Company: QTIWW
Filing Date: 2025-01-31
Form Type: S-1/A
Source: 0001628280-25-003316
Chunk: 426

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-01-31
Form: S-1/A
Chunk 426
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 of at least $ 5,000,000in equity from unaffiliated parties. As of September 30, 2024, an aggregate o f 250,224s hares 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 September 30, 2024 and December 31, 2023, the outstanding amount of the 2020 Notes was $ 3,143,725and accrued interest of $ 507,029and $ 377,772, respectively. Interest expense for the three months ended September 30, 2024 and 2023, was $ 43,400and $ 45,921, respectively. Interest expen se for the nine months ended September 30, 2024 and 2023, was $ 129,257and $ 136,265, 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 September 30, 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 date on which the Company consummated the Business Combination with GigCapital5; (ii) the date the Company winds up; or (iii