Company: BOF
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021655
Chunk: 28

Company: BranchOut Food Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 1
Chunk 28
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 Company, Mr. Kaufman and Kaufman Kapital LLC (“Kaufman Kapital”) entered into an amendment to the SPA,
which among other things, replaced Mr. Kaufman with Kaufman Kapital as the “Investor” under the SPA.

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.

On
July 24, 2024 the, the Initial Loan payment of $2,000,000
was made to the Company under the Convertible Note, and on
December 9, 2024, Kaufman Kapital made an additional loan to the Company under the Convertible Note in the amount of $1,400,000.

On
June 1, 2025 the Company and Kaufman Kapital entered into a Warrant Exercise and Amendment to Notes and Warrant Agreement (the “Warrant
Exercise Agreement”), pursuant to which Kaufman Kapital exercised in full the $1.00 Warrant on June 4, 2025 for a cash payment
to the Company of $1,000,000. In addition, pursuant to the Warrant Exercise Agreement, Kaufman Kapital and the Company agreed (i) to
extend the expiration date of the $1.50 Warrant to December 31, 2026, (ii) to extend the maturity date of the Convertible Note to December
31, 2026, (iii) to extend the maturity date of the Senior Secured Promissory Note of the Company in the original principal amount of
$1,200,000, issued to Kaufman on August 29, 2024 (the “Secured Note”) to December 31, 2025, (iv) that the Company will not
make any prepayment under the Convertible Note at any time amounts are outstanding under the Secured Note or any other non-convertible
notes of the Company (excluding notes issued pursuant to equipment financing), and (v) that the Company will not prepay more than $2,400,000