Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 297

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 297
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 in the amount of $250,000 (principal) with an interest rate of 14.5% per annum due October 13, 2025, and warrants to purchase
100,382 shares of common stock at an exercise price of $1.40 per share. As of December 31, 2024, there was outstanding principal and
interest balances for these related party notes of $250,000 and $7,955, respectively. Under the fair value option, the senior convertible
note is $206,085 as of December 31, 2024.

On
September 4, 2024, the Company issued a $250,000 promissory note (the “Promissory Note”) to an officer of the Company for
$250,000. The Promissory Note accrues interest at 12% per annum and is repayable in 12 substantially equal installments over a period
of one year. During the year ended December 31, 2024 the Company incurred $8,692 in interest expense relating to this Promissory Note.
During the year ended December 31, 2024 the Company repaid principal and interest of $59,730 and $6,907, respectively.

Prior
to December 31, 2022, the Company entered into a series of loans, which were subsequently consolidated and amended, with an officer of
the Company and his spouse, resulting in the following two loans: (i) a single loan from the spouse of an officer of the Company, dated
December 1, 2020, with a principal balance of $0.4 million, bearing interest at the rate of 7.5% per annum; and (ii) a single loan owed
to an officer of the Company in the principal amount of $0.1 million, bearing interest at the rate of 7.5% per annum. The notes matured
on June 30, 2023 and were paid in full. During the year ended December 31, 2023, principal payments of $0.6 million and interest of $0.1
million were paid.

Note
5 - Convertible Notes

2024
Convertible Bridge Notes

During
October 2024, the Company completed a senior convertible note offering in two closings, as further described below.

On
October 14, 2024, the Company issued an aggregate of $600,000 (of an up to $1.3 million authorized