Company: HCTI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076686
Chunk: 23

Company: Healthcare Triangle, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 B Convertible Preferred Stock (“Series B Preferred Stock”)
which is convertible each into 0.04 common stocks totaling 64,000 common stocks at the holder’s option (subject to shareholder’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 this 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.

18

HEALTHCARE TRIANGLE, INC.

Notes To Condensed Consolidated Financial Statements

(Unaudited)

(In thousands except share and per share data)

10) Short Term Borrowing

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

    Seacoast Business Funding 
    $415  
    $589 
  
    Convertible note 
     -  
     2,061 
  
    Total 
    $415  
    $2,650 

A. Seacoast Business Funding

The Company obtained a credit facility from Seacoast
business funding (SBF), a division of Seacoast National Bank during the year ended December 31, 2022. The funding is against the accounts
receivable of the company and its subsidiary. The SBF facility incurred an interest rate of 8.5% for the six months ended June 30, 2025
and 8.9% for the year ended December 31, 2024. The value of invoices funded during the quarter ended June 30, 2025,   was $1,693
and $2,601 for the quarter ended December 31, 2024 and for the six months ended June 30, 2025 and December 31, 2024 were $3,342 and $4.592
respectively The maximum amount of advance under the purchase agreement is $10 million and the bank may advance upto 90% of the unpaid
domestic outstanding accounts under the re-course agreement.

The balance as of June 30, 2025, is $415 and it
was $589 as of the year ended December 31, 2024.

B. Convertible Notes

    Convertible Note