Company: CHPG
Filing Date: 2025-11-17
Form Type: 10-Q
Source: 0001213900-25-111468
Chunk: 115

Company: ChampionsGate Acquisition Corp
Filing Date: 2025-11-17
Form: 10-Q
Item: Part I, Item 2
Chunk 115
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 (the initial purchase price of
$25,001 for the issuance of the 2,170,161 insider shares less the consideration price of $2,551 to be received from directors and officers
in exchange for the transfer of certain insider shares) and up to $500,000 in loans from our sponsor under an unsecured promissory note.

Following the closing of the IPO and sale of the
Private Placement Units on May 29, 2025, a total of $75,123,750 was placed in the trust account, and we had $464,339 of cash held outside
of the trust account, after payment of costs related to the IPO, and available for working capital purposes. In connection with the IPO,
we incurred $3,259,220 in transaction costs, consisting of $745,500 of underwriting fees, $1,495,000 of deferred underwriting fees, $293,020
of the Representative Shares, and $723,700 of other offering costs.

In conjunction with the IPO, the Company issued
to the underwriter 112,125 Class A ordinary shares for no consideration (the “Representative Shares”). The fair value of the
Representative Shares accounted for as compensation under the Financial Accounting Standards Board’s Accounting Standards Codification
(“ASC”) 718, “Compensation – Stock Compensation” (“ASC 718”) is included in the offering costs.
The estimated fair value of the Representative Shares as of the IPO date totaled $293,020.

As of September 30, 2025, we had $17,351 in cash
and a working capital deficit of $23,287.

For the nine months ended September 30, 2025,
there was $432,991 of cash used in operating activities resulting from dividend earned on investments held in trust account of $1,043,808,
the increase in prepaid expenses of $57,547, and the decrease in accounts payable and accrued expenses of $36,646. The changes were partially
offset by net income of $494,905, stock compensation expense of 155,904 and the increase in due to related parties of $54,201.

For the period from March 27, 2024 (inception)
through September 30, 2024, there was $91,519 of cash used in operating activities resulting from net loss of $172,120 and the increase
in prepaid expenses of $26,000. The changes were partially offset by stock compensation expense of $