Company: CHPG
Filing Date: 2025-07-07
Form Type: 10-Q
Source: 0001213900-25-061810
Chunk: 57

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-07-07
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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1) December 31,
2024, subsequently amended to August 31, 2025, or (2) the date on which the Company consummates an initial public offering
of its securities, unless accelerated upon the occurrence of an Event of Default.

Working Capital Loans

In addition, in order to meet the Company’s
working capital needs following the consummation of the IPO if the funds not held in the trust account are insufficient, or to extend
its life, its insiders, officers and directors or their affiliates/designees may, but are not obligated to, loan the Company funds, from
time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a promissory
note. The notes would either be paid upon consummation of the Company’s initial Business Combination, without interest, or, at the
lender’s discretion, up to $1,500,000 of the notes (“Working Capital Loans”) may be converted upon consummation of the
Company’s Business Combination into working capital Units at a price of $10.00 per Unit. If the Company do not complete a Business
Combination, the loans would be repaid out of funds not held in the trust account, and only to the extent available.

As of March 31, 2025 and December 31, 2024,
the Company had no borrowings under the Working Capital Loans.

Due to Related Parties

On May 21, 2024, the Company signed the offer
letter with the CEO for compensation of $7,500 per month in cash and $10,000 per month in cash for the post-IPO period.

As of March 31, 2025 and December 31, 2024,
due to the CEO for salary payable amounted to of $55,000 and $32,500, respectively.

On May 21, 2024, the Company signed the offer
letter with the CFO for compensation of $5,000 per month in cash and $6,000 per month in cash for the post-IPO period. The CFO also paid
expenses on behalf of the Company.

As of March 31, 2025 and December 31, 2024,
due to the CFO including salary and reimbursement payable amounted to of $36,931 and $21,901, respectively.

13

Note 6 — Commitments and Contingencies

Underwriter Registration Rights

The holders