Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 977

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 3
Chunk 977
---
 Total notes payable 
    $286,147  
    $234,500 
  
    Less: current maturities 
     251,647  
     200,000 
  
    Notes payable, less
    current maturities 
    $34,500  
    $34,500 

The
Company recognized $19,809 and $214,430 of interest expense on notes payable for the years ended December 31, 2024 and 2023, respectively.

    F-17

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

Note
15 – Notes Payable, Related Parties

Kaufman
Note

As
discussed in Note 4, 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 June 30, 2025. The loan under the Note bears interest at a rate of 15% per annum. The Company’s
obligations under the Note are secured by a lien on substantially all of the Company’s assets pursuant to the Security Agreement.
In addition, the Note includes affirmative and negative covenants, events of defaults and other terms and conditions, customary in transactions
of this nature.

Eagle
Vision Notes

As
discussed in Note 4, 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, (ii) the outside maturity date of the Senior 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 Notes held
by the Holders beginning July 1, 2024 has been eliminated, and instead all obligations of the Company under such Senior Notes will be
due in one lump sum on the maturity date of