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

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 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 and $600,000,
respectively.

F-16

KEEN VISION ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS

Advance from a Related Party

As of March 31, 2025 and December 31, 2024, the Company had a temporary advance of $844,707 and $575,085 from the Sponsor, respectively.
The balance is unsecured, interest-free and has no fixed terms of repayment.

NOTE 6 –
SHAREHOLDERS’ DEFICIT

Ordinary Shares

The Company is authorized to issue 500,000,000
ordinary shares at par $0.0001 per share. Holders of the Company’s ordinary shares are entitled to one vote for each share.

As of March 31, 2025 and December 31, 2024, 4,416,075
and 4,416,075 Ordinary Shares were issued and outstanding excluding 6,404,652 and 6,404,652 Ordinary Shares subject to possible redemption,
respectively, so