Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 608

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 1B
Chunk 608
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 to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s
internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess
the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide
a reasonable basis for our opinion.

/s/ WithumSmith+Brown, PC

We have served as the Company's auditor since
2020.

New York, New York

April 22, 2025

PCAOB Number 100

F-2

OSR
HOLDINGS, INC.

(f/k/a Bellevue Life
Sciences Acquisition Corp.)

CONSOLIDATED
BALANCE SHEETS

    December 31,

    2024

    2023

    Assets

    Current assets:

    Cash
     
    $
    66,135

    $
    15,419

    Due from affiliate

    300,000

    -

    Prepaid expenses and other current assets

    89,263

    7,208

    Total current assets

    455,398

    22,627

    Investments held in Trust Account

    1,847,643

    36,605,106

    Total Assets
     
    $
    2,303,041

    $
    36,627,733

    Liabilities and Stockholders’ Deficit

    Current liabilities:

    Accounts payable and accrued expenses
     
    $
    2,882,012 

    $
    1,081,753

    Income taxes payable

    358,333

    524,562

    Excise tax payable

    843,464

    359,957

    Notes payable - related parties

    1,763,000

    -

    Due to affiliate

    72,000

    72,000

    Convertible note payable

    800,000

    -

    Total current liabilities

    6,718,809

    2