Company: PTHS
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001753926-25-000790
Chunk: 11

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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on December 15, 2024, or, if earlier to occur, upon the closing of a public or private offering or other financing or capital-raising
transaction of any kind. As of March 31, 2025, the note was in default, though the Company has not received any notice from Mr.
Knuettel. The note accrued interest at the rate of 4.86% per annum through December 15, 2024 and 6.86% thereafter. As of
March 31, 2025, the note had an outstanding principal of $131,868 and accrued interest of $6,472.

    10

Outstanding
Principal on Related Party Notes

    Note
    Payable – Related Party
     
    Outstanding
        Principal

    Unamortized
        Debt
Discount

    Outstanding
        Principal,
net of
        Debt
Discount

    Related
    Party Note
     
    $
    131,868

    $
    —

    $
    131,868

    Total
    As of March 31, 2025
     
    $
    131,868

    $
    —

    $
    131,868

    Note
    Payable – Related Party
     
    Outstanding
        Principal

    Unamortized
        Debt
Discount

    Outstanding
        Principal,
net of
        Debt
Discount

    Related
    Party Note
     
    $
    131,868

    $
    —

    $
    131,868

    Total
    As of December 31, 2024
     
    $
    131,868

    $
    —

    $
    131,868

NOTE
5 – NOTES PAYABLE

May
Promissory Note

On
May 10, 2024, the Company converted accounts payable with a professional advisor into a promissory note in the amount of $1,455,416.
The note matures on December 15, 2024 or, if earlier to occur, upon the closing of a public or private offering or other financing
or capital-raising transaction of any kind. As of March 31, 2025, the note was in default, though the Company has not received
any notice from the professional advisor. The note accrued interest at the rate of 4.86% per annum through December 15, 2024 and
6.