Company: BOF
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021655
Chunk: 88

Company: BranchOut Food Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 8
Chunk 88
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 Agreement. The Company’s obligations under the Senior Secured Notes are secured by liens on
substantially all of the Company’s assets pursuant to the terms of the Security Agreement entered into by the Company on
January 10, 2024, in favor of holders of the Senior Secured Notes. Each Warrant is
exercisable for a 10-year
period at an exercise price of $1.00
per share.

In
accordance with ASC 470, the Company recorded total discounts of $339,698, including $80,908 on the relative fair value of the Warrants
during the year ended December 31, 2024. The discounts were amortized to interest expense during 2024 using the effective interest method.

Eagle
Vision has been paid aggregate cash fees in the amount of $177,500
from the sales of the Senior Secured Notes in consideration of services rendered and to be rendered by Eagle Vision to the Company
and the holders of the Senior Secured Notes, including for conducting due diligence with respect to the Company, monitoring the
performance by the Company of its obligations under the Senior Secured Notes, servicing the interest and principal payments for
holders of the Senior Secured Notes, engaging in ongoing discussions with the Company’s management regarding the
Company’s operations and financial condition, acting as collateral agent, and evaluating financial and non-financial
information related to the Company. The Company has also paid an aggregate of $35,000
of the investors’ legal fees from sales of the Senior Secured Notes.

During the nine months ended September 30, 2025, the Company repaid $1,560,000 of principal outstanding under the Senior Secured Notes. The principal outstanding is $0 as of September
30, 2025.

During
the period ended September 30, 2025, of the 518,750 warrants
issued to purchasers of the Senior Secured Notes, warrants were exercised to purchase an aggregate of 307,500 shares
of the Company’s common stock at an exercise price of $1.00 per
share aggregate cash proceeds of $307,500. 

Notes
payable to related parties, consists of the following as of September 30, 2025 and December 31, 2024:

 Schedule of Notes Payable Related Parties 

    September 30, 2025  
    December 31, 2024 

    Total Kaufman Convertible Notes Payable,