Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 1202

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 5
Chunk 1202
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1,000 
  
    Avocado Snacks 
    North America (Canada and USA) 
     1,000 
  
    Avocado Chips 
    Worldwide 
     1,000 
  
    Other Powders 
    No Exclusivity 
     -0- 

Note
12 – Accrued Expenses

Accrued
expenses consist of the following:

 Schedule of Accrued Expenses

    2024  
    2023 

    December
    31, 

    2024  
    2023 
  
    Accrued payroll and taxes 
    $82,338  
    $43,376 
  
    Accrued interest 
     210,783  
     2,577 
  
    Accrued chargebacks 
     26,663  
     119,291 
  
    Accrued royalties 
     13,830  
     - 
  
    Total
    accrued expenses 
    $333,614  
    $165,244 

    F-16

BRANCHOUT
                                            FOOD INC.

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

Note
13 – Convertible Notes Payable, Related Parties

As
discussed in further detail in Note 4, on July 24, 2024, the Company issued the $3.4 million Convertible Note to Kaufman Kapital, together
with Warrants, convertible into shares of common stock at a fixed price of $0.7582 per share. The Convertible Note matures on the earlier
of (i) December 31, 2025, (ii) the sale by the Company of $5,000,000 of equity or debt securities in a single transaction or series of
related transactions (excluding certain specified transactions), or (iii) the closing of a change of control transaction as provided
in the Convertible Note. Loans outstanding under the Convertible Note bear interest at an initial rate of 12% per annum, and together
with accrued principal are convertible into common stock.

The
Company’s obligations under the Convertible Note are secured by a lien granted to Kaufman Kapital on substantially all of the Company’s
assets pursuant to the Security Agreement. In addition, the Convertible Note includes affirmative and negative covenants, events of defaults
and other terms and conditions, customary in transactions of this nature.

In
accordance with ASC 470