Company: BOF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023605
Chunk: 32

Company: BranchOut Food Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 32
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 on all of the Company’s assets. Under the EIDL Note, the Company is required to pay principal and interest payments of $169 every month beginning May 17, 2021; however, the SBA extended the repayment date to November 17, 2022. All remaining principal and accrued interest is due and payable on May 17, 2050. The EIDL Note may be repaid at any time without penalty. 
     34,500  
     34,500 

    Total notes payable 
    $73,230  
    $286,147 
  
    Less: current maturities 
     38,730  
     251,647 
  
    Notes payable, less current maturities 
    $34,500  
    $34,500 

The
Company recognized $9,972 and $903 of interest expense on notes payable for the six months ended June 30, 2025, and 2024, respectively.

Note
12 – Notes Payable, Related Parties

Kaufman
Note

As
discussed in Note 2, on August 30, 2024, the Company borrowed $1,200,000 from Kaufman Kapital pursuant to a Senior Secured Promissory
Note that, as amended, matures on December 31, 2025. The loan under the Secured Note bears interest at a rate of 15% per annum. The Company’s
obligations under the Secured Note are secured by a lien on substantially all of the Company’s assets pursuant to the Security
Agreement. In addition, the Secured Note includes affirmative and negative covenants, events of defaults and other terms and conditions,
customary in transactions of this nature.

On
May 7, 2025, the Company repaid $325,000 of principal on the Secured Note.

Eagle
Vision Notes

As
discussed in Note 2, in connection with the sale of the Purchased Securities to Kaufman Kapital under the SPA, the Company entered into
an Omnibus Amendment to Note Documents with substantially all of the Holders of the Company’s Senior Notes and Warrants issued
under that certain Subscription Agreement dated as of January 10, 2024, as amended, pursuant to which, among other things, (i) the exercise
price of the Warrants issued to the Holders was reduced from $2.00 to $1.00, (