Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1684

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9
Chunk 1684
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.7 million, after
deducting the underwriting discounts and commissions and offering expenses, and it is likely
the Company will need to raise additional funds through either strategic partnerships or the capital markets. However, there is
no assurance that the Company will be able to raise such additional funds on acceptable terms, if at all. If the Company raises
additional funds by issuing securities, existing stockholders may be diluted.

The
consolidated financial
statements included in this report do not include any adjustments to reflect the possible future effects on the recoverability
and classification of assets or the amounts and classification of liabilities that may result from the matters discussed herein.
While the Company believes in the viability of the Company’s strategy to generate sufficient revenue, control costs, and
raise additional funds, when necessary, there can be no assurances to that effect. The Company’s ability to continue as
a going concern is dependent upon the ability to implement the business plan, generate sufficient revenues, raise capital, and
to control operating expenses.

NOTE
3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
accompanying audited financial statement has been prepared in accordance with accounting principles generally accepted in the
United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. 

Revision
of previously issued financial statements

During the course of preparing the Company’s Annual Report on Form 10-K for the year ended
December 31, 2024, the Company identified a misstatement in the prior year financial statements. This misstatement related to the
reporting an incorrect number of shares of Common Stock issued for cash in the Company’s consolidated statement of changes
in stockholders’ deficit. This led to an incorrect amount of total common shares outstanding on the Company’s consolidated
statement of changes in stockholders’ deficit and on the Company’s consolidated balance sheet. On the Company’s
consolidated balance sheet as of December 31, 2023, the Company disclosed shares of Common Stock issued and outstanding of 3,914,338.
This amount of shares has been revised to 3,906,300, a change of 8,038 shares. On the Company’s consolidated statement of
changes in stockholders’ deficit for the year ended December 31, 2023, the Company disclosed shares of Common Stock issued
for cash of 2,533,853. This amount of shares has been revised to 2,