Company: TELO
Filing Date: 2025-02-04
Form Type: 10-K
Source: 0001493152-25-004872
Chunk: 462

Company: Telomir Pharmaceuticals, Inc.
Filing Date: 2025-02-04
Form: 10-K
Item: Item 1A
Chunk 462
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 2021, we have financed our operations primarily through proceeds from our initial public offering that occurred
in February of 2024, an unsecured line of credit with the Bay Shore Trust, our majority shareholder, through a $1.0 million private placement
of shares of our Common Stock that occurred during the first quarter 2023 at $3.73 per share (after giving effect to our 1-for-2.05 reverse
stock split that occurred on December 11, 2023), and through a $1.0 million stock purchase agreement of our Common Stock with Starwood
Trust that occurred in the fourth quarter of 2024. We intend to finance our clinical development programs and working capital needs from
existing cash and potential new sources of debt and equity financing. Further, we plan to conduct a raise of capital in the near future
to assist in financing working capital needs. 

On
September 24, 2024 we entered into an unsecured Promissory Note and Loan Agreement with the Starwood Trust, a separate trust which was
established by our founder for the benefit of his family. Under this Promissory Note and Loan Agreement (the “Starwood Note”),
we have the right to borrow up to an aggregate of $5 million from the Starwood Trust at any time up until the second anniversary of the
note. Our right to borrow funds under the Starwood Note is subject to the absence of a material adverse change in its assets, operations,
or prospects. The Starwood Note, together with accrued interest, is to become due and payable on the second anniversary of the issuance
of the note and provides for prepayment at any time without penalty. The Starwood Note accrues interest at a rate equal of 7% per annum,
simple interest.

Further,
on December 9, 2024, Starwood Trust entered into a stock purchase agreement with the Company to purchase 142,857 shares of unregistered
common stock at $7 a share for a total of $1.0 million in proceeds to the Company.

On
June 15, 2023, we entered into a Promissory Note and Loan Agreement with the Bay Shore Trust, a trust established by our 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”), we have the right to borrow up to an aggregate of $5 million from the Bay