Company: QTIWW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001844505-25-000038
Chunk: 316

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 316
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878,665 $40,355 Less:Cost of revenue2,238,820 134,988 Research and development13,267,340 1,485,636 Selling, general and administrative111,549,512 3,427,690     Other expense, net560,648 544,566     Change in fair value of warrant liability(187,173)—     Change in fair value of derivative liability(4,817,600)—     Change in fair value of earnout liability(3,230,000)—     Interest expense, net4,497,781 544,826     Income tax expense (benefit)(15,783)1,600 Consolidated net loss$(8,984,880)$(6,098,951)1Includes total salaries, bonuses, employee benefits and stock-based compensation of $4,917,502 and $2,062,852 for the years ended December 31, 2024 and 2023, respectively. Refer to Note 1 for segment information related to revenue.

17. Revised Financial Statements

F-40

The Company has revised its condensed consolidated financial statements as of and for the three months ended March 31, 2024, as of and for the six months ended June 30, 2024 and as of and for the nine months ended September 30, 2024 to correct a misstatement identified related to the initial recognition of the earnout liability, which is described in Notes 2 and 3. The Company assessed the materiality of this misstatement in accordance with Securities and Exchange Commission Staff Accounting Bulletin No. 108 – “Quantifying Misstatements” and concluded this error was not qualitatively material.  As such, the correction of the error for the affected periods will be reflected prospectively in the Quarterly Reports on Form 10-Q for fiscal year 2025.The effects of this revision on the applicable line items within the condensed consolidated financial statements were as follows:  Condensed Consolidated Balance Sheet Line Items ImpactedMarch 31, 2024 - As FiledAdjustmentsMarch 31, 2024 - As RevisedAdditional paid-in capital$17,152,441 $(3,670,000)$13,482,441 Accumulated deficit$(22,068,735)$3,670,000 $(18,398,735)Other Condensed Consolidated Financial Statement Line ItemsThree Months Ended March 31,