Company: SHPH
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001493152-25-002253
Chunk: 183

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-01-15
Form: S-1
Chunk 183
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 Alto Note until the Alto Note’s March 11, 2025 maturity date; and (iii) Alto would grant a waiver of any default Section 4(a)(xvi) of the Note related to the restatement and reaudit of the Company’s financial statements for the years ended December 31, 2022 and 2023. The amendment was accounted for as a troubled debt restructuring as the Company determined it was experiencing financial difficulties and was provided a concession through the deferral of one monthly principal and interest payment. As the future undiscounted cash flows exceeded the carrying value of the Alto Convertible Note, the Company did not recognize any gain or loss associated with the troubled debt restructuring.

During the three and nine months ended September 30, 2024, the Company recorded interest expense of $ 270,538and $ 1,198,738, respectively, which included amortization of debt discount as interest expense of $ 247,430and $ 1,079,444, respectively. During the three and nine months ended September 30, 2024, the Company settled $ 1,172,850and $ 1,408,050of principal, and $ 35,888and $ 54,670of accrued interest, which settlements were made in the form of 719,148and 797,345shares of common stock. During the three months ended September 30, 2024, the Company also paid $ 345,139of principal and $ 22,724of accrued interest for a total of $ 367,863. During the nine months ended September 30, 2024, the Company paid $ 846,806of principal and $ 79,682of accrued interest for a total of $ 926,488. In relation to the settlements described above, the Company recognized a loss on settlement of convertible debt of $ 762,186and $ 833,501for the three and nine months ended September 30, 2024.

During the three and nine months ended September 30, 2023, the Company recorded interest expense of $ 623,465and $ 1,952,147respectively, which included amortization of debt discount as interest expense of $ 538,302and $ 1,550,479respectively. During the three and nine months ended September 30, 2023, the Company settled $ 331,800and $ 1,925,700of principal, respectively, and settled $