Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 382

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 382
---
 of material misstatement,
whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over
financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but
not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly,
we express no such opinion.

Our audit included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating
the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

Critical Audit Matters

Critical audit matters are matters arising from
the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and
that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. We determined that there were no critical audit matters.

Fruci & Associates II, PLLC – PCAOB ID #05525

We have served as the Company’s auditor since 2025.

Spokane, Washington

October 21, 2025

<div align='center'>F-59</div>

March GL

Balance Sheet

Period Ended June 30, 2025

| ASSETS                                                                                                                          
 Current assets                                                                                                                  |     |   |           |   |
|:--------------------------------------------------------------------------------------------------------------------------------|:----|:--|----------:|:--|
| Cash                                                                                                                            |     | $ |   216,137 |   |
| Prepaid shipping fees                                                                                                           |     |   |   866,023 |   |
| Prepaid expenses                                                                                                                |     |   |     2,884 |   |
| Total assets                                                                                                                    |     |   | 1,085,044 |   |
| LIABILITIES AND STOCKHOLDERS’ EQUITY                                                                                            |     |   |           |   |
| Current liabilities                                                                                                             |     |   |           |   |
| Accounts payable                                                                                                                |     | $ |   380,009 |   |
| Total current liabilities                                                                                                       |     |   |