Company: QTIWW
Filing Date: 2025-01-31
Form Type: S-1/A
Source: 0001628280-25-003316
Chunk: 406

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-01-31
Form: S-1/A
Chunk 406
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,900,000 |     | $ |            24,729 |
| Accrued personnel costs |     |   |            899,796 |     |   |           120,856 |
| Accrued excise taxes    |     |   |            202,341 |     |   |                 — |
| Accrued advisory fee    |     |   |            100,000 |     |   |                 — |
| Other                   |     |   |            262,080 |     |   |           224,066 |
| Total                   |     | $ |          3,364,217 |     | $ |           369,651 |

#### 8.

#### Long-Term Debt
Paycheck Protection Program Loan

On February 24, 2021 and May 5, 2020, the Company received loans (“PPP Loans”) from US Bank in the amounts of $ 1,158,265(“Loan 2”) and $ 1,158,266(“Loan 1”), respectively, to fund payroll, rent and utilities through the Paycheck Protection Program (“PPP”). Original loan terms were revised by the PPP Flexibility Act of 2020. Under the terms of the PPP, up to 100% of the loan and related interest was forgivable if the proceeds were used for covered expenses and certain other requirements related to wage rates were met. For Loan 1, the Company applied for forgiveness on June 7, 2021, and received forgiveness of $ 873,151in principal and $ 9,823in interest from the Small Business Administration (“SBA”) on June 14, 2021. For Loan 2, the Company applied for forgiveness on November 9, 2021, and received forgiveness of $ 930,246in principal and $ 6,822in interest on November 15, 2021.

The remaining balance of Loan 1 of $ 285,115is payable in monthly installments of $ 6,400, including interest at 1%, beginning August 5, 20 21, with the final payment due May 5, 2025. As of September 30, 2024, the total principal outstanding under Loan 1 was $ 51,008, all of which was current. As of December 31, 2023, the total principal outstanding under Loan 1 was $ 107,979, of which $ 76,