Company: KOYNU
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001829126-25-009093
Chunk: 95

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 2
Chunk 95
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ory Note was non-interest bearing, unsecured and due at the earlier of (i)
the closing of the Initial Public Offering or (ii) the date which the Company determines not to proceed with the Initial Public
Offering. The Promissory Note was repaid in full on August 28, 2025 from the proceeds of the Initial Public Offering and
private placement. Prior to repayment, the Company had borrowed $270,394, under the Promissory Note. The Company paid $272,716 to
the Sponsor, resulting in an overpayment of $2,322 that is recorded as a related party receivable. As such, as of September 30, 2025
and December 31, 2024, the Company had $0 and $11,394 outstanding under the Promissory Note, respectively. The Promissory note is no
longer available for drawdown subsequent to the close of the Initial Public Offering.

Administrative Services Agreement

Commencing
on the effective date of the Registration Statement of which this prospectus forms a part, 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.

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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.