Company: LRHC
Filing Date: 2025-05-29
Form Type: 10-Q
Source: 0001213900-25-048370
Chunk: 25

Company: La Rosa Holdings Corp.
Filing Date: 2025-05-29
Form: 10-Q
Item: Item 1
Chunk 25
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Notes Payable-Promissory Note

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 senior secured promissory note entered into in February 2024. The remaining balance
on the note as of December 31, 2024 was $148,725. This note was fully repaid in February 2025. The interest expense incurred for the promissory
note was $1,276 and $0 for the three months ended March 31, 2025 and 2024, respectively.

Acquisition Settlement Agreement

In October 2024, the Company entered into an acquisition
settlement agreement with the former owner of an acquired business. Under the terms of the agreement, the Company agreed to pay $1.0 million
in equal installments of $11,905 per month over seven years, beginning November 1, 2024.

Economic Injury Disaster Loans

During 2024, the Company acquired franchises that
had outstanding Economic Injury Disaster Loans (the “EIDL Loans”) in the aggregate of $147,100. The Company acquired the EIDL
Loans which 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. The interest expense incurred for the EIDL loans were $1,412 and $3,259 for the three months ended March 31, 2025 and
2024, respectively.

Future maturities of EIDL term debt as of March 31, 2025, were as follows:

    March  31, 
  
    Economic Injury Disaster Loans-Future Maturities 
    2025 
  
    2025 
    $5,900 
  
    2026 
     5,900 
  
    2027 
     5,900 
  
    2028 
     5,900 
  
    2029 
     5,900 
  
    2030 
     5,900 
  
    Thereafter  
     610,506 
  
    Total
 
    $645,906 

Total Notes Payable as of March 31, 2025