Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 527

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1C
Chunk 527
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11, 2025 maturity date;
and (iii) Alto would grant a waiver of any default Section 4(a)(xvi) of the Note related to the restatement and reaudit of the Company’s
financial statements for the years ended December 31, 2022 and 2023. The amendment was accounted for as a troubled debt restructuring
as the Company determined it was experiencing financial difficulties and was provided a concession through the deferral of one monthly
principal and interest payment. As the future undiscounted cash flows exceeded the carrying value of the Alto Convertible Note, the Company
did not recognize any gain or loss associated with the troubled debt restructuring.

During
the year ended December 31, 2024, the Company recorded interest expense of $1.2 million, which included amortization of debt discount
of $1.1 million. During the year ended December 31, 2024, the Company settled $1.4 million of principal and settled $0.1 million of accrued
interest, which settlements were made in the form of 797,345 shares of common stock. During the year ended December 31, 2024, the Company
paid $0.8 million of principal and $0.1 million of accrued interest for a total of $0.9 million. In relation to the settlements described
above, the convertible debt was settled by September 30, 2024 and the Company recognized a loss on settlement of convertible debt of
$0.8 million.

During
the year ended December 31, 2023, the Company recorded interest expense of $2.5 million, which included amortization of debt discount
of $2.1 million. During the year ended December 31, 2023, the Company settled $1.9 million of principal and settled $0.3 million of accrued
interest, which settlements were made in the form of 297,625 shares of common stock.

    F-20

Note
6 - Stockholders’ Equity

Common
Stock

During
the year ended December 31, 2024, the Company issued:

    ●
    797,345
    shares of common stock to settle $1.9 million of principal and $0.3 million of interest on a Convertible Note and incurred $0.8 of
    loss on settlement (see Note 5).

    ●
    395,574
    shares of common stock as part of a public offering.