Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 28

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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5.5 million in outstanding principal and interest remaining

5.
Loans Payable

Loans

On
May 1, 2022, the Company entered into Loan Agreements (the “Loans”) with two lenders, totaling $0.2 million. 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
$0.2 million. 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 $0.2 million.

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
£85,000 per loan to (1) a cash payment of £60,000, (2) £25,000 worth 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) 2,500 additional shares of Common stock. On October 11, 2024, the Company issued each of the Loan
holders 5,690 shares (11,380 in total).

The
Company repaid the lenders the outstanding principal balance of $0.1
million in February 2025, in which no obligations remain under the terms of the Loans. No
interest 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 Nirland Note”) to Nirland, a related party, in
the original principal amount of $0.6 million