Company: MFON
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001641172-25-002942
Chunk: 490

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 1C
Chunk 490
---
, 2025 and ending March 31, 2027. 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%.

    -45-

During
the twelve months ended December 31, 2024, a total of $1,258,093 of accrued interest from equity payable was converted
into 2,395,511 shares of common stock. As of December 31, 2024, the Company had a principal total of $5,873,125,
a debt discount balance of $180,977
for a net principal balance of $5,692,148 and accrued interest
of $895,652 that
was recorded to Equity Payable.

Unsecured
Promissory Note

On
July 1, 2021, we entered into UP Notes in the aggregate principal amount of $271,875 with Talkot Fund LP and investor in the Company.
Each UP Note bears interest on the unpaid balance at the rate of fifteen percent (15%) per annum and the principal and accrued interest
are due and payable no later than December 31, 2023. We may prepay any of the UP Notes without notice, subject to a two percent (2%)
pre-payment penalty. The UP Note offer was conducted by our management and there were no commissions paid by us in connection with the
solicitation. The Company issued to Talkot Fund LP warrants to purchase an aggregate of 33,017 shares of its common stock at the stated
exercise price per share in connection with the issuance of funds under this Credit Agreement.

On
January 31, 2023, the Lender agreed to postpone the 24-month repayment period to a later period commencing on January 31, 2024, and further
agreed that interest accrued on the loan between July 1, 2022 and December 1, 2025 is to be settled in shares of the Company’s
common stock quarterly.

On
January