Company: CBLO
Filing Date: 2025-11-19
Form Type: 10-Q
Source: 0001882781-25-000042
Chunk: 2

Company: C2 Blockchain, Inc.
Filing Date: 2025-11-19
Form: 10-Q
Item: Item 1
Chunk 2
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30th as its year end.

Note
2 - Summary of Significant Accounting Policies

Basis
of Presentation

This
summary of significant accounting policies is presented to assist in understanding the Company's financial statements. These accounting
policies conform to accounting principles, generally accepted in the United States of America, and have been consistently applied in
the preparation of the financial statements. The results for the three months ended September 30, 2025 are not necessarily indicative
of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the
consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended
June 30, 2025, filed with the Securities and Exchange Commission.

The
accompanying condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments
(which include only normal recurring adjustments) are necessary to present fairly the financial position, results of operations, and
cash flows at September 30, 2025, and for the related periods presented.

Use
of Estimates

The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported 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 September 30, 2025, and June 30, 2025 were $148,102
and $9,
respectively. 

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