Company: LRHC
Filing Date: 2025-04-15
Form Type: 10-K
Source: 0001213900-25-032211
Chunk: 3700

Company: La Rosa Holdings Corp.
Filing Date: 2025-04-15
Form: 10-K
Item: Item 8
Chunk 3700
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On September 27, 2024, the Company entered into a promissory note payable
whereby the Company borrowed $200,000 bearing interest at 12.5% per annum. The note was payable in three monthly installments of $75,000.
The proceeds of the note were used to pay down the convertible note entered into in February discussed above. The remaining balance on
the note as of December 31, 2024 was $148,725.

Notes Payable-Economic Injury Disaster Loans

On June 1, 2020, the Company received net proceeds
from Economic Injury Disaster Loans (the “EIDL Loans”) from the Small Business Administration (“SBA”) in the aggregate
amount of $365,300. After processing fees, the net proceeds were $365,100 under the terms. The EIDL Loans, which are in the form of promissory
notes, mature in May 2050 and bear interest at a rate of 3.75% per annum. Payments are to be made monthly, and each payment is applied
first to the interest accrued to the date of receipt of each payment and any remaining payment is applied to principal. The loan terms
provide for a collateral interest for the SBA and limits the use of proceeds to working capital to alleviate the effects of COVID-19 on
the Company’s economic condition.

During the fourth quarter of 2023, the Company
acquired two franchisees that had outstanding Economic Injury Disaster Loans (the “EIDL Loans”) in the aggregate of $263,000.
During the first quarter of 2024, the Company acquired a franchise that had an outstanding EIDL Loan in the aggregate of $34,100. The
Company acquired the EIDL Loans, and the EIDL loans have terms similar to the Company’s existing EIDL loans. The EIDL Loans mature
in 2050 and bear interest at a rate of 3.75% per annum.

F-23

Future maturities of Economic Injury Disaster Loans as of December
31, 2024, were as follows:

    December 31, 
  
    Economic Injury Disaster Loans-Future Maturities 
    2024 
  
    2025 
    $5,900 
  
    2026 
     5,900 
  
    2027 
     5,900 
  
    2028 
     5,900 
  
    2029 
     5,900