Branchout Food Inc.

12/13/2024 | Press release | Distributed by Public on 12/13/2024 15:06

Financial Obligation Form 8 K

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As previously reported, on July 24, 2024, Kaufman Kapital LLC ("Kaufman") made an initial advance to BranchOut Food Inc. (the "Company") in the amount of $2,000,000 under a 12% Senior Secured Convertible Promissory Note in the principal amount of up to $3,400,000 (the "Convertible Note"). On December 9, 2024, Kaufman advanced the Company an additional $1,400,000 under the Convertible Note (the "Additional Advance").

In connection with the Additional Advance, the Company and Kaufman entered into an amendment to the Senior Secured Promissory Note in the principal amount of $1,200,000 (the "August Note") issued by the Company to Kaufman on August 29, 2024, pursuant to which the maturity date of the August Note has been deferred to June 30, 2025. Prior to such amendment, the August Note matured on the earlier of December 31, 2024 and the making of the Additional Advance.

The information set forth above is qualified in its entirety by reference to the actual terms of the Convertible Note and August Note, which have been filed as Exhibits 4.1 and 10.1, respectively, to this Current Report on Form 8-K, and which are incorporated herein by reference.