Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 2237

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 12
Chunk 2237
---
     — 

    Shares issued for cash under equity line of credit 
     82,620  
     — 

    Net Cash Provided By Financing Activities 
     6,209,535  
     1,022,348 

    NET INCREASE IN CASH 
     417,052  
     41,317 

    CASH AT BEGINNING OF YEAR 
     96,391  
     55,074 

    CASH AT END OF YEAR 
    $513,443  
    $96,391 

    Supplemental cash flow information: 

    Cash paid for income taxes 
    $—  
    $— 

    Cash paid for interest expense 
    $—  
    $— 

    NONCASH INVESTING AND FINANCING ACTIVITIES: 

    Shares forfeited 
    $   
    $13 

    Debt discount from common stock issued for extension of bridge loan 
    $447,779  
    $428,400 

    Conversion of notes to common stock 
    $1,362,821  
    $— 

    Transfer of liabilities to Chromocell Corp for Series C Preferred Stock 
    $2,153,362  
    $— 

    Accounts payable and accrued expenses converted to loans payable 
    $1,455,416  
    $— 

    Accounts payable and accrued expenses converted to loans payable - related party 
    $131,868  
    $— 

    Shares issued for payment of accounts payable 
    $7,339  
    $— 

    Shares issued for payment of accrued interest 
    $3,344  
    $— 

    Shares issued for payment of principal on loan payable 
    $23,788  
    $— 

The
accompanying notes are an integral part of these consolidated financial statements.

F-6 

CHANNEL
THERAPEUTICS CORP

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE
1 – ORGANIZATION AND NATURE OF BUSINESS

Company
Background

Channel
Therapeutics Corporation (“Channel” or the “Company”) was incorporated in the State of Delaware on
March 19, 2021. On August 10, 2022, the Company entered into that certain Contribution Agreement (the “Contribution Agreement”)
with Chromocell Corporation