Company: QTIWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001844505-25-000083
Chunk: 54

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 54
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less exercise the Lynrock Lake Warrant. The Lynrock Lake Warrant is also subject to anti-dilution adjustments to the exercise price and the number of shares which may be purchased upon exercise of the Lynrock Lake Warrant in the event that the Company issues shares of common stock (or derivative securities) at a price that is either less than the $0.40 exercise price or the fair market value of a share of common stock from the immediately prior trading day. The fair value of the Lynrock Warrant at issuance amounted to $16,496,084. Upon issuance of the Lynrock Lake Term Loan, the Company recorded a loss of $6,640,384, including debt issuance costs of $244,300, in other income (expense), net within the condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2025. As of June 30, 2025, the outstanding amount of the Lynrock Lake Term Loan was $71,601, net of the unamortized debt discount of $10,028,399, and accrued interest of $350,229. Interest expense, including amortization of debt issuance costs, for the three months ended June 30, 2025 and 2024 was $328,550 and $0, respectively. Interest expense, including amortization of debt issuance costs, for the six months ended June 30, 2025 and 2024 was $421,830 and $0, respectively.Future principal payments on the long-term debt as of June 30, 2025 are as follows:Year ending December 31:2025 (remaining)$27,501 20269,197 202710,100,000 Total payments10,136,698 Less: Unamortized debt issuance costs(10,028,399)Less: Current maturities of long-term debt(36,698)Long-term debt$71,601 

8.    Leases

The Company leases its operating facilities in Novato, California, under a non-cancelable operating lease through May 31, 2027. There are no options or rights to extend the term of this lease.The following table reflects the Company’s ROU assets and lease liabilities as of June 30, 2025 and December 31, 2024:June 30, 2025December 31, 2024Assets:Operating lease ROU assets, net$758,099 $935,246