Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 890

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 3
Chunk 890
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    NONCASH INVESTING AND FINANCING ACTIVITIES: 

    Shares forfeited 
    $   
    $13 

    Debt discount from common stock issued for extension of bridge loan 
    $447,779  
    $428,400 

    Conversion of notes to common stock 
    $1,362,821  
    $— 

    Transfer of liabilities to Chromocell Corp for Series C Preferred Stock 
    $2,153,362  
    $— 

    Accounts payable and accrued expenses converted to loans payable 
    $1,455,416  
    $— 

    Accounts payable and accrued expenses converted to loans payable - related party 
    $131,868  
    $— 

    Shares issued for payment of accounts payable 
    $7,339  
    $— 

    Shares issued for payment of accrued interest 
    $3,344  
    $— 

    Shares issued for payment of principal on loan payable 
    $23,788  
    $— 

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

F-6 

CHANNEL
THERAPEUTICS CORP

NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE
1 – ORGANIZATION AND NATURE OF BUSINESS

Company
Background

Channel
Therapeutics Corporation (“Channel” or the “Company”) was incorporated in the State of Delaware on
March 19, 2021. On August 10, 2022, the Company entered into that certain Contribution Agreement (the “Contribution Agreement”)
with Chromocell Corporation, a Delaware corporation (“Chromocell Holdings”), pursuant to which, effective July 12,
2022 (the “Contribution Date”), Chromocell Holdings contributed all assets and liabilities related to Chromocell Holdings’
historical therapeutic business, including all patents, pre-clinical and Phase I study results and data, and trade secrets related
to the CC8464 compound to the Company (See Note 4). On October 22, 2024, the Company’s shareholders approved a reincorporation
merger of the Company in the State of Nevada with and into Channel Therapeutics Corporation, wholly-owned subsidiary of the Company,
with Channel Therapeutics Corporation remaining as the surviving corporation immediately following the reincorporation merger
(the “Reincorporation Merger”). The Reincorpor