Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1298

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 1298
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Promissory Note

On
August 30, 2024, the Company borrowed $1,200,000 from Kaufman Kapital pursuant to a Senior Secured Promissory Note in the principal amount of $1,200,000
(the “Note”) issued by the Company to Kaufman Kapital. The Note matures on June
30, 2025, as amended. The loan under the Note bears interest at a rate of 15%
per annum. The Company’s obligations under the Note are secured by a lien on substantially all of the Company’s assets pursuant
to the Security Agreement. In addition, the Note includes affirmative and negative covenants, events of defaults and other terms and
conditions, customary in transactions of this nature.

Eagle
Vision Promissory Notes

In
connection with the sale of the Purchased Securities to Kaufman Kapital LLC under the SPA, the Company entered into an Omnibus Amendment
to Note Documents with substantially all of the holders (the “Holders”) of the Company’s Senior Notes and Warrants
issued under that certain Subscription Agreement dated as of January 10, 2024, as amended, pursuant to which, among other things, (i)
the exercise price of the Warrants issued to the Holders was reduced from $2.00 to $1.00, (ii) the outside maturity date of the Senior Notes held by the Holders was extended from December 31, 2024 to December 31, 2025 (subject to further extension in the event the maturity
date of the Convertible Note is extended), (iii) the Company’s obligation to make payments of principal under the Senior Notes
held by the Holders beginning July 1, 2024 has been eliminated, and instead all obligations of the Company under such Senior Notes will
be due in one lump sum on the maturity date of the Senior Notes, and (iv) the Company’s obligations under the Convertible Note
and liens granted to the holder thereof, will be pari passu with the Company’s obligations under the Senior Notes held by the Holders
and liens granted to the holders thereof. The amendment warrants resulted in $89,949 of additional interest expense.

    F-12

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

On
various dates from January 9, 2024 through May 22, 2024, the Company completed the sale of an