Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 63

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 63
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 an award is granted, but vesting does not occur, any previously recognized compensation cost is reversed in the
period related to the termination of service. Share-based compensation expenses are included in costs and operating expenses
depending on the nature of the services provided in the condensed statements of operations.

Recently Adopted Accounting Standards

In November 2023, the FASB issued Accounting Standards
Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”).
The amendments in this ASU require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided
to the chief operating decision maker (“CODM”), as well as the aggregate amount of other segment items included in the reported
measure of segment profit or loss.

The ASU requires that a public entity disclose
the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing
segment performance and deciding how to allocate resources. Public entities will be required to provide all annual disclosures currently
required by ASC Topic 280, Segment Reporting (“ASC 280”), in interim periods, and entities with a single reportable segment
are required to provide all the disclosures required by the amendments in this ASU and existing segment disclosures in ASC 280. The ASU
is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15,
2024, with early adoption permitted. The Company adopted ASU 2023-07 on December 9, 2024, the date of its incorporation.

No other recently issued accounting pronouncements are expected to
have a material impact on the Company.

NOTE 3. INITIAL PUBLIC OFFERING

The registration statement for the Company’s Initial
Public Offering was declared effective on April 28, 2025. On April 30, 2025, the Company consummated the Initial Public Offering of 17,250,000
Units, including 2,250,000 Units issued pursuant to the exercise of the Underwriters’ over-allotment option in full, generating gross
proceeds of $172,500,000. Each Unit consisted of one Class A ordinary share and one-half of one redeemable warrant (“Public Warrant”).
Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at an exercise price of $11.