Company: CUB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109274
Chunk: 97

Company: Lionheart Holdings
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 97
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 November 2023, the FASB
issued ASU 2023-07. The amendments in ASU 2023-07 require disclosures, on an annual and interim basis, of significant segment expenses
that are regularly provided to the CODM, as well as the aggregate amount of other segment items included in the reported measure of segment
profit or loss. ASU 2023-07 requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM
uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Public
entities will be required to provide all annual disclosures currently required by ASC 280 in interim periods, and entities with a single
reportable segment are required to provide all the disclosures required by the amendments in ASU 2023-07 and existing segment disclosures
in ASC 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning
after December 15, 2024, with early adoption permitted. We adopted ASU 2023-07 as required for the period ended September 30, 2025. The
adoption required us to provide additional disclosure, but otherwise it did not materially impact the unaudited condensed financial statements
included in this Report under Item 1. “Financial Statements”.

22

In November 2024, the FASB issued ASU 2024-03, requiring public entities
to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual
basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15,
2027, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2024-03. 

Management
does not believe that there are any recently issued, but not yet effective, accounting standards, which, if currently adopted, would have
a material effect on the unaudited condensed financial statements and notes thereto included in this Report under Item 1. “Financial
Statements”.

Item 3. Quantitative and Qualitative Disclosures
About Market Risk.

We are a smaller reporting
company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information otherwise required under this Item.

Item 4. Controls and