Company: CUB
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074966
Chunk: 15

Company: Lionheart Holdings
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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 trading securities, which are presented at fair value.
Gains and losses resulting from the change in fair value of these securities are included in income from investments held in the Trust
Account in the accompanying unaudited condensed statements of operations. The estimated fair values of investments held in the Trust
Account are determined using available market information. At June 30, 2025 and December 31, 2024, the assets held in the Trust Account
of $241,260,237 and $236,335,105 were held in money market funds.

Offering Costs

The Company complies with
the requirements of the FASB ASC Topic 340-10-S99, “Other Assets and Deferred Costs”, and SEC Staff Accounting Bulletin Topic
5A,“Expenses of Offering.” Deferred offering costs consist principally of professional and registration fees that are related
to the Initial Public Offering. FASB ASC Topic 470-20, “Debt with Conversion and Other Options” (“ASC 470-20”),
addresses the allocation of proceeds from the issuance of convertible debt into its equity and debt components. The Company applies this
guidance to allocate Initial Public Offering proceeds from the Units between Public Shares and Warrants, using the residual method by
allocating Initial Public Offering proceeds first to assigned value of the Warrants and then to the Public Shares. Offering costs allocated
to the Public Shares were charged to temporary equity and offering costs allocated to the Public Warrants and Private Placement Warrants
were charged to shareholders’ deficit.

Fair Value of Financial Instruments

The fair value of the Company’s
assets and liabilities, which qualify as financial instruments under FASB ASC Topic 820, “Fair Value Measurements and Disclosures,”
approximates the carrying amounts represented in the balance sheet, primarily due to its short-term nature.

Class A Ordinary Shares Subject to Possible
Redemption

The Public Shares contain
a redemption feature that allows for the redemption of such Public Shares in connection with the Company’s liquidation, or if there
is a shareholder vote or tender offer in connection with the initial Business Combination. In accordance with FASB ASC Topic 480-10-S99,“Distinguishing
Liabilities from Equity”, the Company classifies Public Shares subject to redemption outside of permanent equity as the redemption
provisions are not solely within the control of the Company. The Public Shares were issued with other freestanding instruments (i.e.,
the Public Warrants) and as such, the initial carrying value of the Public