Company: WELNF
Filing Date: 2025-11-12
Form Type: DEFM14A
Source: 0001104659-25-109577
Chunk: 660

Company: Integrated Wellness Acquisition Corp
Filing Date: 2025-11-12
Form: DEFM14A
Chunk 660
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2024, accumulated deficit of $5,113,878, and negative working capital of $3,863,182 on December 31, 2024.

In order to fund working capital deficiencies or finance transaction costs in connection with an intended initial business combination, our parent company, affiliate entities, or certain members of management including our officers and directors may, but are not obligated to, loan us funds as may be required. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

NOTE 3 — BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America or (“U.S. GAAP”) as found in the Accounting Standards Codification (“ASC”), the Accounting Standards Update(“ASU”) of the Financial Accounting Standards Board (“FASB”) and the rules and regulations of the US Securities and Exchange Commission (the “SEC”) and are expressed in US Dollars. Significant accounting policies applicable to the Company are summarized as follows:

Principals of consolidation — reverse merger

A reverse merger that is a business combination can occur only if the accounting acquiree meets the definition of a business and should be accounted for using the acquisition method. These transactions are unique and often include asset acquisitions, capital transactions, or business combinations, or a combination of these elements.

In accordance with ASC 705 — Reverse Mergers, a reverse recapitalization is a transaction in which a shell company issues its equity interest to effect the acquisition of an operating company. A reverse acquisition is accounted for as a capital transaction equivalent to the operating company issuing its equity for the net assets of the shell company followed by a recapitalization. The shell company is not deemed a business by the SEC and therefore reverse recapitalization is not accounted for as a business combination. Therefore, there is no Goodwill.

The key distinction between a reverse acquisition and a reverse recapitalization is that in a reverse acquisition the legal acquirer/issuer (ASA) is a business and in a reverse recapitalization the legal acquirer/ issuer is a shell company. For accounting purposes, the company that is legally acquired in the reverse merger (i.e., the accounting acquirer) is considered the continuing reporting entity.

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