Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 65

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 65
---
 $176,739,725  
    $25,000 

    For
the
three months
ended
September 30,
2025  
    For the
nine months ended
September 30, 
2025 
  
    General and administrative expenses 
    $116,692  
    $289,520 
  
    Net income 
    $1,690,631  
    $2,665,323 

General and administrative expenses are reviewed
and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a Business Combination or similar
transaction within the Completion Period. The CODM also reviews general and administrative expenses to manage, maintain and enforce all
contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative expenses, as reported on
the condensed statement of operations, are the significant segment expenses provided to the CODM on a regular basis.

All other segment items included in net income or loss are reported
on the condensed statements of operations and described within their respective disclosures.

13

DIGITAL ASSET ACQUISITION CORP.

SEPTEMBER 30, 2025

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 6. RELATED PARTY TRANSACTIONS

Founder Shares

On December 11, 2024, the Sponsor was issued 5,750,000
Class B ordinary shares (the “Founder Shares”) for an aggregate price of $25,000 paid to cover certain expenses on behalf
of the Company. The Founder Shares included an aggregate of up to 750,000 Class B ordinary shares subject to forfeiture by the Sponsor
to the extent that the Underwriters’ over-allotment option was not exercised in full or in part, so that the Sponsor would own,
on an as-converted basis, 25% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the Sponsor
does not purchase any Public Shares in the Initial Public Offering). On April 30, 2025, the Underwriters exercised their over-allotment
option in full as part of the closing of the Initial Public Offering. As such, the 750,000 Founder Shares are no longer subject to forfeiture.

In January 2025, the Sponsor transferred 25,000
Founder Shares to three director nominees (for an aggregate of 75,000 Class B ordinary shares) and 10,000 Founder Shares to four Company
advis