Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 92

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 2024 (in thousands):

 Schedule of Accrued Expenses and Other Current Liabilities

    As
                                            of  June
                                            30, 2025  
    As
                                            of  December
                                            31, 2024 
  
    Accrued
    professional fees 
    $334  
    $242 
  
    Accrued
    board of director fees 
     -  
     101 
  
    Accrued
    research & development costs 
     248  
     280 
  
    Accrued
    payroll 
     9  
     51 
  
    Accrued
    legal contingency 
     426  
     389 
  
    Accrued
    interest 
     -  
     383 
  
    Accrued
    commission payable 
     -  
     107 
  
    HMRC
    payable 
     63  
     396 
  
    Other 
     60  
     14 
  
    Total
    accrued expenses and other current liabilities 
    $1,140  
    $1,963 

4.
Convertible Notes Payable

Convertible
Promissory Note Payable

During
March 2023, the Company issued a convertible promissory note payable (the “Convertible Promissory Note Payable”) with an
aggregate principal amount of $0.8 million
to a non-related third party. The
Convertible Promissory Note Payable had a maturity date of 18 months from the date of issuance and carries interest at a rate of 20% annually, which is payable every six (6) months from the date of the note until the maturity date.

On
March 6, 2025, the Company reached a Settlement Agreement (the “Settlement Agreement”) with the loan holder to pay
$0.7
million in order to settle the Convertible Promissory Note Payable in full. The Company repaid the loan holder the settlement amount
of $0.7
million on March 13, 2025. The Settlement Agreement and subsequent repayment was treated as a debt extinguishment under ASC
470-50. During the three and six months ended June 30, 2025, the Company recorded a gain on debt extinguishment of $0.1
million, calculated as the difference between (i) the $0.8
million carrying value of the