Company: GLEI
Filing Date: 2025-10-09
Form Type: 10-K/A
Source: 0001871890-25-000005
Chunk: 16

Company: Galaxy Enterprises Inc. /WY/
Filing Date: 2025-10-09
Form: 10-K/A
Chunk 16
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, and transportation, rather than the lower of cost or market in the previous guidance. This amendment applies to inventory that is measured using first-in, first-out (FIFO). This amendment is effective for public entities for fiscal years beginning after December 15, 2016, including interim periods within those years. A reporting entity should apply the amendments prospectively with earlier application permitted as of the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of this guidance, if any, on its financial statements and related disclosures. 4. CAPITAL STOCK The total number of common shares authorized that may be issued by the Company is 100,000,000shares with a par value of $ 0.0001per share. As of July 31, 2023, there were no issued and outstanding stock options or warrants. 5. RELATED PARTY TRANSACTIONS None. 6. INCOME TAXES The Company adopted the provisions of uncertain tax positions as addressed in ASC 740-10-65-1. As a result of the implementation of ASC 740-10-65-1, the Company recognized no increase in the liability for unrecognized tax benefits. As of July 31, 2023, the Company had net operating loss carry forwards of approximately $ 150that may be available to reduce future years’ taxable income in varying amounts through 2040. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. F-8 The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of July 31, 2023. All tax years since inception remains open for examination by taxing authorities. 7. SUBSEQUENT EVENTS None. F-9 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure. None Item 9A. Controls and Procedures. As supervised by our board of directors and our principal executive and principal financial officer, management has established a system of disclosure