Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 593

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 1B
Chunk 593
---
 has not borrowed any amounts under the Starwood Note.

Further,
on December 9, 2024, Starwood Trust entered into a stock purchase agreement with the Company to purchase 142,857 shares of unregistered
common stock at $7 a share for a total of $1.0 million in proceeds to the Company.

License
agreement - See Note 3.

Related
Party Travel Costs

On
April 1, 2023 the Company entered into an Agreement For Shared Lease Costs (the “Shared Agreement”) with MIRALOGX, LLC, a
related party under which we have agreed to pay our pro rata share of the operating usage costs owing by MIRALOGX under an aircraft lease
agreement between MIRALOGX and Supera Aviation I LLC (“Supera Aviation”) based on our usage of the leased aircraft each month.
No amounts are payable by the Company under this agreement unless and to the extent the Company chooses to utilize the leased aircraft,
and the Company may discontinue the use of the aircraft and terminate this agreement at any time. Supera Aviation 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,