Company: QTIWW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001844505-25-000038
Chunk: 248

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 248
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 repayment or conversion of the Yorkville Note issued to Yorkville. In connection with the issuance of the Lynrock Lake Term Loan, on February 26, 2025, the maturity date on the Related Party Working Capital Note Payable was extended to October 21, 2027.

On March 4, 2024, we assumed the $1,560,000 outstanding balance of the Extension Note from a related party and pursuant to the Business Combination Agreement. The Extension Note does not bear any interest and cannot be repaid prior to the repayment of the Pre-Paid Advance received from Yorkville. On November 12, 2024, the holder of the Extension Note entered into the Securities Purchase Agreement and surrendered the Extension Note on November 22, 2024 for cancellation in its entirety in exchange for the purchase of PIPE Shares and PIPE Warrants for the purchase of common stock with a purchase price of $1,560,000. On November 22, 2024, the Extension Note was cancelled in its entirety in exchange for the purchase of 2,671,232 shares of common stock at a purchase price of $0.584 per share and issuance of 2,671,232 of PIPE Warrants with exercise price of $0.672 per share. 

Cash Flows

The following table provides information regarding our cash flows for the periods presented:

For Year Ended December 31,20242023Net cash used in operating activities$(10,033,477)$(2,651,143)Net cash used in investing activities(87,790)(13,040)Net cash provided by financing activities11,128,685 2,373,793 Net increase (decrease) in cash and restricted cash and cash equivalents$1,007,418 $(290,390)

Net Cash Used In Operating Activities 

Net cash used in operating activities was $10,033,477 for the year ended December 31, 2024 as compared to $2,651,143 for the year ended December 31, 2023. The primary use of our cash was to fund research and development and general and administrative expenses. Net cash used for the year ended December 31, 2024 consisted of a net loss of $8,984,880, adjusted for non-cash expenses primarily including depreciation and amortization of $230,804, stock-based compensation of $289,795, fair value of common stock issued in exchange for services and in connection with non-redemption agreements of $3