Company: DMAAR
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026240
Chunk: 1069

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 12
Chunk 1069
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 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 Proposed 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 balance sheet. As of December 31, 2024 there was $662,324
outstanding under the Promissory Note.

Advisory Services

The Company received advisory services from an
uncompensated related party advisor, husband to the CEO of the Company. The role of such advisor is to assist in the day to day transactions
of the Company.

CFO Agreement

The Company’s CFO has consulting agreement
through Seaton Hill and the Company incurred $11,600 of expense of which $1,300 is included in the accrued expenses as of December 31,
2024.

Related Party Loans

In order to finance transaction costs in connection
with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may,
but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a
Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company.
Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination
does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds
held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital
Loans, if any, have not been