Company: CLSO
Filing Date: 2025-09-23
Form Type: S-1
Source: 0001213900-25-090236
Chunk: 329

Company: Climate Transition Special Opportunities SPAC I
Filing Date: 2025-09-23
Form: S-1
Chunk 329
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 NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short -terminvestments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash or cash equivalents as of August 12, 2025. Deferred Offering Costs The Company complies with the requirements of ASC 340 -10-S99-1and SEC Staff Accounting Bulletin Topic 5A, Expenses of Offering. Deferred offering costs consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Proposed Offering. Offering costs are charged to temporary equity or permanent equity based upon the relative fair value of the proceeds received from the Units sold upon the completion of the Proposed Offering. Should the Proposed Offering prove to be unsuccessful, these deferred costs, as well as additional expenses to be incurred, will be charged to operations. Offering costs are charged to temporary equity or permanent equity based upon the relative fair value of the proceeds received from the financial instruments sold upon completion of the Proposed Offering and Private Placement. As of August 12, 2025, the Company had deferred offering costs of $86,579. Income Taxes The Company accounts for income taxes under ASC 740, Income Taxes(“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between