Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 268

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 1
Chunk 268
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 or (iii) the date on which the Company consummates an initial business
combination. In the event that the Company does not consummate an initial business combination on or prior to the time provided in the
Charter, as amended, Mr. Whang agrees to forgive the principal balance of the Second JCW Promissory Note, except to the extent of any
funds remaining outside of the Company’s trust account, if any. As a result of raising additional working capital funds through
the Duksung Promissory Note (defined below), the Company repaid the Second JCW Promissory Note in full on October 28, 2024. As of December
31, 2024, the outstanding balance was $0.

The outstanding balance was $1,763,000 as of December
31, 2024 recorded as notes payable – related parties.

F-18

OSR HOLDINGS, INC.

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

NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

Convertible Note Payable

On October 16, 2024, the Company issued an
unsecured promissory note to Duksung Co., LTD. (“Duksung”) in the principal amount of $800,000 (the “Duksung
Promissory Note”). The Duksung Promissory Note bears interest at a simple rate of 5% per annum; provided, however, solely for
purposes of prepayment pursuant to a redemption of the Duksung Promissory Note, interest shall be deemed to have accrued at a simple
rate of 7% per annum, and, unless earlier converted or redeemed, is payable in full on October 15, 2025 (the “Duksung
Promissory Note Maturity Date”). In the event of, and simultaneously with the closing of a Qualified PIPE Financing (as
defined in the Duksung Promissory Note), the Duksung Promissory Note automatically converts into Company common stock in an amount
equal to the quotient (rounded to the nearest whole share) obtained by dividing (a) the outstanding principal amount and unpaid
accrued interest under the Duksung Promissory Note by (b) eight dollars and ten cents ($8.10) (the “Conversion”). The
Conversion shall constitute satisfaction in full of the obligations of the Company under the Duksung Promissory