Company: MFON
Filing Date: 2025-06-06
Form Type: 10-Q
Source: 0001641172-25-014006
Chunk: 29

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-06-06
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 Convertible Notes. The Company will use the proceeds from the sale of the Convertible Notes to continue
to ramp up growth of Connected Rewards and for working capital for general corporate purposes.

    15

During
the first quarter of 2025 the Company issued 10 Convertible Notes payable for $425,000. Simple interest on the unpaid principal balance
of the Convertible Note will accrue at the rate of 15% per annum. and automatically convert into the same equity securities issued for
cash in the Qualified Financing, or at the option of the Investors, into the same equity securities issued for cash in a Corporate Transaction,
each as the Convertible Note. Interest on the Convertible Notes will be accreted and added to the unpaid principal balance prior to conversion.
The Convertible Notes are payable in one installment three years from the date of the Convertible Note. As of March 31, 2025 the
Convertible Notes had a principal balance of $425,000 and accrued interest of $6,552.

Interest Expense

Interest expense was $631,333 and $397,472 during
the three months ended March 31, 2025 and 2024, respectively.

8. Common Stock and Equity Payable

Common Stock and Equity Payable

2024

During the three months ended March 31, 2024 no shares were issued and
no equity payable was recorded.

As of the three months ended March 31, 2024 we had an equity payable balance
of $989,947

2025

On January 24, 2025 a total of 1,860,123 shares of common stock were granted
from equity payable to Thomas Akin as settlement of $450,272 of interest payable and the Company recorded a loss on settlement of debt
of $143,554.

On January 24, 2025 a total of 86,109 shares of common stock were granted
from equity payable to Talkot Fund LP as settlement of $20,844 of interest payable and the Company recorded a loss on settlement of debt
of $6,645.

On March 31, 2025 a total of $220,242 of interest
was accrued and settled to equity payable for the issuance of 620,821 shares of common stock.

On March 31, 2025 a total of $10,195 of interest was
accrued and settled to equity payable for the issuance of 28,739 shares of common stock.

During