Company: MFON
Filing Date: 2025-06-06
Form Type: 10-Q
Source: 0001641172-25-014006
Chunk: 23

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-06-06
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 terms do not differ by
at least 10% from the cash flows under the original agreement.

On January 31, 2024 amended terms were agreed upon
and the Company then entered into Amendment No. 2 (the “Amendment”) signed on May 3,2024, which amends the terms of the Credit
Facility Agreement, between the Company and Thomas B. Akin, and any convertible notes issued thereunder. The Amendment amends the existing
Credit Facility Agreement to extend the maturity of the agreement and related convertible notes thereunder until June 30, 2026. Principal
payments have been deferred to a period beginning on July 31, 2024 and ending June 30, 2026. The Company determined that the change in
repayment terms should be accounted for as a modification as opposed to a complete extinguishment of debt, based on the guidance in ASU
470-50. The key components of this determination were as follows: (a) the changes in the structure of the debt was not deemed significant;
and (b) the modification of terms were not deemed substantial enough to be treated as an extinguishment, since the present value of the
new note terms did not exceeded the present value of the prior note terms by more than 10%.

    13

On August 13, 2024 amended terms were agreed upon and the Company then
entered into Amendment No. 3 (the “Amendment”) signed on May 3,2024, which amends the terms of the Credit Facility Agreement,
between the Company and Thomas B. Akin, and any convertible notes issued thereunder. The Amendment amends the existing Credit Facility
Agreement to extend the maturity of the agreement and related convertible notes thereunder until June 30, 2026. Principal payments have
been deferred to a period beginning on October 31, 2024 and ending September 30, 2026. The Company determined that the change in repayment
terms should be accounted for as a modification as opposed to a complete extinguishment of debt, based on the guidance in ASU 470-50.
The key components of this determination were as follows: (a) the changes in the structure of the debt was not deemed significant; and
(b) the modification of terms were not deemed substantial enough to be treated as an extinguishment, since the present value of the new
note terms did not exceeded the present value of the prior note terms by more than 10%.