| Summary of Significant Accounting Policies | | Note
2 — Summary of Significant Accounting Policies Basis
of Presentation The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) and pursuant to the rules and regulations of the SEC. Certain
information and note disclosures normally included in the annual financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the
disclosures made are adequate to make the information not misleading. The interim financial statements as of May 31, 2024 and for the
six months ended May 31, 2024 and May 31, 2023, respectively, are unaudited. In the opinion of management, the financial statements include
all adjustments, consisting only of normal recurring adjustments, necessary to provide a fair statement of the results for the interim
periods. Interim results are not necessarily indicative of results to be expected for any other interim period or for the full year.
The accompanying balance sheet as of November 30, 2023, is derived from the audited financial statements presented in the Company’s
Annual Report on Form 10-K for fiscal the year ended November 30, 2023. Emerging
Growth Company The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used. Note
2 — Summary of Significant Accounting Policies (Continued) Use
of Estimates The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period. Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates. Cash
and Cash Equivalents The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $ 4,176 146,933 no Cash
and Marketable Securities Held in Trust Account As
of May 31, 2024 and November 30, 2023, substantially all of the assets held in the Trust Account were held in money market. As of May
31, 2024 and November 30, 2023, there were $ 53,579,162 82,949,890 Income
Taxes The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax
positions 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. The Company’s management determined the Cayman Islands is the Company’s
only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income
tax expense. There were no unrecognized tax benefits as of May 31, 2024 and no amounts accrued for interest and penalties. The Company
is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its
position. The Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and
is presently not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. Note
2 — Summary of Significant Accounting Policies (Continued) Class
A Ordinary Shares Subject to Possible Redemption All
of the Class A ordinary shares sold as part of the Units in the Initial Public Offering contain a redemption feature which allows for
the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer
in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate
of incorporation. In accordance with ASC 480, conditionally redeemable Class A ordinary shares (including Class A ordinary shares that
feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain
events not solely within the Company’s control) are classified as temporary equity. Ordinary liquidation events, which involve
the income and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. However, the
threshold in its charter would not change the nature of the underlying shares as redeemable and thus public shares would be required
to be disclosed outside of permanent equity. The Company recognizes changes in redemption value immediately as they occur and adjusts
the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Such changes are
reflected in additional paid-in capital, or in the absence of additional capital, in accumulated deficit. As
of May 31, 2024 and November 30, 2023, 4,663,957 7,495,670 Concentration
of Credit Risk Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution
which, at times may exceed the Federal depository insurance coverage of $ 250,000 Net
Income (Loss) Per Share Net
income per share is computed by dividing net income by the weighted average number of ordinary shares outstanding for the period. The
calculation of diluted income (loss) per share does not consider the effect of the warrants issued in connection with the Initial Public
Offering and warrants issued as components of the Private Placement Units (the “Placement Warrants”) since the exercise of
the warrants are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. The
Company’s statements of operations includes a presentation income per share for ordinary shares subject to possible redemption
in a manner similar to the two-class method of income per share. Net income per ordinary share, basic and diluted, for redeemable Class
A ordinary shares is calculated by dividing the net income allocable to Class A ordinary shares subject to possible redemption, by the
weighted average number of redeemable Class A ordinary shares outstanding since original issuance. Net income per shares, basic and diluted,
for non-redeemable Class A and Class B ordinary shares is calculated by dividing net income allocable to non-redeemable ordinary shares,
by the weighted average number of non-redeemable ordinary shares outstanding for the periods. Non-redeemable Class B ordinary shares
include the founder shares as these ordinary shares do not have any redemption features and do not participate in the income earned on
the Trust Account. Note
2 — Summary of Significant Accounting Policies (Continued) Schedule of Net Loss Per Share
Three Months Ended May 31, 2024 Six Months Ended May 31, 2024 Three Months Six Months
Class A ordinary shares
Numerator: net income allocable to redeemable Class A ordinary shares $ 598,613 $ 1,213,101 $ 776,367 $ 1,605,407
Denominator: weighted average number of Class A ordinary shares 7,304,510 7,668,339 12,032,500 12,032,500
Basic and diluted net income per redeemable Class A ordinary share $ 0.08 $ 0.16 $ 0.06 $ 0.13
Class B ordinary shares
Numerator: net income allocable to Class B ordinary shares $ 235,609 $ 454,814 $ 185,502 $ 383,560
Numerator: net income (loss) allocable to ordinary shares $ 235,609 $ 454,814 $ 185,502 $ 383,560
Denominator: weighted average number of Class B ordinary shares 2,875,000 2,875,000 2,875,000 2,875,000
Basic and diluted net income per Class B ordinary share $ 0.08 $ 0.16 $ 0.06 $ 0.13 Offering
Costs Associated with the Initial Public Offering The
Company complies with the requirements of the Financial Accounting Standards Board ASC 340-10-S99-1 and SEC Staff Accounting Bulletin
(“SAB”) Topic 5A, “Expenses of Offering.” Offering costs of $ 4,532,887 4,025,000 Fair
Value of Financial Instruments The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ●
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and ●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The
following table presents information about the Company’s financial assets that are measured at fair value on a recurring basis
as of May 31, 2024 and November 30, 2023: Schedule of Financial Assets Measured at Fair Value on a Recurring Basis
Level May 31, 2024 November 30, 2023
Assets:
Cash and marketable securities held in trust account 1 $ 53,579,162 $ 82,949,890 Recent
Accounting Standards Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s financial statements. | Note
2 — Significant Accounting Policies Summary of Significant Accounting
Policies Basis
of Presentation The
accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in
the United States of America (“GAAP”) for interim financial information, as set forth by the Financial Accounting Standards
Board (“FASB”), and pursuant to the rules and regulations of the SEC. In the opinion of management, the accompanying unaudited
financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of
the financial position, operating results and cash flows for the periods presented. The accompanying unaudited financial statements should
