Company: KVACU
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043269
Chunk: 110

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part II, Item 8
Chunk 110
---
 31, 2025 and December 31, 2024, the unpaid services fee was $30,000 and
$0, respectively, and is presented in amount due to a related party in the accompanying unaudited condensed consolidated balance sheets.
For the three months ended March 31, 2025 and 2024, the Company incurred $30,000 and $30,000 in fees for these services, respectively
and is included in formation and operating costs in the accompanying unaudited condensed consolidated statements of income and comprehensive
income.

Related Party Extensions Loan

The Company will have to consummate a Business
Combination by May 27, 2025. However, if the Company anticipates that it may not be able to consummate a Business Combination within 21
months (including automatic extension period), the Company may extend the period of time to consummate a Business Combination up to four
times, four times by an additional one month each time to complete a Business Combination. The Sponsor or its affiliates or designees
will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit that will not be repaid in the
event that the Company are unable to close a Business Combination unless there are funds available outside the Trust Account to do so.
Such notes would either be paid upon consummation of the initial Business Combination or at the lender’s discretion, converted upon
consummation of the Business Combination into additional private units at a price of $10.00 per unit.

On each of October 28, 2024, November 20, 2024,
December 23, 2024, January 22, 2025, February 24, 2025, March 24, 2025 and April 25, 2025, the Company issued an unsecured promissory
note in an amount of $200,000 to the Sponsor, pursuant to which such amount has been deposited into the Trust Account in order to extend
the amount of available time to complete a business combination until May 27, 2025. The notes are non-interest bearing and are payable
upon the closing of a business combination. In addition, the notes may be converted, at the lender’s discretion, into additional
Private Units at a price of $10.00 per unit. As of March 31, 2025 and December 31, 2024, the note payable balance was $1,200,000