Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1308

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 6
Chunk 1308
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 Notes Payable

    December 31,  
    December 31, 

    2024  
    2023 

    On May 22, 2023, the Company
    entered into an equipment purchase agreement with the EnWave Corporation (“EnWave”), for the purchase of a used 100kW
    Rev vacuum microwave dehydration machine (the “EnWave Machine”). Cash payments of $500,000 were paid towards the $1,000,000
    purchase price on the EnWave Machine, while the $500,000 balance due is to be paid in twelve (12) monthly installments of $44,424,
    bearing interest 12% per annum, commencing August 1, 2024. 
    $251,647  
    $- 
  
    On May 22, 2023, the Company
    entered into an equipment purchase agreement with the EnWave Corporation (“EnWave”), for the purchase of a used 100kW
    Rev vacuum microwave dehydration machine (the “EnWave Machine”). Cash payments of $500,000 were paid towards the $1,000,000
    purchase price on the EnWave Machine, while the $500,000 balance due is to be paid in twelve (12) monthly installments of $44,424,
    bearing interest 12% per annum, commencing August 1, 2024. 
    $251,647  
    $- 

    On March 15, 2023, the Company completed
    the sale of a $200,000 Promissory Note to The John & Kristen Hinman Trust Dated February 23, 2016 (the “Hinman Note”),
    pursuant to the Loan Agreement between the Company and the Hinman Trust. The Hinman Note carried interest at 18% per annum. The Hinman
    Note was repaid on January 2, 2024. 
     -  
     200,000 

    On May 17, 2020, the
    Company entered into a loan agreement with the United States Small Business Administration (the “SBA”), as lender, pursuant
    to the SBA’s Economic Injury Disaster Loan (“EIDL”) assistance program in light of the impact of the COVID-19 pandemic
    on the Company’s business (the “EIDL Loan Agreement”) encompassing a $34,500 Promissory Note issued to the S