Company: HCTI
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001213900-25-109581
Chunk: 26

Company: Healthcare Triangle, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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    $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 
    $              -  
    $2,375 
  
    Less: discount 
     -  
     (314)
  
    Notes payable, net of discount 
     -  
     2,061 
  
    Notes payable, current portion, net of discount 
     -  
     2,061 
  
    Notes payable, long-term portion, net of discount 
    $-  
    $- 

During the nine months ended September 30, 2025,
the Company settled the entire balance of convertible note as shown below and there were no gain or losses upon settlement.

    1.
    L1 Capital  

During
the nine months ended September 30, 2025,