Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 521

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 1A
Chunk 521
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31, 2024.

Variable
lease costs

Variable
lease costs primarily include utilities, property taxes, and other operating costs that are passed on from the lessor for the former
corporate headquarters in Baltimore, Maryland. Variable lease costs related to the usage of the MIRALOGX airplane include usage expenses,
which includes pilot expenses, jet fuel and general flight expenses that totaled to $0.32 million in 2024 and $1.3 million in 2023

Beginning
August 1, 2023, the Company’s accounting and administrative staff began sharing office space with a related party in Tampa, Florida.
During the year ended December 31, 2024, this variable least cost related to the Tampa, Florida space totaled $0.02 million.

The
components of lease expense were as follows:

 Schedule
of components of lease expenses

    2024  
    2023 

    Year
    ended December 31, 

    2024  
    2023 
  
    Lease Costs 

    Operating lease cost 

    Operating lease 
    $55,667  
    $14,869 
  
    Variable
    lease costs 
     336,656  
     1,778,884 
  
    Total lease cost 
    $392,323  
    $1,793,753 

Note
6. Stockholders’ equity

Capital
stock

The
Company has the authority to issue 400,000,000 shares of capital stock, consisting of 300,000,000 shares of Common Stock and 100,000,000
shares of undesignated preferred stock, whose rights and privileges will be defined by the Board of Directors when a series of preferred
stock is designated.

Reverse
Stock Split

Effective
December 11, 2023, the Company completed a reverse stock split of its outstanding common stock upon the filing of the Company’s
Second Amended and Restated Articles of Incorporation with the Florida Secretary of State. No fractional shares were or will be issued
in connection with the reverse stock split, and all such fractional shares resulting from the reverse stock split were and will be rounded
up to the nearest whole number. The shares issuable upon the exercise of our outstanding warrants, and the exercise price of such warrants,
have been adjusted to reflect the reverse stock split. Unless otherwise noted, all share and per share information in this Report retrospectively
reflects the reverse stock