Company: PTHS
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001753926-25-001326
Chunk: 12

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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. The requirements will be applied prospectively with the option for retrospective application.
The Company is currently evaluating the impact ASU No. 2024-03 will have on its condensed consolidated financial statements.

Other
new accounting pronouncements issued, but not effective until after June 30, 2025, did not and are not expected to have a material
impact on our financial position, results of operations or liquidity.

NOTE
4 – RELATED PARTY TRANSACTIONS

Due
from/to Chromocell Holdings

As
of June 30, 2025 and December 31, 2024, the Company had a $40,400 asset due from Chromocell Holdings. This amount is comprised
of expenses paid by the Company to be reimbursed by Chromocell Holdings. No interest is incurred on these amounts.

Related
Party Note

On
May 10, 2024, the Company and Camden Capital LLC, a company controlled by Mr. Knuettel, the Company’s Chief Financial
Officer, converted certain payables into a promissory note for $131,868. The note matures on December 15, 2024, or, if earlier
to occur, upon the closing of a public or private offering or other financing or capital-raising transaction of any kind. As of
June 30, 2025, the note was in default, though the Company has not received any notice from Mr. Knuettel. The note accrued interest
at the rate of 4.86% per annum through December 15, 2024 and 6.86% thereafter. As of June 30, 2025, the note had an outstanding
principal of $131,868 and accrued interest of $8,278.

Outstanding
Principal on Related Party Notes

    Note Payable – Related Party
     
    Outstanding
        
        Principal

    Unamortized
        
        Debt
Discount 

    Outstanding
        
        Principal,
        net of
         Debt
Discount

    Related Party Note
     
    $
    131,868

    $
    —

    $
    131,868

    Total As of June 30, 2025
     
    $
    131,868

    $
    —

    $
    131,868

    Note Payable – Related Party
     
    Outstanding
        
        Principal

    Unamortized
        
        Debt
Discount 

    Outstanding