Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 636

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 6
Chunk 636
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 dividend income in full year.

For the year ended December 31, 2023, we had a
net income of $1,454,758, which was comprised of dividend earned on the marketable securities held in Trust Account of $1,933,397 and
interest income of $37, offset by operating costs of $478,676. The dividend income has increased compared with 2022 mainly due to the
Company has completed the Initial Public Offering, the net proceeds deposited into trust account to earn dividend income during the year.
In addition, the company has unrealized gain in investments held in Trust Account of $1,521,171 which was realized in 2024.

Off-balance Sheet Financing Arrangements

We have no obligations, assets or liabilities
which would be considered off-balance sheet arrangements as of December 31, 2024 or 2023. We do not participate in transactions that create
relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have
been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing
arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial
assets.

Contractual Obligations

We do not have any long-term debt, capital lease
obligations, operating lease obligations or long-term liabilities other than an agreement to pay our Sponsor a monthly fee of $10,000
for general and administrative services, including office space, utilities and administrative services to the Company. We began incurring
these fees on August 1, 2023 and will continue to incur these fees monthly until the earlier of the completion of the Business Combination
and the Company’s liquidation. Also, we are committed to the below:

Registration Rights

The holders of the Founder Shares, the Private
Placement Units (and their underlying securities) and the units that may be issued upon conversion of the working capital loans (and their
underlying securities) are entitled to registration rights pursuant to a registration rights agreement signed on the effective date of
the Public Offering. The holders of a majority of these securities are entitled to make up to two demands that the Company register such
securities. The holders of the majority of the Founder Shares can elect to exercise these registration rights at any time commencing three
months prior to the date on which these ordinary shares are to be released from escrow. The