Guided Therapeutics Inc 10-Q for FY2021 Q3

Guided Therapeutics Inc (GTHP)

10-Q 2021-11-15 For: 2021-09-30

Added on April 06, 2026

About this 10-Q

Guided Therapeutics Inc filed this 10-Q on November 15, 2021, covering the quarter ended September 30, 2021 (FY2021 Q3).

Headline figures

Quarter ended September 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $19K; down 75.3% from $77K a year earlier
Net income: $68K; down 95.7% from net income of $1.58M a year earlier
Diluted EPS: $0.00; compared with $0.03 a year earlier

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Large Accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☒
		Emerging growth company	☐

PART I — FINANCIAL INFORMATION
		Page
Item 1.	Financial Statements	3
	Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020 (Unaudited)	3
	Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 and 2020 (Unaudited)	4
	Consolidated Statements of Stockholders Equity for the Three Months Ended September 30, 2021 and 2020 (Unaudited)	5
	Consolidated Statements of Stockholders Equity for the Nine Months Ended September 30, 2021 and 2020 (Unaudited)	7
	Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (Unaudited)	9
	Notes to Unaudited Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
	Company Overview	38
	Results of Operations	40
	Disclosure About Off-Balance Sheet Arrangements
	Critical Accounting Policies and Estimates
	Liquidity and Capital Resources	42

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46

Item 4.	Controls and Procedures	46

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	47

Item 1A.	Risk Factors	47

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47

Item 3.	Defaults Upon Senior Securities	47

Item 4.	Mine Safety Disclosures	47

Item 5.	Other Information

Item 6.	Exhibits

Signatures		48

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(in thousands)
	September 30,			December 31,
	2021			2020

ASSETS

Current Assets:
Cash and cash equivalents	$	541		$	182
Accounts receivable, net of allowance for doubtful accounts of $126 at September 30, 2021 and December 31, 2020		24			24
Inventory, net of reserves of $785 and $758 at September 30, 2021 and December 31, 2020, respectively		590			605
Other current assets		173			85
Total current assets		1,328			896

Non-Current Assets:
Property and equipment, net		11			1
Operating lease right-of-use assets, net of amortization		388			453
Other assets		17			-
Total non-current assets		416			454

TOTAL ASSETS	$	1,744		$	1,350

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities:
Accounts payable	$	2,220		$	2,419
Accounts payable, related parties		94			116
Accrued iabilities		1,380			2,995
Deferred revenue		278			42
Current portion of lease liability		64			56
Current portion of long-term debt		18			28
Notes payable in default		-			328
Notes payable in default, related parties		-			1
Short-term notes payable		83			45
Short-term notes payable, related parties		50			51
Convertible notes payable in default		161			-
Convertible notes payable, past due		-			1,930
Short-term convertible notes payable		728			951
Total current liabilities		5,076			8,962

Long-Term Liabilities
Warrants, at fair value		-			2,203
Long-term lease Liabilities		343			392
Derivative liability		30			25
Long-term convertible debt		787			23
Long-term debt, related parties		586			600
Total long-term liabilities		1,746			3,243

Total liabilities		6,822			12,205

COMMITMENTS AND CONTINGENCIES (Note 7)

STOCKHOLDERS’ DEFICIT:

Series C convertible preferred stock, $.001 par value; 9.0 shares authorized, 0.3 shares issued and outstanding as of September 30, 2021 and December 31, 2020. Liquidation preference of $286 at September 30, 2021 and December 31, 2020.		105			105
Series C1 convertible preferred stock, $.001 par value; 20.3 shares authorized, 1.0 shares issued and outstanding as of September 30, 2021 and December 31, 2020. Liquidation preference of $1,049 at September 30, 2021 and December 31, 2020.		170			170
Series C2 convertible preferred stock, $.001 par value; 5,000 shares authorized, 3.3 shares issued and outstanding as of September 30, 2021 and December 31, 2020. Liquidation preference of $3,263 at September 30, 2021 and December 31, 2020.		531			531
Series D convertible preferred stock, $.001 par value; 6.0 shares authorized,0.8 shares issued and outstanding as of September 30, 2021 and December 31, 2020. Liquidation preference of $763 at September 30, 2021 and December 31, 2020, respectively.		276			276
Series E convertible preferred stock, $.001 par value; 5.0 shares authorized, 1.7 shares issued and outstanding as of September 30, 2021 and December 31, 2020. Liquidation preference of $1,736 at September 30, 2021 and December 31, 2020.		1,639			1,639
Series F convertible preferred stock, $.001 par value; 1.5 shares authorized, 1.4 and nil shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively. Liquidation preference of $1,436 and nil at September 30, 2021 and December 31, 2020, respectively.		1,195			-
Series F-2 convertible preferred stock, $.001 par value; 5.0 shares authorized, 3.3 and nil shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively. Liquidation preference of $3,339 and nil at September 30, 2021 and December 31, 2020, respectively.		2,963			-
Series G convertible preferred stock, $.001 par value; 1,000 shares authorized, nil shares issued and outstanding as of September 30, 2021 and December 31, 2020. Liquidation preference was nil at September 30, 2021 and December 31, 2020.		-			-
Common stock, $.001 par value; 3,000,000 shares authorized, 13,607 and 13,138 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		3,403			3,403
Additional paid-in capital		126,650			123,109
Treasury stock at cost		(132	)		(132	)
Accumulated deficit		(141,878	)		(139,956	)

