Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 829

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 2
Chunk 829
---
 Trust Account for payment of the Company's state franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account. On May 20, 2024, the Company paid $193,183 in franchise taxes. On May 23, 2024, the Company withdrew $218,857 of interest income earned in the Trust Account for payment of the Company's franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account. The Company deposited the funds in the Company's unrestricted general account and they were used for payment of general operating expenses. On October 29, 2024, the Company paid $127,200 in franchise taxes. On November 25, 2024, the Company withdrew $136,805 of interest income earned in the Trust Account for payment of the Company's franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account. As of December 31, 2024, the Company withdrew $1,017,619 of interest income earned in the Trust Account for payment of the Company's franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement governing the Trust Account and paid $798,589 in franchise and incomes taxes resulting in $219,030 having been withdrawn from the Trust Account and not used to pay franchise and income taxes. As of December 31, 2024, the Company's obligations for franchise taxes has been paid in full. As of December 31, 2024, the Company has outstanding income tax obligations of $358,333 and has recorded prepaid franchise taxes of $78,383 related to future periods.

2.The Company failed to maintain effective internal control over
the timely recognition and payment of excise tax obligations, which resulted in the incurrence of penalties and interest totaling $121,186.
As of December 31, 2024, the Company had recorded total excise tax payable of $843,464.

3.The Company did not maintain effective internal control over
the completeness and accuracy of its liabilities.

4.The Company did not have sufficient personnel in its accounting
and financial reporting group which could result in errors in reporting in the future.

A material weakness is a deficiency, or combination
of deficiencies, in internal control over financial reporting, such that there is reasonable possibility that a material misstatement
of the annual or interim financial statements will not be prevented or detected on a timely basis. Because of its inherent limitations,
internal control over financial reporting may not prevent