Company: QTIWW
Filing Date: 2025-12-29
Form Type: S-1/A
Source: 0001628280-25-058960
Chunk: 441

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-12-29
Form: S-1/A
Chunk 441
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 tax effects.

#### 14.

#### Related Party Transactions
Convertible Notes Payable

In July 2020, the Company issued threeconvertible notes to threeof its stockholders for advances up to $ 3,500,000in principal (the “2020 Notes”) and bearing annual interest of 5% on any amounts drawn. An additional note was issued in March 2022 as part of the 2020 Notes, but with an annual interest rate of 8%. All principal and interest payments were initially due on or before July 1, 2025. In connection with the issuance of the Lynrock Lake Term Loan, on February 26, 2025, the maturity date on these convertible notes payable was extended to October 21, 2027.

The 2020 Notes are convertible, at the holder’s option, into shares of common stock of the Company at the lower of $ 43.77per share or the offering price in a financing of at least $ 5,000,000in equity from unaffiliated parties. As of September 30, 2025, an aggregate o f 88,402 s hares of common stock would be issued if the entire principal and interest under the 2020 Notes was converted. Management assessed whether the embedded features in the 2020 Notes should have been bifurcated from the debt host and concluded that none of the features were required to be accounted for separately from the debt instruments.

As of September 30, 2025 and December 31, 2024, the outstanding amount of the 2020 Notes was $ 3,190,112and $ 3,143,725, and accrued interest was $ 679,215and $ 550,430, respectively. Interest expense for the three months ended September 30, 2025 and 2024, was $ 43,400and $ 43,400, respectively. Interest expense for the nine months ended September 30, 2025 and 2024, was $ 128,786and $ 129,257, respectively.

Working Capital Loan

On May 3, 2023, the Company issued a promissory note (the “Working Capital Note”) to a stockholder for a principal amount of $ 250,000. The Working Capital Note was subsequently amended and restated sixtimes on June 12, 2023 to add an additional principal amount of $ 100,000, August 15, 202