Company: QTIWW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001844505-25-000053
Chunk: 83

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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 GigCapital5, Inc.; (ii) the date we wind up; or (iii) December 31, 2023. On March 4, 2024, the Working Capital Note was 

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agreed to be amended and subordinated pursuant to and in accordance with the terms of the Business Combination Agreement. Effective on the closing of the Business Combination, the Working Capital Note cannot be repaid prior to the repayment or conversion of the Yorkville Note issued to Yorkville. In connection with the issuance of the Lynrock Lake Term Loan, on February 26, 2025, the maturity date on the Working Capital Note was extended to October 1, 2027.

Cash Flows

The following table provides information regarding our cash flows for the periods presented:

 For Three Months EndedMarch 31,20252024Net cash used in operating activities$(3,536,799)$(5,975,515)Net cash provided by financing activities5,352,198 11,431,060 Net increase in cash and restricted cash and cash equivalents$1,815,399 $5,455,545 

Net Cash Used In Operating Activities

Net cash used in operating activities was $3,536,799 for the three months ended March 31, 2025 as compared to $5,975,515 for the three months ended March 31, 2024. The primary use of our cash was to fund research and development and general and administrative expenses. Net cash used for the three months ended March 31, 2025 consisted of a net loss of $11,136,000, adjusted for non-cash expenses primarily including depreciation and amortization of $37,630, stock-based compensation of $100,716, loss on issuance of the Lynrock Lake Term Loan of $6,640,384, debt extinguishment loss of $2,033,666, debt modification expense of $90,000, non-cash interest of $476,916, increase in fair value of warrant liability of $704,729, decrease in fair value of derivative liability of $101,300, increase in fair value of earnout liability of $50,000, and the net change in operating assets and liabilities of $2,424,763. The net change in operating assets and liabilities was primarily due an increase accounts receivable of $2,715,285 and an increase in prepaid expenses and other current assets of $635,266, partially offset by an increase in accounts