Company: QTIWW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001844505-25-000038
Chunk: 259

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 259
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 the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. 

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. 

/s/ BPM LLP 

We have served as the Company’s auditor since 2022. 

San Jose, California 

March 28, 2025 

F-2

Table of ContentsQT IMAGING HOLDINGS, INC.Consolidated Balance SheetsAs of December 31, 2024 and 2023

 December 31, 2024December 31, 2023ASSETSCurrent assets:Cash$1,172,104 $164,686 Restricted cash and cash equivalents20,000 20,000 Accounts receivable67,119 1,290 Inventory3,140,719 4,418,197 Prepaid expenses and other current assets516,552 214,979 Total current assets4,916,494 4,819,152 Property and equipment, net195,783 490,920 Intangible assets, net— 90,139 Operating lease right-of-use assets, net935,246 1,267,121 Other assets39,150 39,150 Total assets$6,086,673 $6,706,482 LIABILITIES AND STOCKHOLDERS’ DEFICITCurrent liabilities:Accounts payable$803,286 $1,355,512 Accrued expenses and other current liabilities3,549,954 369,651 Related party notes payable— 705,000 Current maturities of long-term debt4,985,833 4,199,362 Deferred revenue49,365 347,619