Company: MLAC
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108244
Chunk: 58

Company: Mountain Lake Acquisition Corp.
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 58
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 Board (“FASB”) ASC Topic 205-40, “Presentation
of Financial Statements—Going Concern”, as of September 30, 2025, the Company lacks the financial resources it needs to sustain
operations for a reasonable period of time, which is considered to be one year from the date of the issuance of the financial statements.
The Company cannot ensure that its plans to raise capital or to consummate an initial Business Combination will be successful. In addition,
Management has determined that if the Company is unable to complete an initial Business Combination within the Combination Period, then
the Company will cease all operations except for the purpose of liquidating. These conditions raise substantial doubt about the Company’s
ability to continue as a going concern. Management plans to consummate an initial Business Combination prior to the mandatory liquidation
date. No adjustments have been made to the carrying amounts of assets or liabilities should the Company be required to liquidate after
June 16, 2026.

NOTE 2 — SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial
statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”)
for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the U.S. Securities
and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared
in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting.
Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results
of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments,
consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and
cash flows for the periods presented.

The accompanying unaudited condensed financial
statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the period ended December 31, 2024, as
filed with the SEC on March 19, 2025. The interim results for the three and nine months ended September 30, 2025, for the three months
ended September 30, 2024 and for the period from June 14, 2024 (inception) through September 30, 2024 are not