Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 1030

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 9A
Chunk 1030
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 in amount due to a related party in the accompanying consolidated balance sheets. For the years ended December
31, 2024 and 2023, the Company incurred $120,000 and $60,000 in fees for these services, respectively and is included in formation
and operating costs in the accompanying consolidated statements of operations and comprehensive income.

Related Party Extensions Loan

The Company will have to consummate a Business
Combination by March 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 our initial Business Combination or at the lender’s discretion, converted upon
consummation of our 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 and February 24, 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 March 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 December 31, 2024 and 2023, the note payable balance was $600,000 and $0, respectively.

Advance from a Related Party

As of December 31, 2024 and 2023, the Company
had a temporary advance of $575,085 and $10,000 from the Sponsor, respectively. The balance is unsecured, interest-free and
has no fixed