Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 27

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 27
---
 the Common Stock issued and (ii) the percentage of total principal and interest converted (6.54%),
multiplied by the December 31, 2024 valuation of $3.0 million.

On
April 11, 2025, April 16, 2025, June 2, 2025, June 17, 2025, and June 26, 2025, the holder of the A.G.P. Convertible Note converted $0.5
million, $0.8 million, $0.1 million, $0.2 million, and $0.2 million of principal and interest into 28,666, 71,026, 40,000, 90,000, and
100,000 shares of the Company’s Common Stock, respectively. As of April 16, 2025, the Company’s Common Stock price was trading
below the Conversion Price Floor. For the purpose of the April 16, 2025 conversion, the Company waived the Conversion Price Floor and
allowed A.G.P. to convert at the April 16, 2025 closing stock price.

On
June 30, 2025, the Company remeasured the fair value of the A.G.P. Convertible Note through the use of a binomial lattice model and calculated
a fair value of approximately $1.9 million. For the three months ended June 30, 2025, the Company recorded a $0.1 million loss in the
change in fair value of the A.G.P. Convertible Note and interest expense of approximately $0.1 million. For the six months ended June
30, 2025, the Company recorded a $0.1 million gain in the change in fair value of the A.G.P. Convertible Note and interest expense of
approximately $0.1 million. As of June 30, 2025, there was approximately $3.6 million in outstanding principal and interest remaining.

5.
Loans Payable

Loans

On
May 1, 2022, the Company entered into Loan Agreements (the “Loans”) with two lenders, totaling $0.2
million. The
Loans mature two years from the date of the agreement and bear no interest. Each
loan was made available to the Company by the lenders in three tranches of (i) $33,000
(£30,000);
(ii) $33,000
(