Company: BOF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023605
Chunk: 33

Company: BranchOut Food Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Item 1
Chunk 33
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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.

    17

BRANCHOUT
FOOD INC.

NOTES
TO THE CONDENSED FINANCIAL STATEMENTS

(Unaudited)

During
the period of May 14, 2024, through May 22, 2024, the Company completed the sale of an aggregate of $1,050,000 of Senior Notes, and Warrants
to purchase an aggregate of 262,500 shares of the Company’s common stock, to a group of Investors led by Eagle Vision, an affiliate
of John Dalfonsi, a director of the Company and its Chief Financial Officer. The sales were effected pursuant to a Subscription Agreement,
dated January 10, 2024, between the Company and the investors in the Senior Notes, as amended by an amendment (“First Amendment”)
to the Subscription Agreement dated as of April 16, 2024 (as so amended, the “Subscription Agreement”).

The
Senior Notes mature on the earlier of December 31, 2025, or the occurrence of a Qualified Subsequent Financing or Change of Control (as
such terms are defined in the Subscription Agreement) and bear interest at a rate of 15% per annum. In addition, the Senior Notes are
subject to covenants, events of defaults and other terms and conditions set forth in the Subscription Agreement. The Company’s
obligations under the Notes are secured by liens on substantially all of the Company’s assets pursuant to the terms of the Security
Agreement entered into by the Company on January 10, 2024, in favor of holders of the Senior Notes (the “