Company: BOF
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021655
Chunk: 87

Company: BranchOut Food Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 8
Chunk 87
---
shares of the Company’s common stock, to a group of investors led by Eagle Vision, an affiliate of John Dalfonsi, a director
of the Company and its Chief Financial Officer.

To
date, in a series of closings pursuant to the Subscription Agreement, including the sales described above, the Company has issued an
aggregate $1,675,000
of principal pursuant to the Senior Secured Notes (all of which have been repaid as of September 30,2025) and Warrants to purchase
an aggregate 518,750
shares of common stock.

    19

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 Secured 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,
(ii) the
outside maturity date of the Senior Secured Notes held by the Holders was extended from December 31, 2024 to December 31,
2025 (subject to further extension in the event the maturity date of the Convertible Note is extended), (iii) the
Company’s obligation to make payments of principal under the Senior Secured Notes held by the Holders beginning July 1, 2024
has been eliminated, and instead all obligations of the Company under such Senior Secured Notes will be due in one lump sum on the
maturity date of the Senior Secured 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 Secured Notes held by the Holders and
liens granted to the holders thereof. The amendment warrants resulted in $89,949
of additional interest expense.

The
Senior Secured 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 Senior Secured Notes are subject to covenants, events of defaults and other terms and conditions set
forth in the Subscription