Company: PELI
Filing Date: 2025-06-27
Form Type: 10-Q
Source: 0001829126-25-004771
Chunk: 0

Company: Pelican Acquisition Corp
Filing Date: 2025-06-27
Form: 10-Q
Item: Part I, Item 1
Chunk 0
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PELICAN ACQUISITION CORPORATION

CONDENSED BALANCE SHEETS

    April 30,2025

    January 31, 2025

    (Unaudited)

    Assets:

    Current Assets

    Cash
     
    $
    499,606

    $
    59,073

    Prepaid expenses

    1,850

    -

    Total Current Assets

    501,456

    59,073

    Deferred offering costs

    169,116

    149,313

    Total Assets
     
    $
    670,572

    $
    208,386

    Liabilities and Shareholder’s Deficit

    Current Liabilities

    Accrued expenses
     
    $
    -

    $
    18,539

    Accrued offering costs

    3,341

    3,063

    Promissory note – related party

    700,000

    200,000

    Total Current Liabilities

    703,341

    221,602

    Commitments and Contingencies – see Note 6

    Shareholder’s Deficit

    Ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 3,075,000 shares issued and outstanding(1)

    307

    307

    Additional paid-in capital

    29,041

    29,041

    Accumulated deficit

    (62,117
    )

    (42,564
    )
  
    Total Shareholder’s Deficit

    (32,769
    )

    (13,216
    )
  
    Total Liabilities and Shareholder’s Deficit
     
    $
    670,572

    $
    208,386

    (1)
    
        Includes an aggregate of up to 375,000 ordinary shares subject to forfeiture if the over-allotment is not exercised in full or in part by the underwriters (see Note 5).  

As a result of the underwriter’s full exercise of its over-allotment option to purchase 1,125,000 units on May 30, 2025, no shares were subject to forfeiture.

The accompanying notes are an integral part of these unaudited condensed financial statements.

1

PELICAN ACQUISITION CORPORATION

UNAUDITED CONDENSED STATEMENT