Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 194

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 1
Chunk 194
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4 formed for the
                                            purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization
                                            or similar business combination with one or more businesses (a “Business Combination”).
                                            We have not selected any Business Combination target and we have not, nor has anyone on our
                                            behalf, initiated any substantive discussions, directly or indirectly, with any Business
                                            Combination target. We intend to effectuate our initial Business Combination using cash from
                                            the proceeds of our initial public offering (the “Initial Public Offering”) and
                                            the sale of the Private Placement Warrants (as defined below), the proceeds of the sale of
                                            our shares in connection with our initial Business Combination pursuant to the forward purchase
                                            agreements (or backstop agreements we may enter into or otherwise), shares issued to the
                                            owners of the target, debt issued to bank or other lenders or the owners of the target, or
                                            a combination of the foregoing or other sources.

18

Results
of Operations

We
have neither engaged in any operations nor generated any revenues to date. Our only activities for the six months ended June 30, 2025,
were organizational activities and those necessary to prepare for our Initial Public Offering, as described below. We do not expect to
generate any operating revenues until after the completion of our initial Business Combination. We will generate non-operating income
in the form of interest income on assets held in our Trust Account (defined below) after the Initial Public Offering. We incur expenses
as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence
expenses.

For
the three months ended June 30, 2025, we had net income of $1,029,308, which resulted from investment earnings on marketable securities
held in the Trust Account of $1,147,520 offset by general and administrative expenses of $118,212.

For
the six months ended June 30, 2025, we had net income of $974,692, which resulted from earnings and realized gain on marketable securities
held in Trust Account of $1,147,520 offset by general and administrative expenses of $172,828.

Through
June 30, 2025, our efforts have been limited to organizational activities, activities relating to the Initial Public Offering, and
activities relating to general corporate matters.

Liquidity
and Capital Resources

For
                                            the six-month period ended June