Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 1235

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 1235
---
 not include any adjustments to reflect the future effects on the recoverability and
classification of assets or the amounts and classification of liabilities if the Company is unable to continue as a going concern.

    F-7

Note
2 – Summary of Significant Accounting Policies

Basis
of Presentation

These
consolidated financial statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities
and Exchange Commission (“SEC”). The consolidated financial statements and disclosures have been prepared using the accrual
basis of accounting in accordance with U.S. generally accepted accounting principles (“GAAP”).

Reverse
Stock Split

On
August 13, 2024, in order to meet Nasdaq’s minimum bid price requirement of $1.00 per share (the “Minimum Bid Price Requirement”),
the Company effectuated a 1-for-8 reverse stock split of its issued and outstanding common stock, rounding up to account for any fractional
shares (the “Reverse Stock Split”). The Reverse Stock Split had no effect on the Company’s authorized shares of common
stock or preferred stock and the par value will remain unchanged at $0.00001, respectively. All common stock share, option, warrant and
per share amounts (except our authorized but unissued shares and previously reserved shares) have been retroactively adjusted in these
consolidated financial statements and related disclosures.

Basis
of Consolidation

The
consolidated financial statements have been prepared on a consolidated basis with those of the Company’s wholly-owned subsidiaries,
Shuttle Pharmaceuticals, Inc. and Shuttle Diagnostics, Inc. All intercompany transactions and balances have been eliminated.

Use
of Estimates

The
preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and
assumptions. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that
it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values
of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results
experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences
between the estimates and the actual results, future results of operations will