Company: PELI
Filing Date: 2025-10-30
Form Type: S-4
Source: 0001829126-25-008609
Chunk: 381

Company: Pelican Acquisition Corp
Filing Date: 2025-10-30
Form: S-4
Chunk 381
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 the closing of a repayment/conversion trigger event.

<div align='center'>F-57</div>

<div align='center'>FINANCIAL STATEMENTS

JUNE 30, 2025

F-58</div>

<div align='center'>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Board of Directors and Stockholders of
March GL Company

Opinion on the Financial Statements

We have audited the accompanying balance sheet
of March GL Company (“the Company”) as of June 30, 2025, and the related statements of operations, stockholders’ equity,
and cash flows for the period from March 31, 2025 (inception) through June 30, 2025, and the related notes (collectively referred to as
the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of
the Company as of June 30, 2025, and the results of its operations and its cash flows for the period from March 31, 2025 (inception) through
June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has
net losses, has not yet generated revenue, and is in its development stage. These factors, among others, raise substantial doubt about
the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in
Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility
of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our
audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations
of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the
standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free