Company: KVACU
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001213900-25-021314
Chunk: 695

Company: Keen Vision Acquisition Corp.
Filing Date: 2025-03-07
Form: 10-K
Item: Item 6
Chunk 695
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issory note equal to the amount of any 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 our initial Business Combination or at the lender’s discretion, converted upon
consummation of our 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 and February 24, 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 March 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 December 31, 2024 and 2023, the note payable balance was $600,000 and $0, respectively.

Advance from a Related Party

As of December 31, 2024 and 2023, the Company
had a temporary advance of $575,085 and $10,000 from the Sponsor, respectively. The balance is unsecured, interest-free and
has no fixed terms of repayment.

F-17

KEEN VISION ACQUISITION
CORPORATION

NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS

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 December 31, 2024 and 2023,
4,416,075 and 4,416,075 Ordinary Shares were issued and outstanding
excluding 6,404,652 and 14,950,000 Ordinary Shares subject to possible redemption, respectively, so that the
initial shareholders will own 20% of the issued and outstanding shares after the Initial Public Offering (excluding the sale