Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 452

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 3
Chunk 452
---
 redemption 
    $-  
    $6,525,391 
  
    Accretion of carrying value to redemption value 
    $7,948,736  
    $13,493,451 
  
    Accrued underwriting compensation 
    $-  
    $2,990,000 

See accompanying notes to consolidated financial
statements.

F-6

KEEN VISION ACQUISITION
CORPORATION

NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS

NOTE 1 -
ORGANIZATION AND BUSINESS BACKGROUND

Keen Vision Acquisition Corporation (the “Company”
or “we”, “us” and “our”) is a blank check company incorporated on June 18, 2021, under the laws of
the British Virgin Islands for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, purchasing
all or substantially all of the assets of, entering into contractual arrangements, or engaging in any other similar business combination
with one or more businesses or entities (“Business Combination”). The Company is not limited to a particular industry or geographic
region for purposes of consummating a Business Combination.

The Company is an early stage company and emerging
growth company and, as such, the Company is subject to all of the risks associated with early stage companies and emerging growth companies.
The Company has selected December 31 as its fiscal year end.

As of December 31, 2024, the Company had not commenced
any operations. All activities through December 31, 2024 relate to the Company’s formation, the initial public offering (the “Initial
Public Offering” or “IPO”) and activities necessary to identify a potential target and prepare for a Business Combination.
The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company
will generate non-operating income in the form of interest income and changes in unrealized appreciation of Trust Account assets from
the proceeds derived from the Initial Public Offering.

Financing

The registration statement for the Company’s
Initial Public Offering was declared effective on July 24, 2023. On July 27, 2023, the Company consummated the Initial Public Offering
of 14,950,000 units (the “Public Units”), which includes 1,950,000 Public Units upon the full exercise
by the underwriter of its over-allotment option, at $10.00 per Public Unit, generating