Company: CUB
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042278
Chunk: 59

Company: Lionheart Holdings
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 events. As a result, diluted net income
(loss) per share is the same as basic net income (loss) per share for the three months ended March 31, 2025 and for the period from February
21, 2024 (inception) through March 31, 2024. All accretions associated with the redeemable Class A Ordinary Shares are excluded from earnings
per share as the redemption value approximates fair value.

10

The following table reflects
the calculation of basic and diluted net income (loss) per Ordinary Share (in dollars, except per share amounts):

    For the Three Months Ended March 31, 2025  
    For the Period from February 21, 2024 (Inception) Through March 31, 2024 

    Class A  
    Class B  
    Class A  
    Class B 
  
    Basic and diluted net income (loss) per Ordinary Share: 

    Numerator: 

    Allocation of net income (loss) 
    $1,649,023  
    $549,675  
    $—  
    $(22,260)
  
    Denominator: 

    Basic weighted average Ordinary Shares outstanding 
     23,000,000  
     7,666,667  
     —  
     6,666,667 
  
    Basic and diluted net income (loss) per Ordinary Share 
    $0.07  
    $0.07  
    $—  
    $(0.00)

Concentration of Credit Risk

Financial instruments that
potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution and the cash held
in the Trust Account, which, at times may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. Any loss incurred
or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations,
and cash flows.

Warrant Instruments

The Company accounts for the
Public Warrants and Private Placement Warrants issued in connection with the Initial Public Offering and the Private Placement in accordance
with the guidance contained in FASB ASC Topic 815, “Derivatives and Hedging”. Accordingly, the Company evaluated and
classified the warrant instruments under equity treatment at their assigned values.

Recent Accounting Pronouncements

In November 2023, the FASB
issued Accounting