Total stockholders’ deficit		(5,078	)		(10,855	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	1,744		$	1,350

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2021			2020			2021			2020

Sales - devices and disposables	$	19		$	77		$	21		$	77
Cost of goods sold		42			12			42			19
Gross profit (loss)		(23	)		65			(21	)		58

Operating expenses:
Research and development		16			41			52			121
Sales and marketing		41			36			107			107
General and administrative		407			141			1,747			593
Total operating expenses		464			218			1,906			821

Loss from operations		(487	)		(153	)		(1,927	)		(764	)

Other income (expenses):
Interest expense		(594	)		(317	)		(1,050	)		(910	)
Change in fair value of derivative liability		(1	)		(36	)		(89	)		(36	)
Gain (loss) from extinguishment of debt		763			20			578			(296	)
Change in fair value of warrants		-			2,061			448			(490	)
Other income/loss		387			-			414			51
Total other income (expense)		555			1,728			301			(1,681	)

Net income (loss)		68			1,575			(1,626	)		(2,445	)
Preferred stock dividends		(119	)		(46	)		(296	)		(75	)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	(51	)	$	1,529		$	(1,922	)	$	(2,520	)

NET INCOME (LOSS) PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
Basic	$	(0.00	)	$	0.12		$	(0.14	)	$	(0.25	)
Diluted	$	(0.00	)	$	0.03		$	(0.14	)	$	(0.25	)

Weighted average shares outstanding
Basic		13,417			12,995			13,291			9,985
Diluted		13,417			60,331			13,291			9,985

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2021
(unaudited, in thousands)

	Preferred Stock				Preferred Stock				Preferred Stock				Preferred Stock
	Series C				Series C1				Series C2				Series D
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Balance at June 30, 2021		-	$	105		1	$	170		3	$	531		1	$	276
Series F preferred offering		-		-		-		-		-		-		-		-
Series F-2 preferred offering		-		-		-		-		-		-		-		-
Conversion of debt and expenses for Series F-2 preferred stock		-		-		-		-		-		-		-		-
Issuance of common stock to finders		-		-		-		-		-		-		-		-
Series G preferred offering		-		-		-		-		-		-		-		-
Series G redemption		-		-		-		-		-		-		-		-
Issuance of common stock for payment of Series D preferred dividends		-		-		-		-		-		-		-		-
Issuance of common stock for payment of Series E preferred dividends		-		-		-		-		-		-		-		-
Issuance of warrants to consultants		-		-		-		-		-		-		-		-
Conversion of warrants from liability to equity		-		-		-		-		-		-		-		-
Stock based compensation		-		-		-		-		-		-		-		-
Accrued preferred dividends		-		-		-		-		-		-		-		-
Net income		-		-		-		-		-		-		-		-
Balance at September 30, 2021		-	$	105		1	$	170		3	$	531		1	$	276

