Company: CUB
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001013762-25-001006
Chunk: 710

Company: Lionheart Holdings
Filing Date: 2025-03-21
Form: 10-K
Item: Item 7
Chunk 710
---
 the Initial Public Offering (the “Underwriting
Agreement”). This deferred fee will become payable to the underwriters of the Initial Public Offering solely in the event
that we complete a Business Combination, subject to the terms of the Underwriting Agreement. If we fail to consummate an initial Business
Combination within the Combination Period, such deferred fee will be included with the funds held in the Trust Account that will be available
to fund the redemption of our Public Shares upon the liquidation of the Trust Account.

Legal
Engagement Letter

Lionheart
Capital, an affiliate of our Sponsor, has engaged Wasserstrom to represent Lionheart Capital and its affiliated companies, as corporate
general counsel and otherwise in connection with any corporate and/or transactional matters. The engagement letter between Lionheart
Capital and Wasserstrom is for an indefinite period only subject to termination rights of either party, of which no termination has occurred
since the agreement was executed. Jessica Wasserstrom, the principal of Wasserstrom, currently holds the title of Chief Legal Officer
of Lionheart Capital and its affiliated companies.

In
connection therewith, Wasserstrom was specifically engaged by us to provide counsel for general corporate legal matters. As of December
31, 2024, we incurred an aggregate of $175,000 of legal fees from Wasserstrom, which were recorded within accrued offering costs in the
financial statement contained elsewhere in this Report. On June 25, 2024, we paid $50,000 and the remaining $125,000 is recorded within
deferred legal fees since it is due at the time of the Business Combination.

Critical
Accounting Estimates

The preparation of the audited
financial statement and related disclosures contained elsewhere in this Report in conformity with GAAP requires Management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date
of the financial statement, and income and expenses during the periods reported. Making estimates requires Management to exercise significant
judgement. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed
at the date of the financial statements contained elsewhere in this Report, which Management consider in formulating its estimated, could
change in the near term due to one or more future confirming events. Accordingly, the actual results could materially differ from those
estimates. As of December 31, 2024, we did not have any critical accounting estimates to be disclosed.

Item
7A. Quant