Company: PGACR
Filing Date: 2025-11-10
Form Type: 10-Q
Source: 0001213900-25-108205
Chunk: 62

Company: PANTAGES CAPITAL ACQUSITION Corp
Filing Date: 2025-11-10
Form: 10-Q
Item: Part I, Item 8
Chunk 62
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 amount of the instrument
to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes in the redemption
value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting
period.

9

As
of September 30, 2025 and December 31, 2024, the Class A ordinary shares subject to possible redemption reflected in the balance sheets
are reconciled in the following table:

    Class
    A
 ordinary 

    shares

    subject to 

     possible

                                            redemption 
  
    Balance as of May 31, 2024
    (Inception) 
    $- 
  
    Gross
    Proceeds 
     86,250,000 
  
    Proceeds
    allocated to public rights 
     (1,565,438)
  
    Class A ordinary
    shares issuance cost 
     (2,470,987)
  
    Initial measurement
    of carrying value to redemption value 
     4,036,425 
  
    Remeasurement
    of carrying value to redemption value 
     268,878 
  
    Balance as of December 31,
    2024 
    $86,518,878 
  
    Remeasurement
    of carrying value to redemption value 
     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 derec