Company: CRCE
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001096906-25-001824
Chunk: 9

Company: Circle Energy, Inc./NV
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting (Topic 280):  Improvements to Reportable Segment Disclosures, (“ASU 2023-07”).  The Company adopted this standard during the three months ended September 30, 2025.  ASU 2023-07 establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas and major customers.  Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance.  

11

CIRCLE ENERGY, INC.

NOTES TO CONDENSED FINANCIAL STATEMENTS

(UNAUDITED)

We manage our Company as one reportable segment at the entity level which aligns with how the CODM reviews and manages the business.  The Company has no revenues or customers.  The Company’s CODM has been identified as the Chief Executive Officer, who reviews the expenses to assess financial performance.
 
For single reportable segment-level financial information, see attached financial statements.
 
The Company has reviewed all other recently issued, but not yet adopted, accounting standards in order to determine their effects, if any, on its results of operations, financial position or cash flows.  Based on that review, the Company believes that none of these pronouncements will have a significant effect on its financial statements.

NOTE 2 – REVENUE RECOGNITION
 
The Company does not currently have any revenues.

NOTE 3 – LEASES
 
The Company adopted ASU 2016-02 Leases (Topic 842) effective January 1, 2022.  The Company does not have any leases to which this standard applies.  
 
The Company has a month-to-month lease for executive office-sharing space.  This lease is month to month at $79 per month.  This amount is shown in the Statement of Operations as General and administrative expense.

NOTE 4 – LOSS PER SHARE INFORMATION