Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1167

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 1167
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 at an exercise price of $1.00 per share, and (iii) a warrant to purchase 500,000 shares of common stock
at an exercise price of $1.50 per share, in consideration of an initial loan in the principal amount of $2,000,000 made to the Company
under the Convertible Note. On December 9, 2024, Kaufman Kapital made an additional loan to the Company under the Convertible Note in
the amount of $1,400,000. The Convertible Note matures on the earlier of (i) December 31, 2025, (ii) the sale by the Company of $5,000,000
of equity or debt securities in a single transaction or series of related transactions (excluding certain specified transactions), or
(iii) the closing of a change of control transaction as provided in the Convertible Note. Loans outstanding under the Convertible Note
bear interest at an initial rate of 12% per annum, and together with accrued principal are convertible into common stock. The Company’s
obligations under the Convertible Note are secured by a lien granted to Kaufman Kapital on substantially all of the Company’s assets
pursuant to a Security Agreement entered between the Company and Kaufman Kapital (the “Security Agreement”).

Kaufman
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. 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.

Eagle
Vision Promissory Notes

On
various dates from January 9, 2024 through May 22, 2024, the Company completed the sale of an aggregate $1,675,000 of Senior Secured
Promissory Notes (“Senior Notes”) and warrants to purchase an aggregate of 518,750 shares of the Company’s common stock,
to a group of Investors (“Investors”) led by Eagle Vision Fund LP (“Eagle Vision”), an affiliate of John Dalfonsi,
CFO of the Company, pursuant to a