Recently Adopted Accounting Pronouncements – In November 2023, 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.  

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.