Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 6

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 8
Chunk 6
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 (or January 30, 2027). The Company determined that the
above conditions and/or events indicate that the Company would be able to continue as a going concern for the following twelve months
from the issuance of the unaudited condensed financial statements.

7

DIGITAL ASSET ACQUISITION CORP. 

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(UNAUDITED)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The condensed balance sheet as of December 31, 2024
was derived from audited financial statements and the accompanying unaudited condensed financial statements have been prepared in accordance
with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and
in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the SEC. Certain information or footnote disclosures
normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations
of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete
presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed
financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of
the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial
statements should be read in conjunction with the Company's prospectus for its Initial Public Offering as filed with the SEC on April
30, 2025, as well as the Company's Current Report on Form 8-K, as filed with the SEC on May 6, 2025. The interim results for the three
months ended March 31, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for
any future periods.

Emerging Growth Company

The Company is an “emerging growth company,”
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”).
As such, the Company is eligible to take advantage of certain exemptions from various reporting requirements applicable to other public
companies that are not required for emerging growth companies including, but not limited to, exemption from