Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 1047

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 3
Chunk 1047
---
2024 or (ii) the date on which the Company consummates an initial business combination
(the “July Promissory Note Maturity Date”). In the event that the Company does not consummate a business combination on or
prior to the time provided in the Company’s Charter (as subject to extension), Sponsor agrees to forgive the principal balance of
the July Promissory Note, except to the extent of any funds remaining outside of the Company’s trust account, if any. The following
shall constitute an event of default: (i) a failure to pay the principal within five business days of the July Promissory Note Maturity
Date the commencement of a voluntary or involuntary bankruptcy action. As of December 31, 2024, the outstanding balance of this note was $280,000.

On October 10, 2024,
the Company issued an unsecured promissory note to Jun Chul Whang, a member of the Company’s Board (the “Second JCW Promissory
Note”) in the principal amount of $40,000 to Mr. Whang for its receipt of $40,000 to fund working capital and other expenses of
the Company. The Second JCW Promissory Note is non-interest bearing and is payable in full on the earlier of (i) November 9, 2024, (ii)
at such time the Company raises additional working capital funds, or (iii) the date on which the Company consummates an initial business
combination. In the event that the Company does not consummate an initial business combination on or prior to the time provided in the
Charter, as amended, Mr. Whang agrees to forgive the principal balance of the Second JCW Promissory Note, except to the extent of any
funds remaining outside of the Company’s trust account, if any. As a result of raising additional working capital funds through
the Duksung Promissory Note (defined below), the Company repaid the Second JCW Promissory Note in full on October 28, 2024. As of December
31, 2024, the outstanding balance was $0.

The outstanding balance was $1,763,000 as of December
31, 2024 recorded as notes payable – related parties.

F-18

OSR HOLDINGS, INC.

(f/k/a Bellevue Life Sciences Acquisition Corp.) 

NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31,