Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 631

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 2
Chunk 631
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    2025 
     94,247 
  
    2026 
     97,074 
  
    2027 
     99,986 
  
    2028 
     68,235 
  
    2029 and thereafter 
     — 
  
    Total future minimum lease payments 
     359,542 
  
    Less: imputed interest 
     (60,545)
  
    Present value of payments 
    $298,997 

    F-16

Note
4 – Notes Payable-Related Party

On
October 14, 2024, as part of the senior convertible note offering described in Note 5, the Company entered into a loan with an officer
of the Company in the amount of $250,000 (principal) with an interest rate of 14.5% per annum due October 13, 2025, and warrants to purchase
100,382 shares of common stock at an exercise price of $1.40 per share. As of December 31, 2024, there was outstanding principal and
interest balances for these related party notes of $250,000 and $7,955, respectively. Under the fair value option, the senior convertible
note is $206,085 as of December 31, 2024.

On
September 4, 2024, the Company issued a $250,000 promissory note (the “Promissory Note”) to an officer of the Company for
$250,000. The Promissory Note accrues interest at 12% per annum and is repayable in 12 substantially equal installments over a period
of one year. During the year ended December 31, 2024 the Company incurred $8,692 in interest expense relating to this Promissory Note.
During the year ended December 31, 2024 the Company repaid principal and interest of $59,730 and $6,907, respectively.

Prior
to December 31, 2022, the Company entered into a series of loans, which were subsequently consolidated and amended, with an officer of
the Company and his spouse, resulting in the following two loans: (i) a single loan from the spouse of an officer of the Company, dated
December 1, 2020, with a principal balance of $0.4 million, bearing interest at the rate of 7.5% per annum; and (ii) a single loan