Company: CUB
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001213900-25-109274
Chunk: 43

Company: Lionheart Holdings
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 1
Chunk 43
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 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 and, as such, may be deemed to be a
related party. As of September 30, 2025 and December 31, 2024, we incurred legal fees of $225,000 and $125,000, respectively, from Wasserstrom,
and $50,000 was paid on June 25, 2024. The remaining balance of $175,000 and $75,000 as of September 30, 2025 and December 31, 2024, is
recorded as deferred legal fees, which are payable upon the consummation of the Business Combination.

21

Critical Accounting Estimates and Policies

We
have identified the following as our critical accounting policies. See Note 2—”Summary of Significant Accounting Policies”
of our unaudited condensed financial statements and notes thereto included in this Report under Item 1. “Financial Statements”
for additional information regarding these critical accounting policies and other significant accounting policies.

Use of Estimates

The
preparation of the unaudited condensed financial statements and notes thereto included in this Report under Item 1. “Financial Statements”
in conformity with GAAP requires Management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
income and expenses, and the disclosure of contingent assets and liabilities, in our unaudited condensed financial statements. These accounting
estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. Management bases
its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results
of which form the basis for making judgments, and we evaluate these estimates on an ongoing basis. To the extent actual experience differs
from the assumptions used, our unaudited condensed financial statements and notes thereto included in this Report under Item 1. “Financial
Statements” could be materially affected. We believe that the following accounting policies involve a higher degree of judgment
and complexity. As of September 30, 2025, we did not have any critical accounting estimates