Company: PTHS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001753926-25-000790
Chunk: 2

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 2
---
 Cash Used In Operating Activities

    (632,126
    )

    (1,991,893
    )

    CASH
    FLOWS FROM FINANCING ACTIVITIES:

    Proceeds
    from loan payable, net of debt discount

    250,000

    —

    Payment
    of bridge loan, net of debt discount

    —

    (214,757
    )

    Common
    stock issued for cash

    —

    5,972,000

    Recission
    of common stock

    —

    (91,512
    ) 

    Net
    Cash Provided By Financing Activities

    250,000

    5,665,731

    NET
    CHANGE IN CASH

    (382,126
    ) 

    3,673,838

    CASH
    AT BEGINNING OF YEAR

    513,443

    96,391

    CASH
    AT END OF YEAR
     
    $
    131,317

    $
    3,770,229

    Supplemental
    cash flow information:

    Cash
    paid for income taxes
     
    $
    —

    $
    —

    Cash
    paid for interest expense
     
    $
    11,250

    $
    —

    NONCASH
    INVESTING AND FINANCING ACTIVITIES:

    Debt
    discount from common stock issued for extension of bridge loan
     
    $
    —

    $
    447,779

    Conversion
    of notes to common stock
     
    $
    —

    $
    1,362,821

    Transfer
    of liabilities to Chromocell Corporation for Series C Preferred Stock
     
    $
    —

    $
    2,153,362

    Offering
    costs recorded to debt discount
     
    $
    26,875

    $
    —

The
accompanying notes are an integral part of these consolidated financial statements.

5

CHANNEL
THERAPEUTICS CORPORATION

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE
1 – ORGANIZATION AND NATURE OF BUSINESS

Company
Background

Channel
Therapeutics Corporation (“Channel” or the “Company”) was incorporated in Delaware on March 19, 2021.
On November 18, 2024 (“Reincorporation Mer