Company: KOYNU
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001829126-25-009093
Chunk: 66

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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716 to the Sponsor, resulting in an overpayment of $2,322 that is recorded as a related party receivable  as of September 30, 2025. The Promissory note is no longer available for drawdown subsequent to the close of the Initial Public Offering.  Accordingly the balance under the Promissory Note as of September 30, 2025 and December 31, 2024 was $0 and $11,394, respectively.

    16

Administrative Services Agreement

Commencing
on the effective date of the Registration Statement, the Company entered into an agreement with our Sponsor to pay an aggregate of
$30,000
per month for company administration, office space, utilities, and secretarial and administrative support. Upon completion of the
initial Business Combination or the liquidation, the Company will cease paying the $30,000
per month fee. The Company has recorded $34,839
for the three and nine months ended September 30, 2025 and has paid no amounts under the agreement as of September 30,
2025, resulting in a $34,839
accrual as of September 30, 2025 that is recorded to accrued expenses on the consolidated balance sheets. No amounts were accrued as of December 31, 2024 as the agreement was not yet in effect.

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 our 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 we complete an initial Business Combination, the Company would repay such loaned amounts. In the event that the initial Business Combination does not close, the Company may use amounts held outside the Trust Account to repay such loaned amounts but no proceeds from the Trust Account would be used for such repayment. Up to $1,500,000 of such loans may be convertible into units of the post business combination entity at a price of $10.00 per unit at the option of the lender. Such units would be identical to the Private Units. Except as set forth above, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such loans. As of September 30, 2025  and December 31, 2024, no such Working Capital Loans were outstanding.

Note 7 — Commitments and Conting