Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 378

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 378
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    On May 17, 2020, the
    Company entered into a loan agreement with the United States Small Business Administration (the “SBA”), as lender, pursuant
    to the SBA’s Economic Injury Disaster Loan (“EIDL”) assistance program in light of the impact of the COVID-19 pandemic
    on the Company’s business (the “EIDL Loan Agreement”) encompassing a $34,500 Promissory Note issued to the SBA
    (the “EIDL Note”) (together with the EIDL Loan Agreement, the “EIDL Loan”), bearing interest at 3.75% per
    annum. In connection with entering into the EIDL Loan, the Company also executed a security agreement, dated May 17, 2020, between
    the SBA and the Company pursuant to which the EIDL Loan is secured by a security interest on all of the Company’s assets. Under
    the EIDL Note, the Company is required to pay principal and interest payments of $169 every month beginning May 17, 2021; however,
    the SBA extended the repayment date to November 17, 2022. All remaining principal and accrued interest is due and payable on May
    17, 2050. The EIDL Note may be repaid at any time without penalty. 
     34,500  
     34,500 

    Total notes payable 
    $286,147  
    $234,500 
  
    Less: current maturities 
     251,647  
     200,000 
  
    Notes payable, less
    current maturities 
    $34,500  
    $34,500 

The
Company recognized $19,809 and $214,430 of interest expense on notes payable for the years ended December 31, 2024 and 2023, respectively.

    F-17

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

Note
15 – Notes Payable, Related Parties

Kaufman
Note

As
discussed in Note 4, on August 30, 2024, the Company borrowed $1,200,000 from Kaufman Kapital pursuant to a Senior Secured Promissory
Note that, as amended, matures on June 30, 2025. The loan under the Note bears interest at a rate of 15% per