Company: BNBX
Filing Date: 2025-10-30
Form Type: S-1
Source: 0001104659-25-103871
Chunk: 155

Company: BNB PLUS CORP.
Filing Date: 2025-10-30
Form: S-1
Chunk 155
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 trends in the Company’s performance projected for fiscal year 2025, it is more likely than not that the Company will not realize any benefit from the deferred tax assets recorded by the Company in previous periods. Management makes judgments as to the interpretation of tax laws that might be challenged upon an audit and cause changes to previous estimates of tax liability. In management’s opinion, adequate provisions for income taxes have been made for all years. If actual taxable income by tax jurisdiction varies from estimates, additional allowances or reversals of reserves may be necessary. The Company has identified its federal tax return and its state tax return in New York as “major” tax jurisdictions. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain tax positions requiring recognition in the Company’s consolidated financial statements.

The Company believes that its income tax positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its financial position. It is the Company’s policy to accrue interest and penalties on unrecognized tax benefits as components of income tax provision. The Company did not have any accrued interest or penalties as of September 30, 2024 and 2023. Tax years 2020 through 2023 remain subject to future examination by the applicable taxing authorities.

F-11

NOTE C – BASIS OF PRESENTATION AND SUMMARY OF ACCOUNTING POLICIES, continued

Property and Equipment

Property and equipment are stated at cost and depreciated using the straight line method over their estimated useful lives. The estimated useful life for computer equipment, lab equipment and furniture is , vehicles is and leasehold improvementsare amortized over the shorter of their useful life or the remaining lease terms. Property and equipment consist of:

| ​                           
 ​                           | ​ 
 ​ 
 ​ | ​             
 September 30, |         ​ 
      2024 | ​ | ​ |         ​ 
      2023 |
|:----------------------------|:--|:--------------|----------:|:--|:--|----------:|
| Lab equipment               | ​ | $             | 4,480,947 | ​ | $ | 4,069,175 |
| Vehicles                    | ​ | ​             |    56,471 | ​ | ​ |    56,471 |
| Leasehold improvements      | ​ | ​             |   124,825 | ​ |   |   124,825 |
| Total                       | ​ | ​             | 4,662,243 | ​ |   | 4