Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 173

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 9C
Chunk 173
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 is a company owned
by Starwood Trust, a trust established by Mr. Williams, the Company’s founder and largest shareholder. For the year ended December 31, 2024 and December 31, 2023, the Company incurred
$0.37 million and $1.77 million, respectively, in expenses under the aircraft lease agreement. The aircraft lease was terminated in April
2024 and no other costs will be incurred under this agreement (See Note 5 Variable lease costs). 

    F-12

Telomir
                                            Pharmaceuticals, Inc.

notes
to the financial statements

DECEMBER
31, 2024 and  2023

Related
Party Rental Agreement- see Note 5 for Variable lease costs.

Note
5. Leases

The
Company’s former corporate headquarters was located in Baltimore, Maryland, which included a lease for office space. This lease
began in November 2022 and expired in April 2024. The lease was not renewed.

To
align with the accounting and administrative staff detailed below, the Company moved all remaining corporate
activities in April 2024 to the shared space in Tampa, Florida referenced below within variable lease costs. In September 2024, the
Company decided to no longer utilize the shared space and moved to a virtual office model and does not have a physical office space
as of December 31, 2024.

Variable
lease costs

Variable
lease costs primarily include utilities, property taxes, and other operating costs that are passed on from the lessor for the former
corporate headquarters in Baltimore, Maryland. Variable lease costs related to the usage of the MIRALOGX airplane include usage expenses,
which includes pilot expenses, jet fuel and general flight expenses that totaled to $0.32 million in 2024 and $1.3 million in 2023

Beginning
August 1, 2023, the Company’s accounting and administrative staff began sharing office space with a related party in Tampa, Florida.
During the year ended December 31, 2024, this variable least cost related to the Tampa, Florida space totaled $0.02 million.

The
components of lease expense were as follows:

 Schedule
of components of lease expenses

    2024  
    2023 

    Year
    ended December 31, 

    2024  
    2023 
  
    Lease Costs 

    Operating lease cost 

    Operating lease