Company: KVACU
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043269
Chunk: 57

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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’s financial statements and notes thereto for the year ended December 31,
2024 included in the Company’s Form 10-K filed with the SEC on March 7, 2025. Certain information or footnote disclosures normally
included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations
of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete
presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed consolidated financial
statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial
position, operating results and cash flows for the periods presented.

●Principles of consolidation

The unaudited condensed consolidated financial
statements include the unaudited condensed financial statements of the Company and its subsidiaries. All significant intercompany transactions
and balances between the Company and its subsidiaries are eliminated upon consolidation.

A subsidiary is the entity in which the Company,
directly or indirectly, controls more than one half of the voting power; or has the power to govern the financial and operating policies,
to appoint or remove the majority of the members of the board of directors, or to cast a majority of votes at the meeting of directors.

F-10

KEEN VISION ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

The accompanying unaudited condensed consolidated
financial statements reflect the activities of the Company and each of the following entities:

  Name   Background   Ownership  KVAC (Cayman) Limited (“Acquirer”)   A Cayman Islands company
Incorporated on August 28, 2024   100% owned by the Company  KVAC MS (Cayman) Limited   A Cayman Islands company
Incorporated on July 10, 2024   100% owned by the Acquirer 

●Emerging growth company

The Company is an “emerging growth company,”
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required