Company: CHPG
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001213900-25-111468
Chunk: 34

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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30, 2025,
we had a net income of $682,288, which consisted of interest and dividend income on investments held in trust account of $795,474. This
was partially offset by formation and operating costs of $113,186.

For the three months ended September 30, 2024,
we had a net loss of $107,443, which consisted of formation and operating costs of $107,443.

For the nine months ended September 30, 2025,
we had a net income of $494,905, which consisted of interest and dividend income on investments held in trust account of $1,043,808. This
was partially offset by formation and operating costs of $392,999 and stock compensation expense of $155,904.

For the period from March 27, 2024 (inception)
to September 30, 2024, we had a net loss of $172,120, which consisted of formation and operating costs of $140,215 and stock compensation
expense of $31,905.

18

Liquidity and Capital Resources

Our liquidity needs have been satisfied prior
to completion of the IPO through contribution from our sponsor of $22,901 to purchase the founder shares (the initial purchase price of
$25,001 for the issuance of the 2,170,161 insider shares less the consideration price of $2,551 to be received from directors and officers
in exchange for the transfer of certain insider shares) and up to $500,000 in loans from our sponsor under an unsecured promissory note.

Following the closing of the IPO and sale of the
Private Placement Units on May 29, 2025, a total of $75,123,750 was placed in the trust account, and we had $464,339 of cash held outside
of the trust account, after payment of costs related to the IPO, and available for working capital purposes. In connection with the IPO,
we incurred $3,259,220 in transaction costs, consisting of $745,500 of underwriting fees, $1,495,000 of deferred underwriting fees, $293,020
of the Representative Shares, and $723,700 of other offering costs.

In conjunction with the IPO, the Company issued
to the underwriter 112,125 Class A ordinary shares for no consideration (the “Representative Shares”). The fair value of the
Representative Shares accounted for as compensation under the Financial Accounting Standards Board’s Accounting