Company: QTIWW
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001844505-25-000053
Chunk: 63

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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’s Chief Executive Officer has been determined to be the chief operating decision maker (“CODM”) in accordance with the authoritative guidance on segment reporting. The CODM assesses performance, makes operating decisions and decides how to allocate resources based on net loss that is reported on the consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the condensed consolidated balance sheets as total consolidated assets.The following table presents information about reported segment revenue, significant segment expenses, and segment net loss for the three months ended March 31, 2025 and 2024: Three Months EndedMarch 31, 20252024Revenue$2,798,415 $1,362,163 Less:Cost of revenue1986,553 602,083 Research and development1852,252 642,546 Selling, general and administrative12,001,341 5,696,211 Other expense, net8,749,453 20,931 Change in fair value of warrant liability704,729 23,123 Change in fair value of derivative liability(101,300)(2,983,100)Change in fair value of earnout liability50,000 (2,610,000)    Interest expense, net691,387 598,959 Consolidated net loss$(11,136,000)$(628,590)1Includes total salaries, bonuses, employee benefits and stock-based compensation of $1,622,150 and $771,762 for the three months ended March 31, 2025 and 2024, respectively.All of the Company’s property and equipment, net are located in the United States. 

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Refer to Note 1 for segment information related to revenue.

15.     Revised Financial Statements

As previously disclosed in its consolidated financial statements included in the Annual Report on Form 10-K filed for the year ended December 31, 2024, the Company has revised its condensed financial statements for the three months ended March 31, 2024 to correct a misstatement identified related to the initial recognition of the earnout liability. The Company assessed the materiality of this misstatement in accordance with SEC Staff Accounting Bulletin No. 108 - “Qualifying Misstatements” and concluded this error was not qualitatively material. As such, the correction of the error for the affected periods is 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