Company: MFON
Filing Date: 2025-06-06
Form Type: 10-Q
Source: 0001641172-25-014006
Chunk: 27

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-06-06
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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ker, an owner of 5% or more
of the outstanding shares of the Company’s common stock, $0.001 par value (“Common Stock”), who each participated on
the same terms as the other accredited investors (collectively, the “Investors”). Pursuant to the Agreement, the Company received
$2.0 million in proceeds and issued unsecured convertible promissory notes (each a “Convertible Note” and collectively, the
“Convertible Notes”) in the aggregate principal amount of $2.0 million. The Convertible Notes were issued as part of a convertible
note offering authorized by the Company’s board of directors (the “Offering”) to raise up to $3.0 million from the issuance
of Convertible Notes. Messrs. Akin and Terker invested $75,000 and $1.5 million, respectively, in the Offering. The Company will use the
proceeds from the sale of the Convertible Notes to continue to ramp up growth of Connected Rewards and for working capital for general
corporate purposes.

During the first quarter of 2025 the Company
issued 7 Convertible Notes payable to related party investors for $1,575,000. Simple interest on the unpaid principal balance of the
Convertible Note will accrue at the rate of 15%
per annum. and automatically convert into the same equity securities issued for cash in the Qualified Financing, or at the option of
the Investors, into the same equity securities issued for cash in a Corporate Transaction, each as the Convertible Note. Interest on
the Convertible Notes will be accreted and added to the unpaid principal balance prior to conversion. The Convertible Notes are
payable in one installment three years from the date of the Convertible Note.
As of March 31, 2025 the Convertible Notes had a principal balance of $1,575,000
and accrued interest balance of $44,918.

Convertible Notes

Convertible Notes

Convertible Notes issued in prior periods at
the beginning of 2024 had a balance of $250,000 in principal.
As an inducement the Company 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