Company: PTHS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001753926-25-000790
Chunk: 0

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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CHANNEL
THERAPEUTICS CORPORATION

CONSOLIDATED
BALANCE SHEETS

    March
    31, 2025

    December
    31, 2024

    (Unaudited)

    ASSETS

    CURRENT
    ASSETS

    Cash
     
    $
    131,317

    $
    513,443

    Prepaid
    expenses

    16,337

    65,300

    Due
    from Chromocell Corporation

    40,400

    40,400

    Deferred
    offering costs

    723,125

    750,000

    TOTAL
    CURRENT ASSETS

    911,179

    1,369,143

    TOTAL
    ASSETS
     
    $
    911,179

    $
    1,369,143

    LIABILITIES
    AND STOCKHOLDERS’ DEFICIT

    CURRENT
    LIABILITIES

    Accounts
    payable and accrued expenses
     
    $
    2,603,605

    $
    1,897,127

    Loan
    payable, net of debt discount

    2,371,540

    2,054,202

    Loan
    payable - related party, net of debt discount

    131,868

    131,868

    TOTAL
    CURRENT LIABILITIES

    5,107,013

    4,083,197

    TOTAL
    LIABILITIES

    5,107,013

    4,083,197

    COMMITMENTS
    AND CONTINGENCIES

    STOCKHOLDERS’
    DEFICIT

    Preferred
    stock Series A, $0.0001 par value, 700,000 shares authorized, no shares issued and outstanding as
    of March 31, 2025 and December 31, 2024, respectively

    —

    —

    Preferred
    stock Series C, $0.0001 par value, 5,000 shares authorized, 2,600 and 2,600 shares issued
    and outstanding as of March 31, 2025 and December 31, 2024, respectively

    —

    —

    Common
    stock, $0.0001 par value, 200,000,000