Company: PTHS
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001753926-25-000503
Chunk: 1401

Company: Pelthos Therapeutics Inc.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 1401
---
 common stock to extend the maturity date of the note, resulting
in an additional debt discount of $447,379.

On
February 10, 2024, the Company entered into a Stock Rescission Agreement with certain affiliates of A.G.P. (the “Stock Rescission
Agreement” and, together with the Bridge Financing Note Amendments, the “Representative Affiliate Transactions”), pursuant
to which the Company rescinded 111,129 shares of Common Stock held by such affiliates of A.G.P. and agreed to refund an aggregate
of $91,512 paid by such affiliates of A.G.P. in consideration therefor within 30 days of the effective date of the Stock Rescission
Agreement. At December 31, 2024, all such amounts have been paid pursuant to the Representative Affiliate Transactions and there
are no remaining obligations thereto.

May
Promissory Note

On
May 10, 2024, the Company converted accounts payable with a professional advisor into a promissory note in the amount of $1,455,416.
The note matures on December 15, 2024 or, if earlier to occur, upon the closing of a public or private offering or other financing
or capital-raising transaction of any kind. As of December 31, 2024, the note was in default, though the Company has not received
any notice from the professional advisor. The note accrued interest at the rate of 4.86% per annum through December 15, 2024 and
6.86% thereafter. As of December 31, 2024, the note had an outstanding principal of $1,455,416 and accrued interest of $46,817.

Convertible
Note

On
July 24, 2024, the Company entered into a securities purchase agreement with an accredited investor (the “July Note Holder”),
pursuant to which the Company issued to the July Note Holder a senior unsecured convertible note (the “July Note”)
in the aggregate principal amount of $750,000, which is convertible into shares of Common Stock. The July Note accrues interest
at a rate of 6% per annum (which increases to 12% in the event of a default) and matures on August 24, 2025 (the “July
Note Maturity Date”). Interest is guaranteed through the July Note Maturity Date regardless of whether the July Note is
earlier converted or redeemed