Company: GIGGU
Filing Date: 2025-11-12
Form Type: S-4
Source: 0001193125-25-277896
Chunk: 654

Company: GigCapital7 Corp.
Filing Date: 2025-11-12
Form: S-4
Chunk 654
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 a portion of the NOL carryforwards before utilization. Further, until a study is completed, and any limitation known, no amounts are being considered as an uncertain tax position or disclosed as an unrecognized tax benefit.

ASC 740-10, Accounting for Uncertainty in Income Taxes, prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in the financial statements for any uncertain tax positions that have been taken or expected to be taken on a tax return. As of December 31, 2024, the Company had no unrecognized tax benefits. The amount of unrecognized tax benefits is not expected to significantly change over the next twelve months. No amounts, outside of valuation allowance, would impact the effective tax rate on continuing operations.

On July 4, 2025, the One Big Beautiful Bill (“OBBB”) was signed into law, making permanent several provisions of the Tax Cuts and Jobs Act of 2017 and introducing additional reforms to U.S. tax law. Although enacted after the close of fiscal year 2024, certain provisions of the OBBB were retroactively effective or materially influenced tax planning and accounting estimates during the year. Management has evaluated the retroactive and prospective effects of the OBBB and concluded that the bill did not result in a material change to the Company’s effective tax rate for 2024. However, the legislation is expected to influence future tax planning, entity structuring, and investment decisions.

All tax returns will remain open for examination by the federal and state taxing authorities for three and four years, respectively, from the date of utilization of any net operating loss carryforwards.

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**8. RELATED PARTY TRANSACTIONS

Due from stockholder

Due from stockholder was $24,614 at December 31, 2024, and consists of advances to the Company’s primary stockholder for certain living and other personal expenses.

Reimbursement of costs

The Company has entered into SAFE (Note 5) and RSPAs (Note 6) with certain individuals, who also provided services to the Company during the period from July 8, 2024 (inception) to December 31, 2024. The Company reimbursed contract labor of $15,000 for the period from July 8, 2024 (inception) to December 31, 2024 to these individuals, which is included in general and administrative expenses in the accompanying statement of operations.

9. COMMITMENTS AND CONTING