Company: KOYNU
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001829126-25-009093
Chunk: 51

Company: CSLM Digital Asset Acquisition Corp III, Ltd
Filing Date: 2025-11-13
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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, Capital Resources and Going Concern

As of September 30, 2025 and December 31, 2024, the Company had $3,526,414 and $0 in cash and working capital (deficit) of $3,482,424 and $(58,300), respectively.

The Company’s liquidity needs through September 30, 2025 had been satisfied through a payment from the Sponsor of $25,000 for Class B ordinary shares, par value $0.0001 per share (“founder shares”) (see Note 6), the Initial Public Offering and the issuance of the Private Placement Units. Additionally, the Company drew on an unsecured promissory note to pay certain offering costs.

The Company has incurred and expects to continue to incur significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the Company’s ability to continue as a going concern one year from the issuance date of the financial statements. Management plans to address this uncertainty through an initial Business Combination or through Working Capital Loans (defined in Note 6). There is no assurance that the Company’s plans to raise capital or to consummate an initial Business Combination will be successful within the Completion Window.

These factors, among others, raise substantial
doubt about the Company’s ability to continue as a going concern one year from the date these financial statements are issued.
The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

    7

Note 2 — Significant Accounting Policies

Basis of Presentation

The accompanying
financial statements are presented in conformity with accounting principles generally accepted in the United States of America
(“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the
“SEC”). In the opinion of Management, the accompanying unaudited condensed financial statements include all adjustments,
consisting of a normal recurring nature, which are necessary for a fair statement of the financial position, operating results and cash
flows for the periods presented.

Emerging Growth Company Status

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of