Company: DAAQ
Filing Date: 2025-06-12
Form Type: 10-Q
Source: 0001213900-25-053846
Chunk: 17

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-06-12
Form: 10-Q
Item: Item 8
Chunk 17
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 CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(UNAUDITED)

With certain limited exceptions, the Founder Shares
are not transferable, assignable or saleable (except to the Company’s officers and directors and other persons or entities affiliated
with the Company’s Sponsor, each of whom will be subject to the same transfer restrictions) until the earlier of (A) one year after
the completion of the Company’s initial Business Combination or earlier if, subsequent to the Company’s initial Business Combination,
the last sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share subdivisions, share capitalizations,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days
after the Company’s initial Business Combination, and (B) the date following the completion of the Company’s initial Business
Combination on which the Company completes a liquidation, merger, share exchange or other similar transaction that results in all of the
Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property.

Promissory Note - Related Party

On December 11, 2024, the Sponsor agreed to loan the
Company an aggregate of up to $300,000 to cover expenses related to the Initial Public Offering pursuant to a promissory note (the “Promissory
Note”). This loan is non-interest bearing and payable on the earlier of December 31, 2025 or the date on which the Company consummates
the Initial Public Offering of its securities. On March 31, 2025 and December 31, 2024, the Company had $112,848 and $0 outstanding
under the Promissory Note, respectively. In connection with the closing of the Initial Public Offering, the Company repaid the outstanding
balance of the promissory note in full.

Due to Related Party

The Company’s Sponsor has
agreed to pay operating expenses related to the initial public offering. These include legal fees, mailing, and shipping expenses.

Administrative Support Agreement

The Sponsor has agreed, commencing from the date
of the Initial Public Offering through the earlier of the Company’s consummation of a Business Combination and its liquidation,
to make available to the Company certain general and administrative services, including office space and administrative services, as the
Company may require from time to time. The Company has