Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1495

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7A
Chunk 1495
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 or capital-raising
transaction of any kind. As of December 31, 2024, 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 December 31, 2024, the note had an outstanding principal of $131,868 and accrued interest of $4,242.

 Outstanding
Principal on Related Party Notes

 Schedule
of 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 December 31, 2024 
    $131,868  
    $—  
    $131,868 

    Note Payable – Related Party 
    Outstanding  Principal   
    Unamortized  Debt Discount  
    Outstanding  Principal, net of  Debt Discount 

    Director Note 
    $175,000  
    $—  
    $175,000 

    September and April Bridge financings 
     596,928  
     (21,846) 
     575,082 

    Total as of December 31, 2023 
    $771,928  
    $(21,846) 
    $750,082 

F-15 

NOTE
5 – NOTES PAYABLE

Investor
Note

On
February 4, 2022, the Company entered into a note payable for $450,000 (the “Investor Note”) with a third party.
This Investor Note had an original issuance discount of $150,000, representing an implicit interest rate of 50%, a maturity
date of February 3, 2023, and accrues no interest beyond the original issuance discount. During the year ended December 31,
2024, the Company issued 81,112 shares of common stock to extend the maturity date of the note, resulting in an additional debt
discount of $447,379. The Company recognized $581,055 and $309,094, respectively, of amortization of debt discount included
in