ADDED
Common Stock Class A Class B Additional Total Common Common paid-in Accumulated Stockholders stock Amount stock Amount capital Deficit Equity Balance, November 30, 2025 12,550,005 $ 13 4,166,667 $ 4 $ 15,686,846 $ ( 2,494,996 ) $ 13,191,867 Net loss for the period ( 110,104 ) ( 110,104 ) Balance, February 28, 2026 12,550,005 $ 13 4,166,667 $ 4 $ 15,686,846 $ ( 2,605,100 ) $ 13,081,763 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
April 3, 2024 Delaware Parent Holding company Subsidiary of the parent: JAR Transportation Inc May 27, 2020 California 100 % Route business operator and provider of last-mile delivery services NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the U.S.
All inter-company balances and transactions are eliminated upon consolidation.
Principles of Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries, which include the California-registered entities directly owned by the Company.
All transactions and balances among the Company and its subsidiaries have been eliminated upon consolidation.
The results of subsidiaries acquired or disposed of are recorded in the consolidated income statements from the effective date of acquisition or up to the effective date of disposal, as appropriate.
Uses of estimates The preparation of financial statements in conformity with U.S.
GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities on the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period.
On an ongoing basis, management reviews these estimates and assumptions using the currently available information.
Changes in facts and circumstances may cause the Company to revise its estimates.
REMOVED
April 3, 2024 Delaware Parent Holding company Subsidiary of the parent: JAR Transportation Inc May 27, 2020 California 100 % Route business operator and provider of last-mile delivery services Completion of the Initial Public Offering ( IPO ) On August 22, 2025, the Company closed its IPO of 3,800,000 shares of Class A common stock at a public offering price of $ 4.00 per share, for gross proceeds of approximately $ 15.2 million, before deducting underwriting discounts and offering expenses.
GAAP ) for interim financial information and pursuant to the rules and regulations of the U.S.
The unaudited condensed consolidated financial statements should be read in conjunction with the Company s consolidated financial statements and notes thereto for the fiscal year ended November 30, 2024 and 2023 included in the Company s Registration Statement on Form S-1.
In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the unaudited condensed consolidated financial statements not misleading have been included.
Operating results for the interim period ended August 31, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ended November 30, 2025.
All intercompany balances and transactions are eliminated upon consolidation.
Significant estimates required to be made by management include, but are not limited to, the allowance for credit losses of accounts receivables, useful lives of property and equipment, the recoverability of long-lived assets, impairment of goodwill, revenue recognition, and the realization of deferred tax assets.
Cash and cash equivalents Cash includes demand deposits held by banks that can be added to or withdrawn without limitation.
Cash equivalent represents certificates of deposits with banks or other financial institutions with maturity periods of 90 days (three months) or less.
The Company maintains cash balances at financial institutions that management believes are high-credit, quality financial institutions, where our deposits at times exceed Federal Deposit Insurance Corporation ( FDIC ) limits.