Company: DMAAR
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112096
Chunk: 19

Company: Drugs Made In America Acquisition Corp.
Filing Date: 2025-11-18
Form: 10-Q
Item: Part I, Item 1
Chunk 19
---
 instruments,
including whether such instruments should be recorded as liabilities or as equity, is evaluated at the end of each reporting period.
Derivative liabilities are classified in the unaudited balance sheets as current or non-current based on whether or not net cash settlement
or conversion of the instrument could be required within 12 months of the unaudited balance sheets date. The underwriters’
over-allotment option is deemed to be a freestanding financial instrument indexed on the contingently redeemable shares and was accounted
for as a liability pursuant to ASC 480 since it was not exercised at the time of the Initial Public Offering.

10

DRUGS
MADE IN AMERICA ACQUISITION CORP.

NOTES
TO FINANCIAL STATEMENTS

SEPTEMBER
30, 2025

(Unaudited)

Net
Income (Loss) Per Ordinary Share

The
Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” The Company has
two classes of ordinary shares, which are referred to as redeemable ordinary shares and non-redeemable ordinary shares. Income and losses
are shared pro rata between the two classes of ordinary shares. This presentation assumes a Business Combination as the most likely outcome.
Net income (loss) per ordinary share is calculated by dividing the net income (loss) by the weighted average ordinary shares outstanding
for the respective period.

The
calculation of diluted net income (loss) per ordinary share does not consider the effect of the rights issued in connection with the
Initial Public Offering and the private placement of the Private Placement Units to receive an aggregate of 2,928,750 ordinary shares
in the calculation of diluted income (loss) per ordinary share, because their issuance is contingent upon future events.

The
Company has considered the effect of non-redeemable ordinary shares that were excluded from weighted average number as they were contingent
on the exercise of over-allotment option by the underwriters. Since the contingency was satisfied, the Company included these shares
in the weighted average number as of the beginning of the interim period to determine the dilutive impact of these shares.

The
following table presents a reconciliation of the numerator and denominator used to compute basic and diluted net income per ordinary
share for each class of ordinary shares:

    Three Months
    Ended September 30,  
    Nine Months
    Ended September 30, 

    2025  
    2025