Company: QTIWW
Filing Date: 2025-11-03
Form Type: S-1
Source: 0001628280-25-048373
Chunk: 348

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-11-03
Form: S-1
Chunk 348
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 considered extinguished. In November 2023, the Company recorded $ 376,086as a loss on extinguishment in other expense, net in the consolidated statements of operations and comprehensive loss, and includes a commission paid of $ 20,000, remaining unamortized debt issuance costs on the Note of $ 32,828and the fair value of warrants to purchase 5,440shares of common stock of $ 156,505.

As of December 31, 2024, there was noamount outstanding for the Note and US Capital Note. As of December 31, 2023, the total Note and US Capital Note balance was $ 3,294,659net of unamortized debt issuance costs of $ 36,194, and accrued interest of $ 50,037. Interest expense, including amortization of debt issuance costs, for the years ended December 31, 2024 and 2023 was $ 88,692and $ 340,758, respectively.

On March 4, 2024, the Note principal and related accrued interest balance of $ 3,233,388and the US Capital Note principal balance of $ 200,000was converted into 119,756and 33,334shares of common stock, respectively. Additionally, warrants to purchase 5,440shares of the Company's common stock were net settled into 1,865shares of common stock.

Bridge Loan

In November 2023, the Company entered into a Securities Purchase Agreement and raised a private secured convertible bridge financing in the aggregate amount of $ 1,000,000(“Bridge Loan”) from fiveinvestors (“Bridge Lenders”). Each Bridge Loan of $ 200,000bore nointerest but had a cash option value at the date of maturity of 120%, or $ 240,000, of the Bridge Loan at each Bridge Lender’s option. The maturity date was the closing date of the Business Combination as defined in Note 1. The Bridge Loan conversion price was at $ 6.00per share on a post-business combination. On March 4, 2024, fourof the fiveBridge Loan holders elected the cash option and were paid an aggregate of $ 960,000on the Merger Date. Interest expense related to the payment premium was $ 160,000for the year ended December 31, 2024.

As of December 31, 2024, there was noamount outstanding for the Bridge