Segment Information

9 Months Ended

Sep. 30, 2025

Note 8 — Segment Information

ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statement 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, or group, in deciding how to allocate resources and assess performance.

The Company’s chief operating decision maker has been identified as the Chief Financial Officer (“CODM”), who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss that also is reported on the statement of operations as net income or loss. The measure of segment assets is reported on the condensed balance sheet as total assets. When evaluating the Company’s performance and making key decisions regarding resource allocation, the CODM reviews several key metrics included in net income or loss and total assets, which include the following:


		As of September 30,			As of December 31,
		2025			2024
Trust Account		$	1,022,474		$	8,038,974
Cash		$	48,854		$	5,576


		For the Three Months			For the Nine Months
		Ended September 30,			Ended September 30,
		2025			2025
General and administrative expenses		$	374,300		$	2,192,576
Interest earned on the Trust Account		$	9,026		$	36,515


		For the Three Months			For the Nine Months
		Ended September 30,			Ended September 30,
		2024			2024
General and administrative expenses		$	375,112		$	1,168,811
Interest earned on the Trust Account		$	89,718		$	375,649

The CODM reviews interest earned on the Trust Account to measure and monitor stockholder value and determine the most effective strategy of investment with the Trust Account funds while maintaining compliance with the Trust Agreement.

General and administrative expenses are reviewed and monitored by the CODM to manage and forecast cash to ensure enough capital is available to complete a business combination or similar transaction within the business combination period. The CODM also reviews general and administrative costs to manage, maintain and enforce all contractual agreements to ensure costs are aligned with all agreements and budget. General and administrative costs, as reported on the condensed statement of operations, are the significant segment expenses provided to the CODM on a regular basis. The significant segment expenses include insurance costs, legal fees, administrative fees, and miscellaneous expenses.

All other segment items included in net income or loss are reported on the condensed statements of operations and described within their respective disclosures.

- Definition

The entire disclosure for segment reporting.

+ References

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+ Details

Papaya Growth Opportunity Corp. I 10-Q