Company: CHPG
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001213900-25-111468
Chunk: 114

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 2
Chunk 114
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iat Lim
was appointed as the Chairman, CEO and director of the Company, effective immediately. In connection with the appointment, the Company
extended an offer letter to Mr. Lim (the “New Offer Letter”), which he accepted on October 17, 2025, pursuant to which Mr.
Lim shall receive $13,250 if and when the Company enters into a definitive agreement with a target company and another $13,250 if and
when the Company consummates an initial business combination with a target company.

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities since inception have been organizational activities and those necessary to prepare
for the IPO and after the IPO, identifying a target company for a Business Combination. Following the IPO, we will not generate any operating
revenues until after completion of our initial business combination. We expect to generate non-operating income in the form of interest
and dividend income on investment held in trust account after the IPO. After the IPO, we expect to incur increased expenses as a result
of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses
in connection with completing a Business Combination.

For the three months ended September 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