Company: SHPH
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009325
Chunk: 6

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 6
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 Agreement”) with Bowery Consulting
Group Inc. (the “Consultant”). According to the Bowery Consulting Agreement, the Consultant will provide consulting
services in connection with our business, advising on viability of plans for scaling activities, growth and capital raising
strategies and cost minimization associated with technological platform improvements and marketing spend. We agreed to pay the
Consultant $260,000 for their services. We are not obligated to pay amounts under the Bowery Consulting Agreement until we regain
full Nasdaq listing requirement compliance.

In
April 2025, we entered into a consulting agreement (the “IR Agency Consulting Agreement”) with IR Agency LLC (the
“IR Agency”). Pursuant to the IR Agency Consulting Agreement, IR Agency agrees to provide certain marketing and
advertising services to communicate information about us to the financial community (the “Services”), including, but not
limited to, creating company profiles, media distribution and building a digital community with respect to us. As consideration for
the performance of the Services, we paid IR Agency $2.0 million on April 5, 2025. The term of the IR Agency Consulting Agreement is
three months commencing April 3, 2025.

Our
ability to continue as a going concern is dependent upon our ability to continue to successfully raise additional equity or debt
financing to allow us to fund ongoing operations, conduct clinical trials and bring a drug candidate to commercialization to
generate revenues. These conditions raise substantial doubt about our ability to continue as a going concern within one year after
the date that the unaudited condensed consolidated financial statements contained in this report are issued.

Recent Financings

On
February 27, 2025, we entered into a Revolving Loan Agreement (the “Revolving Loan Agreement”) with certain lender identified on the signature page thereto. Pursuant to and under the terms of the Revolving Loan Agreement, we
issued a revolving note dated February 28, 2025 in the principal amount of up to $2.0 million (the “Revolving Note”),
which we may draw upon at our discretion from time to time through its maturity on February 28, 2026. The Revolving Note bears
interest at the rate of 18% per annum calculated on the basis of a 360-day year, consisting of twelve 30 calendar day periods, and
shall accrue interest daily commencing from the date of any draw down until paid in full.

On March 12,