Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 263

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 1
Chunk 263
---
 and
directors will agree, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Units, including the
component securities therein until 30 days after the completion of the Business Combination.

F-16

OSR HOLDINGS, INC.

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

NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

Due from Affiliate 

On October 25, 2024, OSR Co., Ltd. issued a promissory
note to the Company in the aggregate principal amount of $300,000 (the “OSR Promissory Note”) to fund working capital and
other expenses of OSR Co., Ltd. The OSR Promissory Note bears interest at a rate of three and ninety-six hundredths’ percent (3.96%)
per annum and shall be compounded semi-annually. The OSR Promissory Note is payable on October 25, 2025 (the “OSR Promissory Note
Maturity Date”) and all accrued interest shall be payable on the Maturity Date. The following events constitute an event of default
under the OSR Promissory Note: (i) a failure to pay the outstanding balance due within five (5) business days of the OSR Promissory Note
Maturity Date and (ii) the commencement of a voluntary or involuntary bankruptcy action. As of December 31, 2024, the outstanding balance
was $300,000.

Promissory Notes 

The Sponsor has advanced
funds to the Company for the payment of expenses incurred in connection with the Initial Public Offering, which amount is evidenced by non-interest-bearing promissory
notes in the aggregate principal amount of $1,200,000. The promissory notes were due at the earlier of November 29, 2023 or
upon the closing of the Initial Public Offering. These notes were discharged and cancelled in connection with the private placement that
closed simultaneously with the Initial Public Offering.

On June 23, 2023,
the Sponsor loaned to the Company $200,000 to fund working capital requirements and in exchange therefor the Company issued to the
Sponsor an unsecured promissory note in the principal amount of $200,000. This note is non-interest bearing and is payable in
full on the earlier of (i) December 31,