Company: QTIWW
Filing Date: 2025-12-29
Form Type: S-1/A
Source: 0001628280-25-058960
Chunk: 373

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-12-29
Form: S-1/A
Chunk 373
---
the “2020 Notes”) and bearing annual interest of 5% on any amounts drawn. An additional note was issued in March 2022 as part of the 2020 Notes, but with an annual interest rate of 8%. All principal and interest payments are due on or before July 1, 2025. The 2020 Notes are convertible, at the holder’s option, into shares of common stock of the Company at the lower of $ 43.77per share or the offering price in a financing of at least $ 5,000,000in equity from unaffiliated parties. As of December 31, 2024, an aggregate of 84,400shares of common stock would be issued if the entire principal and interest under the 2020 Notes was converted. Management assessed whether the embedded features in the 2020 Notes should have been bifurcated from the debt host and concluded that none of the features were required to be accounted for separately from the debt instruments.

As of December 31, 2024 and 2023, the outstanding amount of the 2020 Notes was $ 3,143,725and accrued interest of $ 550,430and $ 377,772, respectively.

Working Capital Loan and Extension Note

On May 3, 2023, the Company issued a promissory note (the “Working Capital Note”) to a stockholder for a principal amount of $ 250,000. The Working Capital Note was subsequently amended and restated sixtimes on June 12, 2023 to add an additional principal amount of $ 100,000, August 15, 2023 to add an additional principal amount of $ 75,000, August 29, 2023 to add an additional principal amount of $ 100,000, September 12, 2023 to add an additional principal amount of $ 75,000, September 15, 2023 to add an additional principal amount of $ 50,000, and October 26, 2023 to add an additional principal amount of $ 55,000, for an aggregate principal amount outstanding as of December 31, 2024 under the Working Capital Note of $ 705,000. The Working Capital Note was issued to provide the Company with additional working capital during the period prior to consummation of the Business Combination Agreement with GigCapital5. The Working Capital Note is interest-free and originally matured on the earlier of (i) the