Company: CUB
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074966
Chunk: 12

Company: Lionheart Holdings
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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,000 of such Working Capital Loans
may be convertible into warrants of the post Business Combination entity at a price of $1.00 per warrant at the option of the lender.
These warrants would be identical to the Private Placement Warrants. As of June 30, 2025 and December 31, 2024, no such Working Capital
Loans were outstanding.

The Company will need to
raise additional capital through loans or additional investments from the Initial Shareholders or its officers, directors or their affiliates.
The Initial Shareholders and the Company’s officers and directors or their affiliates may, but are not obligated to, loan the Company
funds, from time to time, in whatever amount they deem reasonable in their sole discretion, to meet the Company’s working capital
needs. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital,
it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing
operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. The Company cannot provide any assurance
that new financing will be available to it on commercially acceptable terms, if at all.

In connection with the Company’s
assessment of going concern considerations in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards
Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,”
the Company has until June 22, 2026, to consummate a Business Combination. It is uncertain whether the Company will be able to consummate
a Business Combination by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation
and subsequent dissolution of the Company. Management has determined that the liquidity condition and mandatory liquidation, should a
Business Combination not occur, and potential subsequent dissolution raises substantial doubt about the Company’s ability to continue
as a going concern. Management intends to consummate a Business Combination prior to June 22, 2026. No adjustments have been made to
the carrying amounts of assets or liabilities should the Company be required to liquidate after June 22, 2026.

7

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited
condensed financial statements are presented in U.S. dollars and have been prepared in accordance with accounting principles generally