Company: MFON
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001641172-25-002942
Chunk: 849

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 6
Chunk 849
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, Suite 215,
Chandler, Arizona. Monthly rental payments, excluding common area maintenance charges, will be $25,953 to $28,733. The first twelve months
of the lease included a 50% abatement period. As of December 31, 2024, we have an operating lease asset balance for this lease of $541,618
and an operating lease liability balance for this lease of $660,852 recorded in accordance with ASC 842.

14.
Employee Benefit Plan

The
Company has an employee savings plan (the “Plan”) pursuant to Section 401(k) of the Internal Revenue Code (the “Code”),
covering all of its employees. Participants in the Plan may contribute a percentage of compensation, but not in excess of the maximum
allowed under the Code. The Company may make contributions at the discretion of its Board of Directors. During the years ended December
31, 2024 and 2023, the Company made no contributions to the Plan.

    -44-

15.
Related Party Transactions

Related
Party Notes

Secured
Promissory Notes

On
June 30, 2021, we entered into a Credit Facility Agreement (the “Credit Agreement”) with Thomas Akin, one of the Company’s
directors (the “Lender”). The Credit Agreement was amended on November 11, 2022. The Company can borrow up to $6,000,000
under the Credit Agreement (“the “Credit Facility”). As of December 31, 2021, the Company had drawn a total of $3,478,125
including cash drawn in the amount of $3,206,250 and $271,875 of principal and accrued interest under the 2020 UP Note that was rolled
into the Credit Facility and had paid a total of $200,000 toward the principal balance of the loan,

The
Credit Facility is secured by all of our tangible and intangible assets including intellectual property. This loan bears interest on
the unpaid balance at the rate of fifteen percent (15%) per annum. The Company may prepay this loan without notice, penalty, or charge.
In consideration of the Lender’s agreement to provide the Credit Facility, the Company issued warrants to purchase shares of its
common stock at an exercise price of $1.67 per share in connection with the issuance of funds under the Credit Agreement. The warrants
are exercisable for a period commencing upon issuance of the corresponding notes and ending 36 months after