Company: QTIWW
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001628280-25-051332
Chunk: 61

Company: QT IMAGING HOLDINGS, INC.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 of prepayment, together with all accrued and unpaid interest thereon and any outstanding fees or premium, if any, payable in accordance with the Lynrock Lake Term Loan. Additionally, in connection with any mandatory prepayment of Tranche B on or prior to December 31, 2025, such mandatory prepayment will be subject to the payment of the Tranche B Premium instead of the Make-Whole Amount.On October 6, 2025, the Company repaid the $5.0 million under Tranche B of the Lynrock Lake Term Loan, plus accrued interest and the Tranche B Premium, with a portion of the proceeds from the October 2025 Private Placement. Refer to Note 10, Stockholders’ Deficit. As a result, Tranche B was presented within current maturities of long-term debt on the condensed consolidated balance sheets.As of September 30, 2025, the outstanding amount of the Lynrock Lake Term Loan was $5,272,879, net of the unamortized debt discount of $9,827,121, and accrued interest of $670,193. Interest expense, including amortization of debt issuance costs, for the three and nine months ended September 30, 2025 was $521,243 and $943,073, respectively.

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Future principal payments on the long-term debt as of September 30, 2025 are as follows:Year ending December 31:2025 (remaining)$5,013,769 20269,197 202710,100,000 Total payments15,122,966 Less: Unamortized debt issuance costs(9,827,121)Less: Current maturities of long-term debt(5,022,966)Long-term debt$272,879 

8.    Leases

The Company leases its operating facilities in Novato, California, under a non-cancelable operating lease through May 31, 2027. There are no options or rights to extend the term of this lease.The following table reflects the Company’s right-of-use (“ROU”) assets and lease liabilities as of September 30, 2025 and December 31, 2024:September 30, 2025December 31, 2024Assets:Operating lease ROU assets, net$666,529 $935,246 Liabilities:Operating lease liabilities, current$441,634 $405,678 Operating lease liabilities321,270 656