Company: PGACR
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-002878
Chunk: 713

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 713
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 2002, as amended, our management is responsible for establishing
and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of our financial statements for external reporting
purposes in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Our
internal control over financial reporting includes those policies and procedures that:

    (1)
    pertain
    to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the
    assets of our company,

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    (2)
    provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with US GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors, and

    (3)
    provide
    reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that
    could have a material effect on the financial statements.

Because of its inherent limitations,
internal control over financial reporting may not prevent or detect errors or misstatements in our financial statements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in
conditions, or that the degree or compliance with the policies or procedures may deteriorate. Management assessed the effectiveness of
our internal control over financial reporting on December 31, 2024. In making these assessments, management used the criteria set forth
by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework (2013).

Based on our assessments
and those criteria, management determined that we did not maintain effective internal control over financial reporting as of December
31, 2024 due to a material weakness in our internal controls due to inadequate segregation of duties within account processes due to limited
personnel and insufficient written policies and procedures for accounting, IT, and financial reporting and record keeping. In light of
this material weakness, we performed additional analysis as deemed necessary to ensure that our financial statements were prepared in
accordance with U.S. generally accepted accounting principles. Accordingly, management believes that the financial statements included
in this Annual Report on Form 10-K present fairly in all material respects our financial position, results of operations and cash flows
for the period presented.

This
Annual Report on Form 10-K does not include an att