Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 738

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 2
Chunk 738
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, 2024 and  2023

Bay
Shore Trust Line of Credit

On
June 15, 2023, the Company entered into a Promissory Note and Loan Agreement with the Bay Shore Trust, a trust established by the Company’s
founder, Jonnie R. Williams, Sr., and under which various of his family members are beneficiaries. Under this Promissory Note and Loan
Agreement (the “Bay Shore Note”), the Company had the right to borrow up to an aggregate of $5 million from the Bay Shore
Trust at any time up to the second anniversary of the issuance of the Bay Shore Note or, if earlier, upon the completion of the Company’s
IPO. As of December 31, 2024, the line of credit is no longer available as the IPO was completed in February 2024.

In
consideration of the loan facility provided by the Bay Shore Trust, the Company issued to the Bay Shore Trust a Common Stock purchase
warrant on June 15, 2023 giving the Bay Shore Trust the right to purchase up to 2,439,025 shares of Common Stock at an exercise price
of $3.73 per share (See Note 6).

During
the year ended December 31, 2023, the Company received $1.5
million in advances from a line of credit from
Bay Shore Trust. On November 30, 2023, $1.4
million was converted into 674,637
shares of our Common Stock (after giving effect
to our 1-for-2.05
reverse stock split that occurred on December
11, 2023) at a conversion rate of $2.05
per share resulting in a loss on the conversion
of debt of $3.3
million, with $0.1
million outstanding as of December 31, 2023.
As of December 31, 2024, the line of credit has been paid in full and is no longer outstanding.

Starwood
Trust Line of Credit and Stock Purchase Agreement

On
September 24, 2024 the Company entered into an unsecured Promissory Note and Loan Agreement (“the Starwood Note”) with
the Starwood Trust, a separate related party trust established by the Company’s founder, Jonnie R. Williams, Sr. who is the
sole owner of Bay Shore Trust as well as our largest shareholder, and under which various of his family members