Company: DMAAR
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112096
Chunk: 24

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-11-18
Form: 10-Q
Item: Part I, Item 1
Chunk 24
---
 on the unaudited balance sheets. For the period from May 23, 2024 (inception)
through September 30, 2024, we did not incur fees for these services.

12

DRUGS
MADE IN AMERICA ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

SEPTEMBER
30, 2025

(Unaudited)

Promissory
Note — Related Party

On
June 13, 2024, the Sponsor issued an unsecured promissory note to the Company (the “Promissory Note”), pursuant to which
the Company may borrow up to an aggregate principal amount of $500,000. On November 21, 2024, the Sponsor amended the Promissory Note
to increase the amount the Company may borrow to $750,000. On December 5, 2024, the Sponsor further amended the Promissory Note to increase
the amount the Company may borrow to $1,850,000. The Promissory Note is non-interest bearing and shall be due and payable upon the closing
of the Company’s initial Business Combination or upon the Company’s dissolution, whichever occurs first. During the period
from May 23, 2024 (inception) through December 31, 2024, the Company received funds totaling approximately $1,700,000 from various investors
on behalf of the Sponsor. These monies represent advances paid to the Sponsor for purchase of Founder Shares upon successful completion
of the Initial Public Offering. The monies were received on behalf of the Sponsor and deposited into the Company’s bank account
instead of the Sponsor’s bank account. During the period from May 23, 2024 (inception) through December 31, 2024, the Company repaid
approximately $1,200,000 of the balance due to the Sponsor related to investments it had received on behalf of the Sponsor, resulting
in a balance of approximately $500,000 due to the Sponsor, which is accounted for as part of the promissory note amount on the unaudited
balance sheets. In conjunction with the Initial Public Offering $900,000 was repaid to the Sponsor, $204,000 in deferred offering costs
were paid by the Sponsor and $94,574 in expenses were paid by the Sponsor. As of September 30, 2025 and December 31, 2024, there was
$0 and $662,