Company: DAAQ
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110841
Chunk: 55

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 55
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 Share held in the Trust Account as of the date of the
liquidation of the Trust Account, if less than $10.00 per Public Share due to reductions in the value of the Trust Account assets, in
each case less taxes payable and up to $100,000 of interest to pay liquidation expenses, provided that such liability will not apply to
any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust
Account (whether or not such waiver is enforceable) nor will it apply to any claims under the indemnity of the Underwriters of the Initial
Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities
Act”).

Liquidity,  Capital Resources and Going Concern

As of September 30, 2025, the Company had
a working capital surplus of $1,099,791. Prior to the completion of the Initial Public Offering, the Company lacked the liquidity it needed
to sustain operations for a reasonable period of time, which is considered to be one year from the issuance date of the financial statements.
The Company has since completed its Initial Public Offering at which time capital in excess of the funds deposited in the Trust Account
and/or used to fund offering expenses will be available to the Company for general working capital purposes. At the closing of the Initial
Public Offering on April 30, 2025, $1,602,224 of the proceeds were due to the Company to be held by the Sponsor outside of the Trust Account
for working capital purposes. On August 14, 2025, the Company received the outstanding balance Due from Sponsor, totaling $1,221,540.
The amount received reflects the gross balance due, net of general and administrative expenses paid directly by the Sponsor on behalf
of the Company.

The Company evaluated whether there are
certain conditions and events considered in the aggregate, that raise substantial doubt about the Company’s ability to
continue as a going concern within one year after the date that the condensed financial statements are issued.

The Company will have until the end of the Completion
Period to consummate a Business Combination. If a Business Combination is not consummated by the end of the Completion Period, there
will be a mandatory liquidation of the Company. No adjustments have been made to the carrying amounts of assets
or liabilities should the Company be required to liquidate after October 30, 2026 (