					Additional
	Common Stock				Paid-In		Treasury			Accumulated
	Shares		Amount		Capital		Stock			Deficit			Total
Balance at June 30, 2021		13,297	$	3,403	$	126,353	$	(132	)	$	(141,827.00	)	$	(5,324	)
Series F preferred offering		-		-		-		-			-			-
Series F-2 preferred offering		-		-		-		-						-
Conversion of debt and expenses for Series F-2 preferred stock		-		-		-		-			-			-
Issuance of common stock to finders		-		-		-		-			-			-
Series G preferred offering		-		-		-		-			-			-
Series G redemption		-		-										-
Issuance of common stock for payment of Series D preferred dividends		22		-		11		-			-			11
Issuance of common stock for payment of Series E preferred dividends		288		-		118		-			-			118
Issuance of warrants to consultants		-		-		112		-			-			112
Conversion of warrants from liability to equity						-								-
Stock based compensation		-		-		56		-			-			56
Accrued preferred dividends		-		-		-		-			(119	)		(119	)
Net income				-		-		-			68			68
Balance at September 30, 2021		13,607	$	3,403	$	126,650	$	(132	)	$	(141,878	)	$	(5,078	)

	Preferred Stock								Additional
	Series E				Common Stock				Paid-In		Treasury			Accumulated
	Shares		Amount		Shares		Amount		Capital		Stock			Deficit			Total
Balance at June 30, 2020		1	$	798		12,764	$	3,403	$	122,030	$	(132	)	$	(143,604	)	$	(16,423	)
Issuance of preferred stock in financing		1		741		-		-		-		-			-			741
Conversion of debt into common stock		-		-		175		-		50		-						50
Issuance of common stock in financing		-		-		50		1		5		-			-			6
Issuance of common stock for payment of Series D preferred dividends		-		-		107		-		26		-			-			26
Stock based compensation		-		-		-		-		251		-			-			251
Accrued series D preferred stock dividends		-		-		-		-		-		-			(46	)		(46	)
Net loss		-		-				-		-		-			1,575			1,575
Balance at September 30, 2020		2	$	1,539		13,096	$	3,404	$	122,362	$	(132	)	$	(142,075	)	$	(13,820	)

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021
(unaudited, in thousands)

	Preferred Stock				Preferred Stock				Preferred Stock				Preferred Stock
	Series C				Series C1				Series C2				Series D
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Balance at December 31, 2020		-	$	105		1	$	170		3	$	531		1	$	276
Series F preferred offering		-		-		-		-		-		-		-		-
Series F-2 preferred offering		-		-		-		-		-		-		-		-
Conversion of debt and expenses for Series F-2 preferred stock		-		-		-		-		-		-		-		-
Issuance of common stock to finders		-		-		-		-		-		-		-		-
Series G preferred offering		-		-		-		-		-		-		-		-
Series G redemption		-		-		-		-		-		-		-		-
Issuance of common stock for payment of Series D preferred dividends		-		-		-		-		-		-		-		-
Issuance of common stock for payment of Series E preferred dividends		-		-		-		-		-		-		-		-
Issuance of warrants to consultants		-		-		-		-		-		-		-		-
Beneficial conversion feature of warrants issued with debt		-		-		-		-		-		-		-		-
Conversion of warrants from liabilities to equity		-		-		-		-		-		-		-		-
Stock-based compensation		-		-		-		-		-		-		-		-
Accrued preferred dividends		-		-		-		-		-		-		-		-
Net loss		-		-		-		-		-		-		-		-
Balance at September 30, 2021		-	$	105		1	$	170		3	$	531		1	$	276

GUIDED THERAPEUTICS, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited, in thousands)

	Nine Months Ended
	September 30,
	2021			2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(1,626	)	$	(2,445	)
Adjustments to reconcile net loss to net cash used in operating activities:
Bad debt expense		-			13
Depreciation		1			-
Amortization of debt issuance costs and discounts		250			297
Amortization of beneficial conversion feature		37			78
Stock based compensation		178			251
Change in fair value of warrants		(448	)		490
Extinguishment of derivative liability		(84	)		296
Change in fair value of derivatives		89			36
Amortization of lease right-of-use-asset		66			-
Expense for warrants issued to consultants		585			-
Gain from forgiveness of debt		(578	)		-
Other non-cash expenses (income)		109			-
Change in operating assets and liabilities:
Accounts receivable		-			(1	)
Inventory		14			(5	)
Other current assets		(88	)		(532	)
Other non-current assets		(17	)		18
Accounts payable and accrued liabilities		(435	)		19
Lease liabilities		(41	)		-
Deferred revenue		237			(59	)
NET CASH USED IN OPERATING ACTIVITIES		(1,751	)		(1,544	)

CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(10	)		(1	)
NET CASH USED FOR INVESTING ACTIVITIES		(10	)		(1	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from debt financing		1,248			519
Payments made on notes payable		(1,415	)		(959	)
Payments of debt issuance costs		(86	)		-
Note payable default penalty		398			-
Proceeds from issuance of Series E preferred stock		-			1,539
Proceeds from issuance of common stock, net of costs		-			128
Proceeds from Series F offering, net of costs		1,436			-
Proceeds from Series F-2 offering, net of costs		539			-
Proceeds from Series G offering, net of costs		125			-
Redemption of Series G preferred stock		(125	)		-
NET CASH PROVIDED BY FINANCING ACTIVITIES		2,120			1,227

NET CHANGE IN CASH		359			(318	)

Cash at beginning of period		182			899

CASH AT END OF PERIOD	$	541		$	581

SUPPLEMENTAL DISCLOSURE FOR OPERATING ACTIVITIES:
Cash paid for interest	$	552		$	229

SUPPLEMENTAL DISCLOSURE FOR NON-CASH INVESTING AND FINANCING ACTIVITIES:
Dividends on preferred stock	$	296		$	75
Debt from related parties exchanged for preferred series F-2	$	323		$	-
Issuance of series F-2 preferred stock	$	2,236		$
Issuance of warrants to finders in connection with Series F and Series F-2 preferred stock	$	377		$	-
Settlement of dividends through common stock issuance	$	157		$	26
Settlement of accounts payable through common stock issuance	$	62		$	-
Warrants exchanged for fixed price warrants	$	1,755		$	70
Warrants issued with debt	$	304		$	-
Issuance of common stock as debt repayment	$	-		$	2,832
Subscription receivable	$	-		$	635

	(in thousands)
	September 30, 2021			December 31, 2021

Compensation	$	745	$	1,094
Professional fees		36		83
Interest		211		1,517
Vacation		44		34
Preferred dividends		298		202
Other accrued expenses		46		65
Total	$	1,380	$	2,995

	·	Step 1 – Identify the contract with a customer: a contract is defined as an agreement (including oral and implied), between two or more parties, that creates enforceable rights and obligations and sets out the criteria for each of those rights and obligations. The contract needs to have commercial substance and it is probable that the entity will collect the consideration to which it will be entitled.

	·	Step 2 – Identify the performance obligations in the contract: a performance obligation in a contract is a promise (including implicit) to transfer a good or service to the customer. Each performance obligation should be capable of being distinct and is separately identifiable in the contract.

	·	Step 3 – Determine the transaction price: transaction price is the amount of consideration that the entity can be entitled to, in exchange for transferring the promised goods and services to a customer, excluding amounts collected on behalf of third parties.

	·	Step 4 – Allocate the transaction price to the performance obligations in the contract: for a contract that has more than one performance obligation, the entity will allocate the transaction price to each performance obligation separately, in exchange for satisfying each performance obligation. The acceptable methods of allocating the transaction price include adjusted market assessment approach, expected cost plus a margin approach, and the residual approach in limited circumstances. Discounts given should be allocated proportionately to all performance obligations unless certain criteria are met and reallocation of changes in standalone selling prices after inception is not permitted.

	·	Step 5 – Recognize revenue as and when the entity satisfies a performance obligation: the entity should recognize revenue at a point in time, except if it meets any of the three criteria, which will require recognition of revenue over time: the entity’s performance creates or enhances an asset controlled by the customer, the customer simultaneously receives and consumes the benefit of the entity’s performance as the entity performs, and the entity does not create an asset that has an alternative use to the entity and the entity has the right to be paid for performance to date.

	·	Level 1–Quoted market prices in active markets for identical assets and liabilities;
	·	Level 2–Inputs, other than level 1 inputs, either directly or indirectly observable; and
	·	Level 3–Unobservable inputs developed using internal estimates and assumptions (there is little or no market date) which reflect those that market participants would use.

