Company: GLEI
Filing Date: 2025-08-26
Form Type: 10-K/A
Source: 0001139020-25-000275
Chunk: 10

Company: Galaxy Enterprises Inc. /WY/
Filing Date: 2025-08-26
Form: 10-K/A
Chunk 10
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 not readily apparent from other sources. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results may differ from those estimates. Property and Equipment Property and equipment are recorded at cost. Depreciation of property and equipment are accounted for by accelerated methods over the following estimated useful lives: Evaluation of Long-Lived Assets We review property and equipment for potential impairment whenever significant events or changes in circumstances indicate the carrying value may not be recoverable in accordance with the guidance in ASC 360-15-35 “Impairment or Disposal of Long-Lived Assets”. An impairment exists when the carrying amount of the long-lived assets is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset is not recoverable if it exceeds the 8 sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If an impairment exists, the resulting write-down would be the difference between the fair market value of the long-lived asset and the related net book value. Income Taxes Deferred income tax assets or liabilities are computed based on the temporary differences between the financial statement and income tax bases of assets and liabilities using the statutory marginal income tax rate in effect for the years in which the differences are expected to reverse. Deferred income tax expenses or credits are based on the changes in the deferred income tax assets or liabilities from period to period. A valuation allowance against deferred tax assets is required if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. Allegations Against Former Independent Accountants The Securities & Exchange Commission has charged our former auditor, Olayinka Oyebola & Co. (Chartered Accountants), and its principal, Olayinka Oyebola, with aiding and abetting violations of the antifraud provisions of the federal securities laws. The SEC is seeking relief that includes, without limitation, potential civil penalties, as well as permanent injunctive relief, including an order permanently barring them from acting as an auditor or accountant for U.S. public companies or providing substantial assistance in the preparation of financial statements filed with the Securities & Exchange Commission. Such charges and such penalties, if imposed, may prevent us from relying on the audit report that Olayinka Oyebola & Co. provided with respect to our financial statements for the fiscal year ended July