Company: PGACR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108205
Chunk: 17

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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2,709,511 
  
    Balance
    as of September 30, 2025 
    $89,228,389 

Income
Taxes

The
Company accounts for income taxes under ASC 740, “Income Taxes” (“ASC 740”). ASC 740 requires
the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and
tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards.
ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred
tax assets will not be realized.

ASC 740
also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes
a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected
to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination
by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim
period, disclosure and transition. Based on the Company’s evaluation, it has been concluded that there are no significant uncertain
tax positions requiring recognition in the Company’s unaudited financial statements.

The
Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized
tax benefits and no amounts accrued for interest and penalties as of September 30, 2025 and December 31, 2024. The Company is currently
not aware of any issues under review that could result in significant payments, accruals or material deviation from its position.

There
is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman Islands federal
income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s
unaudited financial statements.

Related
parties

Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.

Recent
Accounting Pronouncements

Management
does not believe that any recently