Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1273

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 6
Chunk 1273
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 Outstanding
Principal on Related Party Notes

    Note Payable – Related Party 
    Outstanding  Principal  
    Unamortized  Debt Discount  
    Outstanding  Principal, net of  Debt Discount 

    Related Party Note 
    $131,868  
    $—  
    $131,868 

    Total as of December 31, 2024 
    $131,868  
    $—  
    $131,868 

    Note Payable – Related Party 
    Outstanding  Principal   
    Unamortized  Debt Discount  
    Outstanding  Principal, net of  Debt Discount 

    Director Note 
    $175,000  
    $—  
    $175,000 

    September and April Bridge financings 
     596,928  
     (21,846) 
     575,082 

    Total as of December 31, 2023 
    $771,928  
    $(21,846) 
    $750,082 

F-15 

NOTE
5 – NOTES PAYABLE

Investor
Note

On
February 4, 2022, the Company entered into a note payable for $450,000 (the “Investor Note”) with a third party.
This Investor Note had an original issuance discount of $150,000, representing an implicit interest rate of 50%, a maturity
date of February 3, 2023, and accrues no interest beyond the original issuance discount. During the year ended December 31,
2024, the Company issued 81,112 shares of common stock to extend the maturity date of the note, resulting in an additional debt
discount of $447,379. The Company recognized $581,055 and $309,094, respectively, of amortization of debt discount included
in interest expense on the statement of operations for the years ended December 31, 2024 and 2023 related to the Investor Note.
As of December 31, 2024, the debt discount associated with this Investor Note was fully amortized.

On
February 27, 2023, the Investor Note was amended. The maturity date was extended from its original due date of February 3,
2023 to May 15, 2023, in return for the Company agreeing to pay 2% per month in accrued interest and the third party agreeing
to settle its outstanding