Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 69

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 69
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, securities or other property.

Promissory Note - Related Party

On December 11, 2024, the Sponsor agreed to loan
the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the
“Promissory Note”). This loan is non-interest bearing and payable on the earlier of December 31, 2025 or the date on which
the Company consummates the Initial Public Offering of its securities. During the nine months ended September 30, 2025, the balance of
the Promissory Note was paid in full and borrowings under the note are no longer available.

Due to Related Party

The
Company’s Sponsor has agreed to initially fund operating expenses related to the Initial Public Offering. These include legal
fees, mailing, and shipping expenses. As of September 30, 2025, the Company had a total of $81,647 outstanding that was
due to related party.

15

DIGITAL ASSET ACQUISITION CORP.

SEPTEMBER 30, 2025

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Administrative Support Agreement

The Sponsor has agreed, commencing from
April 30, 2025, the date of the Initial Public Offering, through the earlier of the Company’s consummation of a Business
Combination and its liquidation, to make available to the Company certain general and administrative services, including office
space and administrative services, as the Company may require from time to time. The Company has agreed to pay to the Sponsor up to
$20,000 per month for these services during the Completion Period. For the three and nine months ended September 30, 2025, the
Company incurred $60,000 and $100,000, respectively, due to the Sponsor for these services, which are included in general and
administrative expenses on the accompanying condensed statements of operations.

Working Capital Loans

In order to finance transaction costs in connection
with the initial 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 on a non-interest bearing basis. If the Company completes the
initial Business Combination, the Company will repay such loaned amounts. In the event that the initial Business Combination does not
close, the Company may use a portion of the working capital held outside