Company: MFON
Filing Date: 2025-04-07
Form Type: 10-K
Source: 0001641172-25-002942
Chunk: 284

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-04-07
Form: 10-K
Item: Item 1A
Chunk 284
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 accrue at the rate of 8.0% per annum. Accrual of interest will commence on the date of this Note, will continue until this
Note is fully paid, and will be payable in a single installment at maturity three years from the date the Convertible Note was issued.

During
the twelve months ended December 31, 2024 the company recorded $454,912 of interest expense in connection with the related party convertible
notes and $470,267 in amortized debt discount in connections with related party convertible notes. As of December 31, 2024 the Convertible
Notes issued to related parties had a principal balance of $8,850,000 with a debt discount of $1,331,375 for a net principal balance
of $7,518,625 and accrued interest of $479,156.

    -35-

Convertible
Notes

During
fourth quarter 2023 the Company issued 10 Convertible Notes payable to shareholders for $250,000. As an inducement we issued 416,667
warrants to purchase shares of our common stock at $.60 per share. Simple interest on the unpaid principal balance of this Note will
accrue at the rate of 8.0% per annum. Accrual of interest will commence on the date of this Note, will continue until this Note is fully
paid, and will be payable in a single installment at maturity three years from the date the Convertible Note was issued.

The
Convertible Note and all accrued interest thereon are convertible into shares of our common stock, from time to time, at the option of
the holder thereof, at a conversion price per share equal to the larger of either $0.50 or of the volume-weighted average price of our
common stock quoted on the OTCQB ® Venture Market operated by OTC Markets Group Inc. over the thirty (30) trading days immediately
preceding such date (the “Conversion Price”)

During
the twelve months ended December 31, 2024 accrued interest of $20,371 was recorded in connection with the convertible notes.

As
of December 31, 2024 the Convertible Notes issued to related parties had a principal balance of $250,000
with a debt discount balance of $22,206 for a net principal balance of $227,794 and accrued interest balance of $21,691.
A debt discount expense of $39,627
was recorded in connection to the warrants issued.

Interest