Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 389

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 389
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 the Company had a net operating loss carryforward of approximately $ 445,000, which may be available to offset future taxable income.

A full valuation allowance has been recorded against the Company’s deferred tax asset as management has determined that it is more likely than not that the deferred tax asset will not be realized due to the Company’s limited operating history and cumulative losses.

The Company has evaluated its tax positions and concluded that it has taken no uncertain tax positions as of June 30, 2025. The Company is subject to U.S. federal and state income tax examinations for all periods since inception.

| 6. | STOCKHOLDERS’ EQUITY |

The Company was incorporated on March 31, 2025 and is authorized to issue 5,000,000shares of common stock with a par value of $ 0.001per share. Upon incorporation, the Company completed a private placement of 44,600shares of common stock, resulting in gross proceeds of $ 1,150,140. Of this amount, $45 was allocated to common stock based on par value and the remaining $ 1,150,095was recorded as additional paid-in capital.

For the period ended June 30, 2025, the Company incurred a net loss of $ 445,105, which was recorded as an accumulated deficit. Total stockholders’ equity as of June 30, 2025 was $ 705,035.

F-67

March GL

Notes to Financial Statements

Period Ended June 30, 2025

| 7. | OPERATING SEGMENTS |

The Company applies the guidance in ASC 280 Segment Reporting, which requires that operating segments be identified based on the way the entity’s chief operating decision maker (CODM) allocates resources and evaluates performance.

The Company has identified its CODM as Robert Price, the Company’s Chief Executive Officer. The CODM is responsible for allocating the resources of the Company and assessing its overall performance.

As of June 30, 2025, the Company operates in a single operating segment, focusing on the acquisition, exploration and development of oil and gas resources. The Company’s principal activities are concentrated in the Jameson Land Basin in eastern Greenland. Accordingly, the Company presents its financial information on a consolidated basis and believes that the entire enterprise represents one reportable segment.

The Company had no revenues for the period from inception (March 31, 2025) through June 30, 2025. Substantially all of its identifiable assets