Company: CDT
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024140
Chunk: 28

Company: CDT Equity Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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£30,000);
and (iii) $28,000
(£25,000).
The Loans provided for events of default, including, among others, failure to make payment, bankruptcy and non-compliance with the terms
of the Loans. As of December 31, 2024, the Company utilized all three tranches of the first loan and two out of three tranches of the
second loan, with loans payable totaling $0.2
million.

On
October 9, 2024, the Company and holders of the Loans amended the loan agreements (the “Loans Amendment”) to extend the maturity
date for the Loans to December 19, 2024. The Loans Amendment also modified the payment terms for the Loans from a cash payment of £85,000
per loan to (1) a cash payment of £60,000, (2) £25,000 worth of shares of Common Stock converted into USD at the prevailing
exchange rate, to be issued at the closing market price on the date prior to issuance, and in consideration for the extension, and (3)
167 additional shares of Common stock. On October 11, 2024, the Company issued each of the Loan holders 379 shares (758 shares in total).

    17

The
Company repaid the lenders the outstanding principal balance of $0.1 million in February 2025, in which no obligations remain under the
terms of the Loans. No interest expense was recorded for each of the three and six months ended June 30, 2025.

October
2024 Nirland Note

On
October 28, 2024, the Company issued a promissory note (the “October 2024 Nirland Note”) to Nirland, a related party, in
the original principal amount of $0.6 million in exchange for funds in such amount. See Note 15 for further reference to the relationship
between the Company and Nirland. The October 2024 Nirland Note bore interest at a rate of 12% per annum, was due and payable semi-annually
in arrears, and was scheduled to mature on October 31, 2025. If an event of default under and as defined in the October 2024 Nirland
Note occurs, the interest rate would be increased to 18% per annum or to the maximum rate permitted by law. In connection with
the October 2024 Nirland Note, the Company has agreed