Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 664

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 1C
Chunk 664
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4, there was no
amount due from related parties.

Due
to related parties- During the years ended December 31, 2024 and December 31, 2023, the Company received working capital
advances from companies under common control. These advances were due on demand and are non-interest bearing. During the year ended
December 31, 2023, advances in the amount of $1.7 million
were converted into 837,841 shares
of our common stock (after giving effect to our 1-for-2.05
reverse stock split that occurred on
December 11, 2023) at a conversion rate of $2.05 per
share resulting in a loss on the conversion of debt of $4.1 million.
Following the conversion, $0.5 million
of advances remained outstanding as of December 31, 2023. During the year ended December 31, 2024, there were advances received by
the Company in the amount of $0.1 million
for payments made regarding studies on behalf of Telomir and repayments made to related parties in the amount of $0.5 million.
As of December 31, 2024 $0.1 million
remained outstanding.

    F-11

Telomir
                                            Pharmaceuticals, Inc.

notes
to the financial statements

DECEMBER
31, 2024 and  2023

Bay
Shore Trust Line of Credit

On
June 15, 2023, the Company entered into a Promissory Note and Loan Agreement with the Bay Shore Trust, a trust established by the Company’s
founder, Jonnie R. Williams, Sr., and under which various of his family members are beneficiaries. Under this Promissory Note and Loan
Agreement (the “Bay Shore Note”), the Company had the right to borrow up to an aggregate of $5 million from the Bay Shore
Trust at any time up to the second anniversary of the issuance of the Bay Shore Note or, if earlier, upon the completion of the Company’s
IPO. As of December 31, 2024, the line of credit is no longer available as the IPO was completed in February 2024.

In
consideration of the loan facility provided by the Bay Shore Trust, the Company issued to the Bay Shore Trust a Common Stock purchase
warrant on June 15, 2023 giving the Bay Shore Trust the right to purchase up to