Company: BOF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023605
Chunk: 23

Company: BranchOut Food Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 23
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 Note are secured by a lien on substantially all of the Company’s assets pursuant to the Security Agreement. In addition,
the Secured Note includes affirmative and negative covenants, events of defaults and other terms and conditions, customary in transactions
of this nature.

On
May 7, 2025, the Company repaid $325,000 of principal on the Secured Note. On June 1, 2025, the maturity date of the Secured Note was
extended to December 31, 2025 pursuant to the Warrant Exercise Agreement as described above.

Eagle
Vision Promissory Notes

In
connection with the sale of the Purchased Securities to Kaufman Kapital LLC under the SPA, the Company entered into an Omnibus Amendment
to Note Documents with substantially all of the holders (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 the Senior Notes, and (iv) the Company’s obligations under the Convertible Note
and liens granted to the holder thereof, will be pari passu with the Company’s obligations under the Senior Notes held by the Holders
and liens granted to the holders thereof. The amendment warrants resulted in $89,949 of additional interest expense.

On
various dates from January 9, 2024 through May 22, 2024, the Company completed the sale of an aggregate $1,675,000 of Senior Secured
Promissory Notes (“Senior Notes”) and Warrants (“Warrants”) to purchase an aggregate of 518,750 shares of the
Company’s common stock, to a group of Investors (“Investors”) led by Eagle Vision Fund LP (“Eagle Vision