Company: PGACR
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001213900-25-075873
Chunk: 18

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 be established when it is more likely than not that all or a portion of deferred tax assets will not be realized.

ASC 740 also clarifies the accounting for
uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement
process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those
benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740
also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition.
Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition
in the Company’s unaudited financial statements.

The Company recognizes accrued interest and penalties
related to unrecognized tax benefits as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest
and penalties as of June 30, 2025 and December 31, 2024. The Company is currently not aware of any issues under review that could result
in significant payments, accruals or material deviation from its position.

There is currently no taxation imposed on income
by the Government of the Cayman Islands. In accordance with Cayman Islands federal income tax regulations, income taxes
are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited financial statements.

Related parties

Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.

Recent Accounting Pronouncements

Management does not believe that any recently
issued, but not effective, accounting standards, if currently adopted, would have a material effect on the Company’s unaudited financial
statements.

Note 3 — Initial Public
Offering

On December 6, 2024, the Company sold 8,625,000
Units (including 1,125,000 Units issued upon the full exercise of the Over-Allotment Option) in its IPO. Each Unit has an offering price
of $10.00 and consists of one share of the Company’s Class A ordinary share and one right. Each right ent