 
     470,599  
     210,783 
  
    Accrued chargebacks 
     14,399  
     26,663 
  
    Accrued royalties 
     44,495  
     13,830 
  
    Total accrued expenses 
    $785,097  
    $333,614 

Note
10 – Convertible Notes Payable, Related Parties

As
discussed in further detail in Note 2, on July 24, 2024, the Company issued the $3.4 million Convertible Note to Kaufman Kapital, together
with Warrants, convertible into shares of common stock at a fixed price of $0.7582 per share. 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 the Security