Company: DAAQ
Filing Date: 2025-08-19
Form Type: 10-Q
Source: 0001213900-25-078074
Chunk: 6

Company: Digital Asset Acquisition Corp.
Filing Date: 2025-08-19
Form: 10-Q
Item: Item 8
Chunk 6
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 2027). The Company intends to complete the initial Business Combination before the mandatory liquidation date. However,
there can be no assurance that the Company will be able to consummate any Business Combination by October 30, 2026 (or January 30,
2027).

NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis
of Presentation

The
unaudited condensed financial statements are presented in U.S. dollars, in accordance with accounting principles generally accepted in
the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC, and reflect all adjustments,
consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial
position as of June 30, 2025 and the results of operations, comprehensive income and cash flows for the periods presented. Certain information
and disclosures normally included in unaudited condensed financial statements prepared in accordance with U.S. GAAP have been omitted
pursuant to such rules and regulations. Interim results are not necessarily indicative of results for a full year or any future period.

The
unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes
thereto for the fiscal year ended December 31, 2024, included in the Company’s Form S-1/A filed by the Company with the SEC on
March 14, 2025 as well as the Company’s Form 8-K as of April 30, 2025 filed by the Company with the SEC on May 6, 2025.

Emerging
Growth Company

The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”) and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies but not to emerging growth companies including, but not limited to, the independent registered
public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive
compensation in its periodic reports and proxy statements, and the requirements of holding a nonbinding advisory vote on executive compensation
and shareholder approval of any golden parachute payments not previously approved.

Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to