Company: CDAQF
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001493152-25-021994
Chunk: 131

Company: Compass Digital Acquisition Corp.
Filing Date: 2025-11-12
Form: 10-Q
Item: Part I, Item 8
Chunk 131
---
 $334,873.

For
the three months ended September 30, 2024, we had a net loss of $4,568,210, consisting of $4,944,155 loss from operations, all of which
were operating expenses, including $30,000 of administrative expenses with related party, $4,076,270 in non-redemption expense and a
change in fair value of derivative warrant liabilities of $13,103, offset by interest earned on cash held in the Trust Account of $389,048.

For
the nine months ended September 30, 2024, we had a net loss of $4,205,940, consisting of $5,727,957 loss from operations, all of which
were operating expenses, including $90,000 of administrative expenses with related party, $4,076,270 in non-redemption expense and a
change in fair value of derivative warrant liabilities of $138,182, offset by interest earned on cash held in the Trust Account of $1,660,199.

Liquidity,
Capital Resources and Going Concern

As
of September 30, 2025, we had $721 in our operating bank account and a working capital deficit of $2,897,140. To date, our liquidity
needs have been satisfied through (i) a payment of $25,000 from the Legacy Sponsor to cover certain expenses on our behalf in exchange
for the issuance of the Founder Shares, (ii) a loan of approximately $195,000 pursuant to the IPO Promissory Note issued to an affiliate
of the Legacy Sponsor, (iii) the net proceeds from the consummation of the Private Placement not held in the Trust Account, (iv) borrowings
under the 2021 Promissory Note, (v) the Polar Capital Investment and (vi) borrowings under the 2024 Promissory Note.

IPO
Promissory Note

Prior
to the closing of our Initial Public Offering, an affiliate of the Legacy Sponsor loaned us an aggregate of up to $250,000 under the
IPO Promissory Note. Such loans and advances were non-interest bearing and payable on the earlier of December 31, 2021 or the completion
of our Initial Public Offering. The loans of $195,000 were fully repaid upon the consummation of our Initial Public Offering on October
19, 2021. No additional borrowing is available under the IPO Promissory Note.