Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 747

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1C
Chunk 747
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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 SBA
    (the “EIDL Note”) (together with the EIDL Loan Agreement, the “EIDL Loan”), bearing interest at 3.75% per
    annum. In connection with entering into the EIDL Loan, the Company also executed a security agreement, dated May 17, 2020, between
    the SBA and the Company pursuant to which the EIDL Loan is secured by a security interest on all of the Company’s assets. Under
    the EIDL Note, the Company is required to pay principal and interest payments of $169 every month beginning May 17, 2021; however,
    the SBA extended the repayment date to November 17, 2022. All remaining principal and accrued interest is due and payable on May
    17, 2050. The EIDL Note may be repaid at any time without penalty. 
     34,500  
     34,500 

    Total notes payable 
    $286,147  
    $234,500 
  
    Less: current maturities 
     251