Company: CDAQF
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001641172-25-000421
Chunk: 687

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 3
Chunk 687
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 but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.

/s/
WithumSmith+Brown, PC

We
have served as the Company’s auditor since 2023.

New
York, New York

March
24, 2025

PCAOB
Number 100

F-2

COMPASS
DIGITAL ACQUISITION CORP.

BALANCE
SHEETS

    DECEMBER 31, 2024  
    DECEMBER 31, 2023 

    ASSETS 

    Current assets: 

    Cash 
    $27,720  
    $44,046 
  
    Prepaid expenses 
     24,898  
     35,635 
  
    Total current assets 
     52,618  
     79,681 
  
    Cash held in Trust Account 
     27,637,300  
     55,347,556 
  
    Total Assets 
    $27,689,918  
    $55,427,237 

    LIABILITIES, ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT 

    Current liabilities: 

    Accounts payable 
    $165,912  
    $476,567 
  
    Accrued expenses 
     501,314  
     167,798 
  
    Polar Capital Investment payable – related party 
     227,273  
     90,909 
  
    Non-redemption liability 
     4,028,008  
     - 
  
    Working Capital Loans 
     1,240,000  
     125,000 
  
    Total current liabilities 
     6,162,507  
     860,274 
  
    Derivative warrant liabilities 
     119,123