Company: BOF
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001641172-25-004712
Chunk: 377

Company: BranchOut Food Inc.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 1
Chunk 377
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 $115,989 of stated interest expense, $22,956 of amortized debt discounts and $6,415 of amortized debt discounts due to warrants. The
Company recognized $3,696 of interest expense on convertible notes payable, related parties for the year ended December 31, 2023.

Note
14 – Notes Payable

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

 Schedule of Notes Payable

    December 31,  
    December 31, 

    2024  
    2023 

    On May 22, 2023, the Company
    entered into an equipment purchase agreement with the EnWave Corporation (“EnWave”), for the purchase of a used 100kW
    Rev vacuum microwave dehydration machine (the “EnWave Machine”). Cash payments of $500,000 were paid towards the $1,000,000
    purchase price on the EnWave Machine, while the $500,000 balance due is to be paid in twelve (12) monthly installments of $44,424,
    bearing interest 12% per annum, commencing August 1, 2024. 
    $251,647  
    $- 
  
    On May 22, 2023, the Company
    entered into an equipment purchase agreement with the EnWave Corporation (“EnWave”), for the purchase of a used 100kW
    Rev vacuum microwave dehydration machine (the “EnWave Machine”). Cash payments of $500,000 were paid towards the $1,000,000
    purchase price on the EnWave Machine, while the $500,000 balance due is to be paid in twelve (12) monthly installments of $44,424,
    bearing interest 12% per annum, commencing August 1, 2024. 
    $251,647  
    $- 

    On March 15, 2023, the Company completed
    the sale of a $200,000 Promissory Note to The John & Kristen Hinman Trust Dated February 23, 2016 (the “Hinman Note”),
    pursuant to the Loan Agreement between the Company and the Hinman Trust. The Hinman Note carried interest at 18% per annum. The Hinman
    Note was repaid on January 2, 2024. 
     -  
     200,000