Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 121

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 121
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000 shares of
common stock, in consideration of their agreement to enter into the First Amendment, and (iv) provided for the payment of up to $80,000
to Eagle Vision Fund with the proceeds of Notes to be issued by the Company at subsequent closings of sales of Senior Notes and Warrants,
in consideration of services rendered and to be rendered by Eagle Vision to holders of the Senior Notes while the Notes are outstanding,
including acting as collateral agent and due diligence and collateral monitoring services.

    F-18

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

On
January 9, 2024, the Company completed the sale of $400,000 of Senior Notes and Warrants to purchase an aggregate of 100,000 shares of
the Company’s common stock, to a group of six Investors led by Eagle Vision, pursuant to a Subscription Agreement between the Company
and the Investors.

In
accordance with ASC 470, the Company recorded total discounts of $339,698, including $80,908 on the relative fair value of the Warrants,
incurred as of December 31, 2024. The discounts are being amortized to interest expense over the term of the debentures using the effective
interest method. The Company recorded an aggregate $339,698 of interest expense pursuant to the amortization of note discounts for the
year ended December 31, 2024.

Eagle
Vision has been paid aggregate cash fees in the amount of $177,500 from the sales of the Senior Notes in consideration of services rendered
and to be rendered by Eagle Vision to the Company and the holders of the Senior Notes, including for conducting due diligence with respect
to the Company, monitoring the performance by the Company of its obligations under the Senior Notes, servicing the interest and principal
payments for holders of the Senior 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 Notes.

To
date, in a series of closings pursuant to the Subscription Agreement, including the most recent sales described above, the Company has
issued an aggregate $1,675,000 of principal pursuant to the Senior Notes, and Warrants to purchase an aggregate 518,750 shares of common
stock