Company: DMAAR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026240
Chunk: 828

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9A
Chunk 828
---
 unsecured
promissory note to the Company (the “Promissory Note”), pursuant to which the Company may borrow up to an aggregate principal
amount of $500,000. On November 21, 2024, the Sponsor amended the Promissory Note to increase the amount the Company may borrow to $750,000.
On December 5, 2024, the Sponsor further amended the Promissory Note to increase the amount the Company may borrow to $1,850,000. The
Promissory Note is non-interest bearing and shall be due and payable upon the closing of the Company’s initial business combination
or upon the Company’s dissolution, whichever occurs first. During the period from May 23, 2024 (inception) through December 31,
2024, the Company received funds totaling approximately $1,700,000 from various investors on behalf of the Sponsor. These monies represent
advances paid to the Sponsor for purchase of Founder Shares upon successful completion of the Proposed Public Offering. The monies were
received on behalf of the Sponsor and deposited into the Company’s bank account instead of the Sponsor’s bank account. During
the period from May 23, 2024 (inception) through December 31, 2024, the Company repaid approximately $1,200,000 of the balance due to
the Sponsor related to investments it had received on behalf of the Sponsor, resulting in a balance of approximately $500,000 due to the
Sponsor, which is accounted for as part of the promissory note amount on the balance sheet. As of December 31, 2024 there was $662,324
outstanding under the Promissory Note.

Advisory Services

The Company received advisory services from an
uncompensated related party advisor, husband to the CEO of the Company. The role of such advisor is to assist in the day to day transactions
of the Company.

CFO Agreement

The Company’s CFO has consulting agreement
through Seaton Hill and the Company incurred $11,600 of expense of which $1,300 is included in the accrued expenses as of December 31,
2024.

Related Party Loans

In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may,
but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a
Business