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

In a Registration Statement on Form S-1, Amendment 9 filed on December 9, 2025, FreeCast, Inc., a Florida corporation (the "Company," "we" or "our") disclosed that on November 21, 2025, the Company entered into a revolving convertible promissory note with Nextelligence, Inc.("Nextelligence") in the principal amount of not more than $5 million (the "Note"). Nextelligence is controlled by William A. Mobley, Jr., our Chief Executive Officer, Chairman of our board of directors and holder of the majority voting power of the Company.

The initial principal amount of the Note on November 21, 2025, the date we entered into the Note, was $1,315,552. As of January 19, 2026, the outstanding principal was $2,725,552. We borrowed an additional aggregate amount of $1,698,500 in nine separate draws under the Note from January 23, 2026 through March 4, 2026. As of March 5, 2026, the aggregate outstanding principal balance of all loans under the Note is $4,424,052.

In lieu of repayment, at Nextelligence's option, all or part of the outstanding principal and accrued interest ("Debt") is convertible into shares of our Class A common stock ("Shares") at a conversion price of $8.00 per Share.

All loans made under the Note accrue interest at a fixed rate per annum equal to 12.0%. The outstanding principal and accrued and unpaid interest under the Note are due and payable no later than June 30, 2026. We have the right to prepay the Note, in whole or in part, at any time; provided, however, we must provide Nextelligence five days prior written notice of our intention to make such prepayment.

If we: (i) fail to comply with any provision under the Note, including, but not limited to, failing to immediately pay all amounts due to Nextelligence when due in accordance with the Note; or (ii) become subject to certain bankruptcy or insolvency events, at the option of Nextelligence, the unpaid principal amount of the Note, accrued interest thereon, any fees or any other sums payable thereunder will thereafter until paid in full bear interest at a rate per annum equal to 18.0%.

In case of a stock split, a stock combination, or a reverse stock split of the Shares, the number of Shares into which any Debt may be converted and the conversion price shall be proportionately adjusted.

The full text of the Note is attached as Exhibit 4.1 hereto and is incorporated by reference herein. You are urged to read said exhibit attached hereto in its entirety.