Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 108

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 108
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 one lump sum on the maturity date of the Senior Notes, and (iv) the Company’s obligations under the Convertible Note
and liens granted to the holder thereof, will be pari passu with the Company’s obligations under the Senior Notes held by the Holders
and liens granted to the holders thereof. The amendment warrants resulted in $89,949 of additional interest expense.

    F-12

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

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 (“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 subscription agreement between the Company and the Investors.

Pursuant
to the subscription agreements, Eagle Vision was paid aggregate cash fees in the amount of $177,500 upon the closing of the transactions
for due diligence fees in consideration of services rendered and to be rendered by Eagle Vision to the Company and the investors, including
conducting due diligence with respect to the Company, monitoring the performance by the Company of its obligations under the senior secured
notes, servicing the interest and principal payments for purchasers, engaging in ongoing discussions with the Company’s management
regarding the Company’s operations and financial condition, acting as collateral agent, and evaluating financial and non-financial
information related to the Company, which services are to be provided by Eagle Vision until the senior secured notes have been paid in
full, and an aggregate $35,000 of legal fees was paid to Investors’ counsel.

The
Notes mature on the earlier of December 31, 2025, or the occurrence of a Qualified Subsequent Financing or Change of Control (as such
terms are defined in the Subscription Agreement) and bear interest at a rate of 15% per annum. In addition, the Notes are subject to
covenants, events of defaults and other terms and conditions set forth in the Subscription Agreement. The Company’s obligations
under the Notes are secured by liens on substantially all of the Company’s assets pursuant to the terms of a Security Agreement
between the Company and the Investors.