Company: QTIWW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001844505-25-000053
Chunk: 27

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 of December 31, 2023 and before that date differ from those in prior year consolidated financial statements as they were retrospectively adjusted as a result of the accounting or the Business Combination (as defined in the Notes to Condensed Consolidated Financial Statements).

The accompanying notes are an integral part of these condensed consolidated financial statements.3

Table of ContentsQT IMAGING HOLDINGS, INC.Condensed Consolidated Statements of Cash Flows(Unaudited)

Three Months EndedMarch 31, 20252024Cash flows from operating activities:Net loss$(11,136,000)$(628,590)Adjustment to reconcile net loss to net cash used in operating activities:Depreciation and amortization37,630 98,873 Stock-based compensation100,716 38,984 Loss on issuance of the Lynrock Lake Term Loan6,640,384 — Debt extinguishment loss2,033,666 — Debt modification expense90,000 — Provision for credit losses— 1,290 Fair value of common stock issued in exchange for services and in connection with non-redemption agreements— 3,714,694 Loss on issuance of common stock in connection with a subscription agreement— 206,000 Non-cash interest476,916 298,605 Non-cash operating lease expense(8,777)(5,369)Change in fair value of warrant liability704,729 23,123 Change in fair value of derivative liability(101,300)(2,983,100)Change in fair value of earnout liability50,000 (2,610,000)Changes in operating assets and liabilities:Accounts receivable(2,715,285)(482,357)Inventory268,318 586,413 Prepaid expenses and other current assets(635,266)(879,508)Accounts payable60,685 (2,118,345)Accrued expenses and other current liabilities466,467 (1,319,572)Deferred revenue(4,722)(3,968)Other liabilities135,040 87,312 Net cash used in operating activities(3,536,799)(5,975,515)Cash flows from financing activities:Proceeds from issuance of common stock pursuant to subscription agreement— 500,000 Proceeds from long-term debt, net of issuance costs10,000,000 10,525,000 Repayment of long-term debt(4,647,802)(