Company: CUB
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001213900-25-074966
Chunk: 69

Company: Lionheart Holdings
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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 on the earlier of December 31, 2024,
or the date on which the Company consummates the Initial Public Offering. The outstanding balance of $180,000 was repaid at the closing
of the Initial Public Offering on June 20, 2024, and borrowings under the IPO Promissory Note are no longer available.

General Legal Counsel

An affiliate of the Company’s
Sponsor, Lionheart Capital, LLC (“Lionheart Capital”), has engaged Jessica L. Wasserstrom, LLC (“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 the Company to provide counsel for general corporate legal matters and, as such, may be deemed
to be a related party of the Company. As of June 30, 2025 and December 31, 2024, the Company incurred an aggregate of $250,000 and $175,000,
respectively, of legal fees from Wasserstrom. On June 25, 2024, the Company paid $50,000 and the remainder ($125,000 at December 31,
2024) is recorded within deferred legal fees since it is due at the time of the Business Combination.

12

Administrative Services Agreement

Commencing on June 18, 2024, the Company entered
into an agreement with the Sponsor or an affiliate to pay an aggregate of $15,000 per month for office space, utilities, and secretarial
and administrative services. For the three and six months ended June 30, 2025, the Company incurred and paid $45,000 and $90,000
in fees for these services, respectively, of which such amount is included in general and administrative and formation costs in the accompanying
unaudited condensed statements of operations. For the three months ended June 30, 2024 and for the period from February 21, 2024 (Inception)
through June 30, 2024, the Company incurred $7,500 in fees for these services of which such amount is included in