Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 402

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 1
Chunk 402
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million
from the Starwood Trust at any time up until September 24, 2026, the second anniversary of the note. The Company’s right to
borrow funds under the Starwood Note is subject to the absence of a material adverse change in its assets, operations, or prospects
The Starwood Note contains default provisions in which in the event of the Company misses payment, makes false representations,
fails to comply in any material respect to covenants, files for bankruptcy, or experiences a material adverse change in is assets or operations
than the Company is considered in default and the entire unpaid principal and accrued interest is due immediately. The Starwood Note, together with accrued interest, is to become due and payable on the second anniversary of the issuance of the
note, provides for prepayment at any time without penalty, and accrues simple interest at a rate equal 7%
per annum. As of December 31, 2024, the Company 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 (