Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 521

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1C
Chunk 521
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 the Company incurred $8,692 in interest expense relating to this Promissory Note.
During the year ended December 31, 2024 the Company repaid principal and interest of $59,730 and $6,907, respectively.

Prior
to December 31, 2022, the Company entered into a series of loans, which were subsequently consolidated and amended, with an officer of
the Company and his spouse, resulting in the following two loans: (i) a single loan from the spouse of an officer of the Company, dated
December 1, 2020, with a principal balance of $0.4 million, bearing interest at the rate of 7.5% per annum; and (ii) a single loan owed
to an officer of the Company in the principal amount of $0.1 million, bearing interest at the rate of 7.5% per annum. The notes matured
on June 30, 2023 and were paid in full. During the year ended December 31, 2023, principal payments of $0.6 million and interest of $0.1
million were paid.

Note
5 - Convertible Notes

2024
Convertible Bridge Notes

During
October 2024, the Company completed a senior convertible note offering in two closings, as further described below.

On
October 14, 2024, the Company issued an aggregate of $600,000 (of an up to $1.3 million authorized financing) senior secured convertible
notes due in October 2025, which accrue interest at 14.5% interest per year. The notes include a 5% original issue discount and the Company
received $570,000 in proceeds. The notes are convertible beginning three months after the date of issuance, and the conversion price
will be the lower of a 15% discount to (i) the 5-day volume-weighted average price (“VWAP”) immediately prior to Closing
or (ii) the price of any offering entered into by the Company during the term of the notes. The Company has the option to prepay the
notes at any time for 107% of total outstanding balance and any outstanding principal will be paid in conversion of shares of common
stock at the end of the term, subject to the Company’s exercise of the optional prepayment right. Any accrued interest will be
repaid quarterly in cash. The Company also issued warrants to the lenders to purchase an aggregate 240