Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 95

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 2
Chunk 95
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 formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses (a “Business Combination”). We have not selected any Business Combination
target and we have not, nor has anyone on our behalf, initiated any substantive discussions, directly or indirectly, with any Business
Combination target. We intend to effectuate our initial Business Combination using cash from the proceeds of our initial public offering
(the “Initial Public Offering”) and the sale of the Private Placement Warrants (as defined below), the proceeds of the sale
of our shares in connection with our initial Business Combination pursuant to the forward purchase agreements (or backstop agreements
we may enter into or otherwise), shares issued to the owners of the target, debt issued to bank or other lenders or the owners of the
target, or a combination of the foregoing or other sources.

21

Results of Operations

We have neither engaged in any operations nor
generated any revenues to date. Our only activities for the nine months ended September 30, 2025, were organizational activities and those
necessary to prepare for our Initial Public Offering, as described below. We do not expect to generate any operating revenues until after
the completion of our initial Business Combination. We will generate non-operating income in the form of interest income on assets held
in our Trust Account (defined below) after the Initial Public Offering. We incur expenses as a result of being a public company (for legal,
financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months ended September 30, 2025,
we had net income of $1,690,631, which resulted from investment earnings on marketable securities held in the Trust Account of $1,801,001
and investment earnings on marketable securities held in the Operating Account of $6,322 offset by general and administrative expenses
of $116,692.

For the nine months ended September 30, 2025,
we had net income of $2,665,323, which resulted from earnings and realized gain on marketable securities held in Trust Account of $2,948,521
and investment earnings on marketable securities held in the Operating Account of $6,322 offset by general and administrative expenses
of $289,520.

Through September 30, 2025, our efforts have
been limited to organizational activities, activities relating to the Initial Public Offering, and activities relating to general corporate
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