Company: BLUWU
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023451
Chunk: 21

Company: Blue Water Acquisition Corp. III
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 21
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 of the Initial Public Offering or (iii) the date which the Company determines not to proceed with the Initial
Public Offering. As of June 11, 2025, the date of the consummation of the Initial Public Offering, the Company had borrowed $242,397
under the Promissory Note. On June 11, 2025, the Company paid $283,472 to the Sponsor, resulting in an overpayment of $41,075 that was
recorded as a related party receivable. The Promissory Note was non-interest bearing and was repaid in full in connection with the Initial
Public Offering. The Promissory Note is no longer available as of September 30, 2025. Accordingly, as of September 30, 2025 and December
31, 2024, the Company had $0 and $1,505 outstanding under the Promissory Note, respectively.

Due
from Related Party

As
of September 30, 2025, the Company had a related party receivable of $28,715 comprised of the $41,075 overpayment for settlement of the
Promissory Note in connection with the Initial Public Offering, net of $12,360 excess cash contributions for the purchase of Private
Placement Units. As of December 31, 2024, the Company did not have a related party receivable.

Administrative
Services Agreement

Commencing
on the June 11, 2025, the Company entered into an agreement with an affiliate of the Sponsor to pay an aggregate of $10,000
per month for office space, utilities, and secretarial and administrative support. Upon completion of the initial Business
Combination or the liquidation, the Company will cease paying the $10,000
per month fee. As of September 30, 2025, the Company has accrued $36,333
under the administrative services agreement, and has incurred administrative service fees of $30,000
and $36,333
for the three and nine months ended September 30, 2025, respectively.

    13

Related
Party Loans

In
order to finance transaction costs in connection with an intended initial Business Combination, the Sponsor or an affiliate of the
Sponsor or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be
required on a non-interest basis (the “Working Capital Loans”). If the Company completes an initial Business
Combination