Company: CUB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109274
Chunk: 114

Company: Lionheart Holdings
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 2
Chunk 114
---
 of being
a public company (for legal, financial reporting, accounting and auditing compliance, among other things), as well as for due diligence
expenses.

For the three months ended
September 30, 2025, we had a net income of $2,332,213, which consists of interest income on marketable securities held in the Trust Account
of $2,528,262, offset by operating costs of $196,049.

For the nine months ended
September 30, 2025, we had net income of $6,778,619, which consists of interest income on marketable securities held in the Trust Account
of $7,453,394, offset by operating costs of $674,775.

For the three months ended
September 30, 2024, we had a net income of $3,220,747, which consists of interest income on marketable securities held in the Trust Account
of $3,397,997, offset by general and administrative and formation costs of $177,250.

For the period from February
21, 2024 (inception) through September 30, 2024, we had net income of $3,327,965, which consists of interest income on marketable securities
held in the Trust Account of $3,638,827, offset by general and administrative and formation costs of $310,862.

Liquidity, Capital Resources and Going
Concern

Following
the Initial Public Offering, including the full exercise of the Over-Allotment Option, and the Private Placement, a total of $230,000,000
was initially placed in the Trust Account. We incurred fees of $14,462,875, consisting of $4,000,000 of cash underwriting fee, the Deferred
Fee of $9,800,000, and $662,875 of other offering costs.

For the nine months ended
September 30, 2025, cash used in operating activities was $479,562. Net income of $6,778,619 was affected by interest earned on marketable
securities held in the Trust Account of $7,453,394. Changes in operating assets and liabilities used $195,213 of cash for operating activities.  

For the period from February
21, 2024 (inception) through September 30, 2024, cash used in operating activities was $531,599. Net income of $3,327,965 was affected