Company: CUB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109274
Chunk: 92

Company: Lionheart Holdings
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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 Public Offering. The loan of $180,000 was fully repaid upon the consummation of our Initial Public Offering
on June 20, 2024. No additional borrowing is available under the IPO Promissory Note.

Working Capital Loans

In order to fund working capital
deficiencies or finance transaction costs in connection with a Business Combination, the Sponsor, or certain of our officers and directors
or their affiliates may, but are not obligated to, loan us Working Capital Loans, as may be required. If we complete a Business Combination,
we will repay such Working Capital Loans. In the event that a Business Combination does not close, we may use a portion of the working
capital held outside the Trust Account to repay such Working Capital Loans, but no proceeds from our Trust Account would be used for such
repayment. Up to $1,500,000 of such Working Capital Loans may be converted into warrants of the post-Business Combination entity at a
price of $1.00 per warrant. The warrants would be identical to the Private Placement Warrants. Other than as set forth above, the terms
of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such Working Capital Loans.
As of September 30, 2025 and December 31, 2024, we did not have any borrowings under any Working Capital Loans.

Going Concern

In connection with our assessment
of going concern considerations in accordance with FASB ASC Topic 205-40, “Presentation of Financial Statements—Going Concern”,
Management has determined that we currently lack the liquidity we need to sustain operations for a reasonable period of time, which is
considered to be at least one year from the date that the unaudited condensed financial statements and the notes thereto included in this
Report under Item 1. “Financial Statements” are issued, as we expect to continue to incur significant costs in pursuit of
our acquisition plans. In addition, Management has determined that if we are unable to complete an initial Business Combination within
the Combination Period, then we will cease all operations except for the purpose of liquidating. These conditions raise substantial doubt
about our ability to continue as a going concern. Management plans to consummate an initial Business Combination prior to the end of the
Combination Period. No adjustments have been made to the carrying amounts of assets or liabilities should we be required to liquidate
after June 20, 2026. There can be no assurance that our