Company: LRHC
Filing Date: 2025-05-29
Form Type: 10-Q
Source: 0001213900-25-048370
Chunk: 26

Company: La Rosa Holdings Corp.
Filing Date: 2025-05-29
Form: 10-Q
Item: Item 1
Chunk 26
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 and December 31, 2024 were
as follows:

    March 31,  
    December 31, 
  
    Notes Payable 
    2025  
    2024 
  
    Senior secured promissory note (SSPN) #1 
    $-  
    $106,192 
  
    Senior secured promissory note #2 
     -  
     1,316,000 
  
    Senior secured promissory note #3 
     -  
     468,000 
  
    Senior secured promissory note #4 
     15,295,000  
     - 
  
    Promissory note payable 
     -  
     148,725 
  
    Economic injury disaster loans (EIDL) 
     645,906  
     647,630 
  
    Acquisition Settlement Agreement 
     940,476  
     976,190 
  
    Total    
    $16,881,382  
    $3,662,737 

    Current portion: 

    Less: current portion-SSPNs 
     (15,295,000) 
     (1,890,192)
  
    Less: current portion-Promissory note payable 
     -  
     (148,724)
  
    Less: current portion-EIDL 
     (5,900) 
     (5,900)
  
    Acquisition Settlement Agreement 
     (142,857) 
     (142,857)
  
    Notes payable, net of current 
    $1,437,625  
    $1,475,064 

14

La Rosa Holdings Corp. and Subsidiaries
Notes to the Unaudited Condensed Consolidated Financial Statements

Note 6 — Commitments and Contingencies

Leases

The Company has operating leases for office space
in several states. Lease terms are negotiated on an individual basis. Generally, the leases have initial terms ranging from one to five
years. Renewal options are typically not recognized as part of the right of use assets and lease liabilities as it is not reasonably certain
at the lease commencement date that the Company will exercise these options to extend the leases. Leases with an initial term of twelve-months
or less that do not include an option to purchase the underlying asset are not recorded on the consolidated balance sheets and are expensed