Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 536

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 1B
Chunk 536
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 any time up to
the second anniversary of the issuance of the Bay Shore Note or, if earlier, upon the completion of our IPO. Our right to borrow funds
under the Bay Shore Note is subject to the absence of a material adverse change in its assets, operations, or prospects. The Bay Share
Note, together with accrued interest, will become due and payable on the second anniversary of the issuance of the note, provided that
it may be prepaid at any time without penalty. The Bay Shore Note will accrue interest at a rate equal to 7% per annum, simple interest,
during the first year that the note is outstanding and 10% per annum, simple interest, thereafter. The Bay Shore Note is unsecured. As
of November 30, 2023, the total amount outstanding under the Bay Shore Note was $1.4 million. The total amount outstanding was converted
into 674,637 shares of our common stock on November 30, 2023 at a conversion rate of $2.05 per share (after giving effect to our 1-for-2.05
reverse stock split that occurred on December 11, 2023) pursuant to a conversion agreement. As of February 9, 2024, the agreement has
been terminated.

Since
January 1, 2023, MIRALOGX, an intellectual property development and holding company owned by Bay Shore Trust, and The Starwood Trust,
a separate trust established by our founder, have advanced funds on behalf of Bay Shore Trust to our company in order to fund operating
activities. The total amount advanced and outstanding as of November 30, 2023, was $1.7 million. These advances were converted into 837,841
shares of our common stock on November 30, 2023 at a conversion rate of $2.05 per share (after giving effect to our 1-for-2.05 reverse
stock split that occurred on December 11, 2023) pursuant to a conversion agreement. The total amount advanced and outstanding as of December
31, 2024 was $0.06 million.

We
have incurred significant losses and negative cash flows from operations since inception and expect to incur additional losses until
such time that we can generate significant revenue and profit. We had negative cash flow from operations of approximately $5.1 million
for the year ended December 31, 2024 and an accumulated deficit of approximately $30.6 million as of December