	Fair Value at September 30, 2021 (in thousands)
	Level 1		Level 2		Level 3			Total

Derivative liability/bifurcated conversion option in connection with Auctus $400,000 loan on December 17, 2019	$	-	$	-	$	(30	)	$	(30	)

Total long-term liabilities at fair value	$	-	$	-	$	(30	)	$	(30	)

	Fair Value at December 31, 2020 (in thousands)
	Level 1		Level 2		Level 3			Total

Warrants issued in connection with Senior Secured Debt	$		$			(2,203	)	$	(2,203	)
Derivative liability/bifurcated conversion option in connection with Auctus $400,000 loan on December 17, 2019		-		-		(25	)		(25	)

Total long-term liabilities at fair value	$	-	$	-	$	(2,228	)	$	(2,228	)

	(in thousands)
	Senior Secured Debt			Derivative			Total

Balance, December 31, 2020	$	(2,203	)	$	(25	)	$	(2,228	)
Change in the terms of warrants previously recorded as a liability and now reclassified to equity		1,755			-			1,755
Change in value due to warrants expiring during the year		448			-			448
Extinguishment of derivative liability due to payoff of $700,000 loan to Auctus		-			84			-
Change in fair value during the year		-			(89	)		(89	)

Balance, September 30, 2021	$	-		$	(30	)	$	(114	)

	Number of Shares

Shares issued for payment of Series D dividends		83,065
Shares issued for payment of Series E dividends		288,262
Shares issued for payment of finder fee		98,000
Issued during the nine months ended September 30, 2021		469,327

Summary table of common stock share transactions:
Balance at December 31, 2020		13,138,282
Issued in 2021		469,327
Balance at September 30, 2021		13,607,609

	(in thousands)
	September 30,			December 31,
	2021			2020

Raw materials	$	1,256		$	1,276
Work-in-progress		86			80
Finished goods		33			7
Inventory reserve		(785	)		(758	)

Total inventory	$	590		$	605

	(in thousands)
	September 30,			December 31,
	2021			2020

Equipment	$	1,052		$	1,042
Software		652			652
Furniture and fixtures		41			41
Leasehold improvements		12			12

Subtotal		1,757			1,747
Less accumulated depreciation		(1,746	)		(1,746	)
Property, equipment and leasehold improvements, net	$	11		$	1

	Warrants (Underlying Shares)			Weighted-Average Exercise Price Per Share

Outstanding, January 1, 2021		28,324,275		$	0.25
Warrants granted		3,504,300		$	0.48
Warrants cancelled/expired		(1,729,662	)	$	0.04
Outstanding, September 30, 2021		30,098,913		$	0.29

	Number of Shares			Weighted-Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life	Aggregate Intrinsic Value of In-the-Money Options (in thousands)

Options outstanding as of January 1, 2021		1,800,000		$	0.49
Options granted		25,000		$	0.48
Options exercised		-		$	-
Options forfeited		(167,614	)	$	0.48
Options expired		-		$	-
Options outstanding as of September 30, 2021		1,657,386		$	0.49	8.8 years	$	127
Options exercisable as of September 30, 2021		1,009,705		$	0.49	8.8 years	$	71

	(in thousands)
	Nine Months Ended September 30,
	2021
Operating lease right-of-use assets	$	388
Operating lease liabilities	$	407

	(in thousands)
	Operating
	Leases
2021	$	26
2022		108
2023		112
2024		115
2025		118
Thereafter		50
Total future lease payments		529
Less: discount		(122	)
Total lease liabilities	$	407

	Nine Months Ended September 30,
	2021
Weighted average remaining lease term (years)		4.5
Weighted average discount rate		11.4	%

	September 30, 2021		December 31, 2020
Mr. Mermelstein	$	-	$	285
Dr. Cartwright		-		1
Mr. Fowler		-		26
GPB		-		17
Notes payable in default	$	-	$	329

	September 30, 2021			December 31, 2020
Auctus Tranche 1		-			700
Auctus Tranche 2	$	400		$	400
Auctus prepayment penalty		350			-
Auctus (March 31, 2020 Note)		161			113
Debt discount and issuance costs to be amortizaed		(22	)		(262	)
Convertible notes payable - short-term	$	889		$	951

	September 30, 2021		December 31, 2020
GBP	$	-	$	1,709
GHS		-		181
Auctus		-		40
Convertible notes payable	$	-	$	1,930

For Dr. Faupel:

Salary	$	134
Bonus		20
Vacation		95
Interest on compensation		67
Loans to Company		196
Interest on loans		149
Total outstanding prior to exchange		661

Amount forgiven		(454	)
Total Interest accrued through December 31, 2020		29
Balance outstanding at December 31, 2020	$	236

Exchange for Series F-2 Preferred Stock		(85	)
Interest accrued through September 30, 2021		8
Balance outstanding at September 30, 2021	$	159

For Dr.Cartwright

Salary	$	337
Bonus		675
Loans to Company		528
Interest on loans		81
Total outstanding prior to exchange		1,621

