Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 19

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 8
Chunk 19
---
 11, 2024, the Sponsor agreed to loan the Company an aggregate of up to $300,000 to cover expenses related to the Initial Public
Offering pursuant to a promissory note (the “Promissory Note”). This loan is non-interest bearing and payable on the earlier
of December 31, 2025 or the date on which the Company consummates the Initial Public Offering of its securities. During the three months
ended June 30, 2025 the balance of the Promissory Note was paid in full and borrowings under the note are no longer available.

Due to
Related Party

The
Company’s Sponsor has agreed to initially fund operating expenses related to the Initial Public Offering. These include legal fees,
mailing, and shipping expenses. On June 30, 2025, the Company had
a total of $75,321 outstanding that was due to related party.

Administrative
Support Agreement

The
Sponsor has agreed, commencing from April 30, 2025, the date of the Initial Public Offering, through the earlier of the Company’s
consummation of a Business Combination and its liquidation, to make available to the Company certain general and administrative services,
including office space and administrative services, as the Company may require from time to time. The Company has agreed to pay to the
Sponsor up to $20,000 per month for these services during the Completion Period. For both the three and six month period ended June 30,
2025, the Company paid $40,000 to the Sponsor for these services, which are included in general and administrative expenses on the accompanying
condensed statements of operations.

13

DIGITAL
ASSET ACQUISITION CORP. 

JUNE
30, 2025

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

Working
Capital Loans

In
order to finance transaction costs in connection with the initial Business Combination, the Sponsor or an affiliate of the Sponsor or
certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required on a non-interest
bearing basis. If the Company completes the initial Business Combination, the Company will repay such loaned amounts. In the event that
the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account
to repay such loaned amounts, but no proceeds from the Trust Account would be used for