Company: QTIWW
Filing Date: 2025-11-03
Form Type: S-1
Source: 0001628280-25-048373
Chunk: 346

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-11-03
Form: S-1
Chunk 346
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check Protection Program (“PPP”). Original loan terms were revised by the PPP Flexibility Act of 2020. Under the terms of the PPP, up to 100% of the loan and related interest was forgivable if the proceeds were used for covered expenses and certain other requirements related to wage rates were met. For Loan 1, the Company applied for forgiveness on June 7, 2021, and received forgiveness of $ 873,151in principal and $ 9,823in interest from the Small Business Administration (“SBA”) on June 14, 2021. For Loan 2, the Company applied for forgiveness on November 9, 2021, and received forgiveness of $ 930,246in principal and $ 6,822in interest on November 15, 2021.

The remaining balance of Loan 1 of $ 285,115is payable in monthly installments of $ 6,400, including interest at 1%, beginning August 5, 2021, with the final payment due May 5, 2025. As of December 31, 2024, the total principal outstanding under Loan 1 was $ 31,920, all of which was current. As of December 31, 2023, the total principal outstanding under Loan 1 was $ 107,979, of which $ 76,058was current and $ 31,921was noncurrent.

The remaining balance of Loan 2 of $ 228,019is payable in monthly installments of $ 4,605, including interest at 1%, beginning December 27, 2021, with the final payment due February 27, 2026. As of December 31, 2024, the total principal outstanding under Loan 2 was $ 64,061, of which $ 54,864was current and $ 9,197was noncurrent. As of December 31, 2023, the total principal outstanding under Loan 2 was $ 118,369, of which $ 54,308was current and $ 64,061was noncurrent.

Interest expense for Loan 1 and Loan 2 for the years ended December 31, 2024 and 2023 was $ 1,695and $ 3,004, respectively.

The SBA may undertake a review of a loan of any size during the six-year period following forgiveness or repayment of the loan. The review may include the loan forgiveness application, as