Company: HCTI
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-076686
Chunk: 92

Company: Healthcare Triangle, Inc.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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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 
    June 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 six months ended June 30, 2025, the
Company settled the entire balance of convertible note as shown below and there were no gain or losses upon settlement.

19

HEALTHCARE TRIANGLE, INC.

Notes To Condensed Consolidated Financial Statements

(Unaud