Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q/A
Source: 0001641172-25-024123
Chunk: 30

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q/A
Chunk 30
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. Convertible Note and interest expense of approximately $ 0.1million. As of March 31, 2025, there was approximately $ 5.5million in outstanding principal and interest remaining

6. Loans Payable

Loans

On May 1, 2022, the Company entered into Loan Agreements (the “Loans”) with two lenders, totaling $ 0.2million. The Loans mature two years from the date of the agreement and bear no interest.Each loan was made available to the Company by the lenders in three tranches of (i) $ 33,000(£ 30,000); (ii) $ 33,000(£ 30,000) and (iii) $ 28,000(£ 25,000), totaling $ 0.2million. The Loans provided for events of default, including, among others, failure to make payment, bankruptcy and non-compliance with the terms of the Loans. As of December 31, 2024, the Company utilized all three tranches of the first loan and two out of three tranches of the second loan, with loans payable totaling $ 0.2million.

On October 9, 2024, the Company and holders of the Loans amended the loan agreements (the “Loans Amendment”) to extend the maturity date for the Loans to December 19, 2024. The Loans Amendment also modified the payment terms for the Loans from a cash payment of £ 85,000per loan to (1) a cash payment of £ 60,000, (2) £ 25,000worth of shares of Common Stock converted into USD at the prevailing exchange rate, to be issued at the closing market price on the date prior to issuance, and in consideration for the extension, and (3) 2,500additional shares of Common stock. On October 11, 2024, the Company issued each of the Loan holders 5,690shares ( 11,380in total).

The Company repaid the lenders the outstanding principal balance of $ 0.1million in February 2025, in which no obligations remain under the terms of the Loans. Nointerest expense was recorded for each of the three months ended March 31, 2025 and March 31, 2024.

October 2024 Nirland Note

On October 28, 2024, the Company issued a promissory note (the “October 2024