Company: MFON
Filing Date: 2025-06-06
Form Type: 10-Q
Source: 0001641172-25-014006
Chunk: 22

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-06-06
Form: 10-Q
Item: Part I, Item 1
Chunk 22
---
 ending on June 30, 2024. On November 11, 2022, an amendment to the Credit Agreement was signed. The amendment updated the payment
terms to the following: “Without limiting the foregoing Section 2.3(a), Borrower shall repay the principal amount of all Advances,
plus accrued interest thereon, in 24 equal monthly installments commencing on January 31, 2023 and continuing thereafter on the last day
of each month (or, if such last day is not a Business Day, on the Business Day immediately preceding such last day. Interest on the unpaid
Advances will accrue from the date of each Advance at a rate equal to fifteen percent (15%) per annum. Interest will be calculated on
the basis of 365 days in a year.” The amendment raised the maximum amount of the Credit Facility to $6,000,000. In addition, the
interest which is accrued monthly between July 1, 2022, and December 31, 2022, will be settled into equity. Common Stock will be issued
at the end of each month at a rate of $1.08 per share of common stock in the amount of the interest accrued for each month.

On January 31, 2023, the Company then entered into
Amendment No. 1 (the “Amendment”), which amends our existing Credit Facility Agreement[1], dated as of November
11, 2022, between the Company and Thomas B. Akin, and any convertible notes issued thereunder. The Amendment amends the existing Credit
Facility Agreement to extend the maturity of the agreement and related convertible notes thereunder until December 1, 2025. Principal
payments have been deferred to a period beginning on January 1, 2024 and ending December 1, 2025, and further provides that any accrued
interest on unpaid advances under the agreement is to be paid quarterly in shares of our common stock, at a price per share equal to the
volume-weighted average price of our common stock quoted on the Over-The Counter Venture Market operated by OTC Markets Group Inc. (“OTCQB®”)
over the ninety (90) trading days immediately preceding such date. The Amendment provides for corresponding amendments to the form of
convertible notes to be issued under the Credit Agreement in the future and any outstanding convertible notes issued under the existing
Credit Facility Agreement. The Amendment was considered a debt modification as the cash flows under the amended