Company: QTIWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001844505-25-000083
Chunk: 66

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 66
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elling, general and administrative11,969,362 2,169,541 3,970,703 7,865,752 Other (expense) income, net(9,498)187,394 8,739,955 208,325 Change in fair value of warrant liability2,796,350 (213,942)3,501,079 (190,819)Change in fair value of derivative liability— (1,729,700)(101,300)(4,712,800)

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Change in fair value of earnout liability(210,000)(310,000)(160,000)(2,920,000)    Interest expense, net378,902 1,095,050 1,070,289 1,694,009     Income tax expense2,782 — 2,782 — Consolidated net loss$(4,001,515)$(1,248,874)$(15,137,515)$(1,877,464)1Includes total salaries, bonuses, employee benefits and stock-based compensation of $1,766,695 and $1,366,003 for the three months ended June 30, 2025 and 2024, respectively. Total salaries, bonuses, employee benefits and stock-based compensation were $3,388,845 and $2,137,765 for the six months ended June 30, 2025 and 2024, respectively.All of the Company’s long-lived assets are located in the United States. Refer to Note 12 - Revenue Recognition, for revenue by geography information.

16.     Revised Financial Statements

As previously disclosed in its consolidated financial statements included in the Annual Report on Form 10-K filed for the year ended December 31, 2024, the Company has revised its condensed financial statements as of and for the six months ended June 30, 2024 to correct a misstatement identified related to the initial recognition of the earnout liability. The Company assessed the materiality of this misstatement in accordance with SEC Staff Accounting Bulletin No. 108 - “Qualifying Misstatements” and concluded this error was not qualitatively material. As such, the correction of the error for the affected periods is reflected prospectively in the Quarterly Reports on Form 10-Q for fiscal year 2025. The effects of this revision on the applicable line items within the condensed consolidated financial statements were as follows: Condensed Consolidated Balance Sheet Line