Amount forgiven		(1,302	)
Total Interest accrued through December 31, 2020		45
Balance outstanding at December 31, 2020	$	364

Exchange for Series F-2 Preferred Stock		(100	)
Interest accrued through September 30, 2021		13
Balance outstanding at September 30, 2021	$	277

Year	Amount
2021	$	-
2022		30
2023		457
2024		39
2025		41
Thereafter		3
Total	$	570

	·	access to sufficient debt or equity capital to meet our operating and financial needs;
	·	the extent of dilution of the holdings of our existing stockholders upon the issuance, conversion or exercise of securities issued as part of our capital raising efforts;
	·	the extent to which certain debt holders may call the notes to be paid;
	·	the effectiveness and ultimate market acceptance of our products and our ability to generate sufficient sales revenues to sustain our growth and strategy plans;
	·	whether our products in development will prove safe, feasible and effective;
	·	whether and when we or any potential strategic partners will obtain required regulatory approvals in the markets in which we plan to operate;
	·	our need to achieve manufacturing scale-up in a timely manner, and our need to provide for the efficient manufacturing of sufficient quantities of our products;
	·	the lack of immediate alternate sources of supply for some critical components of our products;
	·	our ability to establish and protect the proprietary information on which we base our products, including our patent and intellectual property position;
	·	Based on the current outbreak of the Coronavirus SARS-CoV-2, the pathogen responsible for COVID-19, which has already had an impact on financial markets, there could be additional repercussions in our operating business, including but not limited to, the sourcing of materials for product candidates, manufacture of supplies for preclinical and/or clinical studies, delays in clinical operations, which may include the availability or the continued availability of patients for trials due to such things as quarantines, conduct of patient monitoring and clinical trial data retrieval at investigational study sites;
	·	The future impact of the outbreak is highly uncertain and cannot be predicted, and we cannot provide any assurance that the outbreak will not have a material adverse impact on our operations or future results or filings with regulatory health authorities. The extent of the impact, if any, we will depend on future developments, including actions taken to contain the coronavirus;
	·	the need to fully develop the marketing, distribution, customer service and technical support and other functions critical to the success of our product lines;
	·	the dependence on potential strategic partners or outside investors for funding, development assistance, clinical trials, distribution and marketing of some of our products; and
	·	other risks and uncertainties described from time to time in our reports filed with the SEC.

	Total Debt and Accrued Interest		Total Debt		Total Accrued Interest		Common Stock Shares		Warrants (Exercise $0.15)		Warrants (Exercise $0.20)		Warrants (Exercise $0.25)		Warrants (Exercise $0.50)		Warrants (Exercise $0.75)

Aquarius	$	145,544	$	107,500	$	38,044		291,088		-		-		145,544		-		145,544
K2 Medical (Shenghuo)³		803,653		771,927		31,726		1,905,270		-		496,602		704,334		-		704,334
Mr. Blumberg		305,320		292,290		13,030		1,167,630		-		928,318		119,656		-		119,656
Mr. Case		179,291		150,000		29,291		896,456		-		896,456		-		-		-
Mr. Grimm		51,110		50,000		1,110		255,548		-		255,548		-		-		-
Mr. Gould		111,227		100,000		11,227		556,136		-		556,136		-		-		-
Mr. Mamula		15,577		15,000		577		77,885		-		77,885		-		-		-
Dr. Imhoff²		400,417		363,480		36,937		1,699,255		-		1,497,367		100,944		-		100,944
Ms. Rosenstock¹		50,000		50,000		-		100,000		-		-		50,000		-		50,000
Mr. James²		2,286		2,000		286		7,745		-		5,291		1,227		-		1,227
Auctus		328,422		249,119		79,303		500,000		700,000		-		-				-
Mr. Clavijo		125,000		125,000		-		500,000		-		-		-		250,000		-
Mr. Wells⁴		220,000		220,000		-		-		-		-		-		-		-
	$	2,737,847	$	2,496,316	$	241,531		7,957,013		700,000		4,713,603		1,121,705		250,000		1,121,705

Exhibit Number		Exhibit Description

31*		Rule 13a-14(a)/15d-14(a) Certification
32*		Section 1350 Certification
101.1*		XBRL

GUIDED THERAPEUTICS, INC.

By:	/s/ Gene S. Cartwright
	Gene S. Cartwright
	President, Chief Executive Officer and Acting Chief Financial Officer