Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 370

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 370
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 September 30, 2025, there were nocommon stocks issued or outstanding.

NOTE 6 — INCOME TAX

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided against deferred tax assets when, based on all available evidence, it is considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. The Company cannot be certain that future taxable income will be sufficient to realize its deferred tax assets, and accordingly, a full valuation allowance has been provided on its deferred tax assets. The net deferred tax assets continue to require a valuation allowance until the Company can demonstrate their realizability through sustained profitability or another source of income.

F-47

PELICAN HOLDCO, INC.

NOTES TO THE FINANCIAL STATEMENTS

NOTE 6 — INCOME TAX (cont.)

Components of deferred tax assets and liabilities are:

| Schedule of deferred tax assets and liabilities are: |     | For the           
 Period from       
 September 5, 2025 
 (Inception) to    
 September 30,     
 2025              |     |   |
|:-----------------------------------------------------|:----|:------------------|----:|:--|
| Deferred tax assets:                                 |     |                   |     |   |
| Deferred start-up and organizational expenditures    |     |                   | (99 | ) |
| Total deferred tax assets, net                       |     |                   | (99 | ) |
| Valuation allowance                                  |     |                   |  99 |   |
| Deferred tax assets, net of valuation allowance      |     | $                 |   - |   |

The reconciliation of the statutory federal income tax with the provision (benefit) for income taxes is as follows:

|                                              |     | For the           
 Period from       
 September 5, 2025 
 (Inception) to    
 September 30,     
 2025              |     |   |     |      |   |
|:---------------------------------------------|:----|:------------------|----:|:--|:----|-----:|:--|
| Income tax benefit at federal statutory rate |     |                   |  99 |   |     | 21.0 | % |
| Income tax (benefit) at state statutory rate |     |                   |   - |   |     |    - |   |
| Change