Company: HCTI
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109581
Chunk: 101

Company: Healthcare Triangle, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 101
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’s
approval), for a total consideration of $7,435. This is common control transaction, and the fair value of the assets acquired was calculated
as $7,435 which is also the carrying value of these assets. The transaction was treated as an asset acquisition and due to the common
control nature, the company recorded deemed dividend and the acquired assets at $0, which was the carrying value of the common control
seller.

3.9) Short Term Borrowing

    Particulars 
    September 30,  2025  
    December 31,  2024 
  
    Short Term Borrowing 

    Seacoast Business Funding 
    $       1,530  
    $589 
  
    Convertible note 
     -  
     2,061 
  
    Total 
    $1,530  
    $2,650 

A. Seacoast Business Funding

During 2022, the Company obtained a credit facility from Seacoast business
funding (SBF), a division of Seacoast National Bank. The funding is against the accounts receivable of the Company and one of its subsidiary.
The SBF facility incurred an interest rate of 8.5% during the nine months ended September 30, 2025 and 8.9% for the year ended December
31, 2024. The value of invoices funded was $3,846 and $2,601 respectively for the quarters ended September 30, 2025 and December 31, 2024,
and for the nine months ended September 30, 2025 and year ended December 31, 2024 were $7,188 and $4,592 respectively. The maximum amount
of advance under the purchase agreement is $10,000 and the bank may advance upto 90% of the unpaid domestic outstanding accounts under
the re-course agreement.

The balance of this funding was $1,530 and $589
respectively, as at September 30, 2025 and December 31, 2024.

20

HEALTHCARE TRIANGLE, INC.

Notes To Condensed Consolidated Financial Statements

(Unaudited)

(In thousands except share and per share data)

B. Convertible Notes

    Convertible Note 
    September 30,  2025  
    December 31,  2024 
  
    Convertible notes payable 
    $              -