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

Company: Galaxy Enterprises Inc. /WY/
Filing Date: 2025-10-09
Form: 10-K/A
Chunk 10
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 that are 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. Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Not applicable. Item 8. Financial Statements and Supplementary Data GALAXY ENTERPRISE INC FINANCIAL STATEMENTS July 31, 2023 and 2022 Index to Financial Statements

| Reports of Independent Registered Public Accounting Firm                          
 Balance Sheets as at July 31, 2023 and 2022                                       
 Statement of Operations for the Year Ended July 31, 2023 and 2022                 | F-1 
 F-2 
 F-3 |
|:----------------------------------------------------------------------------------|:----|
| Statement of Stockholders’ (Deficiency) for the Year Ended July 31, 2023 and 2022 | F-4 |
| Statement of Cash Flows for the Years Ended July 31,