Company: HCTI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026218
Chunk: 96

Company: Healthcare Triangle, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 96
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 from sales to
related parties for the year ended December 31, 2024, and $38 for the year ended December 31, 2023.

The Company has acquired intangibles of $0 from
related parties for the year ended December 31, 2024, and $0 for the year ended December 31, 2023.

The Company had entered into a Master Services
Agreement with SecureKloud. As per the Master Services Agreement, SecureKloud provides administrative and technical services. The initial
period of the agreement is for a period of three years which is extendable based on mutual consent. The Company received services amounting
to $0 and $650 for the year ended December 31, 2024, and 2023 respectively. The Company has paid for these services during the year and
there is no outstanding balance as at the year end.

The receivable from related parties as of December
31, 2024, was $138 and for the year ended December 31, 2023, was $14.

The balance due from affiliates as of December
31, 2024, was $497 and for the year ended December 31, 2023, was $304.

7) Contingent consideration

The Company recognized an
initial value of $2,227 in financial year 2021 as contingent consideration towards acquisition of Devcool Inc.

As on December 31, 2022, based
on the actual revenue and profitability achievement, the fair value of the contingent consideration liability was remeasured at $625,
resulting in a gain of $1,602, which was recognized as “Gain on revaluation” in the consolidated income statement. The gain
on revaluation was $0 in the financial year 2023.

The Company has a payout of $625 for financial
year 2022 and $0 for financial year 2023 arising from the Devcool Inc, acquisition. During the year ended December 31, 2023, the company
issued 31,250 common stocks valued at $125 towards settlement of the contingent consideration and the balance $500 is outstanding as of
December 31, 2024.

On February 24, 2025, the Company executed a settlement
agreement and issued 594,130 common stocks at 10-day VWAP of $0.6733 amounting to $400 and the balance $100 to be settled by cash on March
31, 2025