Company: BOF
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021655
Chunk: 83

Company: BranchOut Food Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 8
Chunk 83
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000 
  
    2029 
     296,000 
  
    Thereafter 
     1,300,000 
  
    Total minimum lease payments 
     2,348,000 
  
    Less effects of discounting 
     744,048 
  
    Lease liability recognized 
     1,603,952 
  
    Less current portion 
     - 
  
    Long-term operating lease liability 
    $1,603,952 

    17

The
future minimum lease payments due under finance leases as of September 30, 2025, is as follows:

 Schedule
of Future Minimum Lease Payments  

    Year Ending 
    Minimum Lease 
  
    December 31, 
    Commitments 
  
    2025 (for the three months remaining) 
    $7,314 
  
    2026 
     43,886 
  
    2027 
     43,886 
  
    2028 
     18,286 
  
    Total minimum lease payments 
     113,372 
  
    Less effects of discounting 
     15,074 
  
    Lease liability recognized 
     98,298 
  
    Less current portion 
     31,746 
  
    Long-term finance lease liability 
    $66,552 

Note
12 – Debt

Kaufman
Convertible Notes Payable, Related Party

On
July 15, 2024, the Company entered into a Securities Purchase Agreement (as amended, the “SPA”) with Daniel L. Kaufman, pursuant
to which Mr. Kaufman agreed to purchase from the Company, in a private placement (i) a 12% Senior Secured Convertible Promissory Note
in the principal amount of up to $3,400,000 (the “Convertible Note”), convertible into shares of the Company’s common
stock at a fixed price of $0.7582 per share of common stock, a (ii) a warrant to purchase 1,000,000 shares of common stock at an exercise
price of $1.00 per share (the “$1.00 Warrant”), and (iii) a warrant to purchase 500,000 shares of common stock at an exercise
price of $1.50 per share (the “$1.50 Warrant” and, together with the $1.00 Warrant, the “Warrants” and together
with the Convertible Note, the