Company: OSRH
Filing Date: 2025-04-22
Form Type: 10-K
Source: 0001213900-25-034116
Chunk: 1097

Company: OSR Holdings, Inc.
Filing Date: 2025-04-22
Form: 10-K
Item: Item 4
Chunk 1097
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 2024 because of the identification
of material weaknesses in our internal control over financial reporting as described below. A material weakness, as defined in the SEC
regulations, is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected
on a timely basis. In light of these material weaknesses, we performed additional analyses as deemed necessary to ensure that our financial
statements were prepared in accordance with U.S. generally accepted accounting principles. Accordingly, management believes that the financial
statements included in this Annual Report on Form 10-K present fairly in all material respects our financial position, results of operations
and cash flows for the period presented.

Management’s Report on Internal Controls
Over Financial Reporting 

Our management is responsible for establishing
and maintaining adequate internal control over financial reporting (as such term is defined in Exchange Act Rules 13a-15(f) and
15d-15(f)). Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of our financial statements for external reporting purposes in accordance with GAAP. Because of its inherent
limitations, internal control over financial reporting may not prevent or detect errors or misstatements in our financial statements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because
of changes in conditions, or that the degree or compliance with the policies or procedures may deteriorate.

92

Under the supervision and with the participation
of our Chief Executive Officer and Chief Financial Officer, our management assessed the effectiveness of our internal control over financial
reporting as of December 31, 2024 based on criteria specified in Internal Control - Integrated Framework (2013) issued
by the Committee of Sponsoring Organizations of the Treadway Commission. Based on our assessment, our management, including our Chief
Executive Officer and Chief Financial Officer, concluded that, as of December 31, 2024, our internal control over financial reporting
was not effective as of December 31, 2024. We identified the following material weaknesses in our internal control over financial
reporting:

    1.
    In November 2023, the Company withdrew $561,957 of interest income earned in the Trust Account for payment of the Company's franchise tax and income tax liabilities as permitted by the terms of the Trust Agreement