Digital Asset Acquisition Corp Unit(DAAQU) - 2025 Q3 - Quarterly Report

Financial Performance - For the three months ended September 30, 2025, the company reported a net income of $1,690,631, driven by investment earnings on marketable securities held in the Trust Account of $1,801,001[124]. - For the nine months ended September 30, 2025, the company achieved a net income of $2,665,323, resulting from earnings and realized gains on marketable securities held in the Trust Account of $2,948,521[125]. Initial Public Offering - The company completed its Initial Public Offering on April 30, 2025, raising gross proceeds of $172,500,000 from the sale of 17,250,000 units[129]. - The company also generated gross proceeds of $5,450,000 from the sale of 5,450,000 Private Placement Warrants at a price of $1.00 per warrant[130]. - The company placed $172,500,000 from the net proceeds of the Initial Public Offering into a Trust Account for future business combinations[131]. Cash Flow and Financing Activities - As of September 30, 2025, the company had net cash used in operating activities of $86,788 and net cash provided by financing activities of $173,563,104[127][128]. - The company expects to use substantially all funds held in the Trust Account to complete its initial Business Combination and may withdraw interest to pay taxes[132]. Going Concern and Liquidation - The company has determined that the mandatory liquidation raises substantial doubt about its ability to continue as a going concern[134]. - The redemption value of the company's Class A ordinary shares is $10.17 per share as of September 30, 2025[144]. Accounting Standards and Reporting - The Financial Accounting Standards Board issued ASU 2023-07, effective for fiscal years beginning after December 15, 2023, requiring enhanced segment reporting disclosures[145]. - Public entities must disclose significant segment expenses and the title and position of the chief operating decision maker (CODM) in assessing segment performance[146]. - The Company adopted ASU 2023-07 on December 9, 2024, the date of its incorporation[146]. - Management does not believe that other recently issued accounting pronouncements will materially affect the financial statements[147]. - The Company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[149].