Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1094

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 4
Chunk 1094
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 for holders of the Senior Notes, engaging in ongoing discussions with the Company’s management regarding the Company’s
operations and financial condition, acting as collateral agent, and evaluating financial and non-financial information related to the
Company. The Company has also paid an aggregate of $35,000 of the investors’ legal fees from sales of the Senior Notes.

To
date, in a series of closings pursuant to the Subscription Agreement, including the most recent sales described above, the Company has
issued an aggregate $1,675,000 of principal pursuant to the Senior Notes, and Warrants to purchase an aggregate 518,750 shares of common
stock.

Notes
payable, related parties, consists of the following as of December 31, 2024 and 2023:

 Schedule of Notes Payable Related Parties

    December 31,  
    December 31, 

    2024  
    2023 

    Total Kaufman Note 
    $1,200,000  
    $- 
  
    Total Senior Notes
    held by Eagle Vision 
     1,560,000  
     - 
  
    Total Senior Notes payable 
     1,560,000  
     - 

    Total notes payable,
    related parties 
     2,760,000  
     - 
  
    Less: current maturities 
     2,760,000  
     - 
  
    Notes payable, related
    parties, less current maturities 
    $-  
    $- 

The
Company recognized $664,847 and $66,090 of interest expense on notes payable, related parties for the years ended December 31, 2024 and
2023, respectively. Interest expense for the year ended December 31, 2024, consisted of $235,200 of stated interest expense, $258,790
of amortized debt discounts and $80,908 of amortized debt discounts due to warrants, along with $89,949 of additional interest expense
related to the modification of warrants, issued to Eagle Vision Investors. Interest expense for the year ended December 31, 2023, consisted
of $66,090 of amortized debt discounts, including $46,090 of amortized debt discounts due to warrants issued on a Subordinated Note during
the year ended December 31, 2023.

The
Company recognized aggregate interest expense for the years ended December