Company: CBLO
Filing Date: 2025-09-29
Form Type: 10-K
Source: 0001882781-25-000034
Chunk: 30

Company: C2 Blockchain, Inc.
Filing Date: 2025-09-29
Form: 10-K
Item: Item 1
Chunk 30
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 amounts of revenues and expenses during the reporting period. In the opinion of management,
all adjustments necessary in order to make the financial statements not misleading have been included. Actual results could differ from
those estimates.

Cash
and Cash Equivalents

The
Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
Cash and cash equivalents at June 30, 2025, and June 30, 2024, were $9
and $30, respectively.

Comprehensive
income or loss

ASC
Topic 220, “Comprehensive Income”, establishes standards for reporting and display of comprehensive income or loss, its components
and accumulated balances. Comprehensive income or loss as defined includes all changes in equity during a period from non-owner sources.
Accumulated comprehensive income, as presented in the accompanying consolidated statements of shareholders’ equity consists of
changes in unrealized gains and losses on foreign currency translation.

Revenue
recognition

The
Company adopted ASC 606 – Revenue from contracts with Customers: (1) identify the contract with a customer; (2) identify the performance
obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to each performance obligation in
the contract; and (5) recognize revenue when each performance obligation is satisfied.

Income
Taxes

The
Company accounts for income taxes under ASC 740, “Income Taxes.”  Under the asset and liability method of ASC
740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial
statements carrying amounts of existing assets and liabilities and their respective tax bases.  Deferred tax assets and liabilities
are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected
to be recovered or settled.  The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income
in the period the enactment occurs.  A valuation allowance is provided for certain deferred tax assets if it is more likely than
not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized
at June 30, 2025, and June 30, 2024.

Basic
Earnings (Loss) Per Share

The
Company computes basic and diluted earnings (loss) per share in accordance with ASC Topic 260, Earnings per Share. Basic
earnings (loss) per share is