be read in conjunction with the Company’s audited financials included herein Form F-4 for the period ended December 31, 2023. The
interim results for the nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year
ending December 31, 2024 or for any future periods. Emerging
Growth Company The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding
executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used. Use
of Estimates The
preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Risk
and Uncertainties Our
future results of operations involve a number of risks and uncertainties. Factors that could affect our business or future results and
cause actual results to vary materially from historical results include our ability to execute our acquisition strategy. Income
Taxes Deferred
income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities
that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the
differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets
to the amount expected to be realized. The
Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company may be
subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations may include
questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with foreign tax
laws. The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction, and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s
tax provision is zero Ordinary
Shares and Preferred Shares Ordinary
shares and preferred shares are classified as equity. Loss
Per Share The
Company computes basic loss per share (“EPS”) by dividing net loss by the weighted average number of ordinary shares outstanding
for the reporting period. Diluted earnings per share is calculated by dividing net loss by the weighted average number of ordinary share
equivalents outstanding. During the periods when there are anti-dilutive, ordinary share equivalents, if any, are not considered in the
computation. As of September 30, 2024 there were no Fair
Value of Financial Instruments The
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ●
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; ●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and ●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement. Recently
Issued Accounting Standards Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements. | Note 2 — Summary of Significant Accounting
Policies Basis of Presentation The accompanying financial statements have been prepared
in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to
the rules and regulations of the SEC. Certain information and note disclosures normally
included in the annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or
omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information
not misleading. The financial statements as of November 30, 2023 and for the years ended November 30, 2023 and November 30, 2022 respectively,
are audited. In the opinion of management, the financial statements include all adjustments, consisting only of normal recurring adjustments,
necessary to provide a fair statement of the results for the interim periods. The accompanying balance sheet as of November 30, 2022,
is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for fiscal the year ended
November 30, 2022. Emerging Growth Company The Company is an “emerging growth company,”
as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”),
and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that
are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements
of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and
proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder
approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts
emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that
is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered
under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company
can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but
any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that
when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging
growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison
of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth
company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting
standards used. EVERGREEN CORPORATION NOTES TO FINANCIAL STATEMENTS November
30, 2023 and 2022 Note 2 — Summary of Significant Accounting
Policies (Continued) Use of Estimates The preparation of financial statements in conformity
with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Making estimates requires management to exercise significant
judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed
at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to
one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments
purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates
fair value. The Company had $ 146,933 301,228 no Marketable Securities Held in Trust Account Cash and Marketable Securities Held in Trust Account At November 30, 2023 and November 30, 2022, substantially
all of the assets held in the Trust Account were held in money market. Income Taxes The Company complies with the accounting and reporting
requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and
reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and
tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable
to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to
reduce deferred tax assets to the amount expected to be realized. ASC Topic 740 prescribes a recognition threshold and
a measurement attribute for the financial statement recognition and measurement of tax positions 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.
The Company’s management determined the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes
accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits
as of November 30, 2023 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review
that could result in significant payments, accruals or material deviation from its position. The Company is considered to be an exempted
Cayman Islands company with no connection to any other taxable jurisdiction and is presently not subject to income taxes or income tax
filing requirements in the Cayman Islands or the United States. EVERGREEN CORPORATION NOTES TO FINANCIAL STATEMENTS November
30, 2023 and 2022 Note 2 — Summary of Significant Accounting
Policies (Continued) Class A Ordinary Shares Subject to Possible Redemption All of the Class A ordinary shares sold as part of
the Units in the Initial Public Offering contain a redemption feature which allows for the redemption of such Public Shares in connection
with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in
connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480,
conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within
the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
are classified as temporary equity. Ordinary liquidation events, which involve the income and liquidation of all of the entity’s
equity instruments, are excluded from the provisions of ASC 480. Although the Company did not specify a maximum redemption threshold,
its charter provides that currently, the Company will not redeem Public Shares in an amount that would cause its net tangible assets to
be less than $5,000,001. However, the threshold in its charter would not change the nature of the underlying shares as redeemable and
thus public shares would be required to be disclosed outside of permanent equity. The Company recognizes changes in redemption value immediately
as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value ($ 10.15 As of November 30, 2023 and November 30, 2022, 7,495,670 11,500,000 Concentration of Credit Risk Financial instruments that potentially subject the
Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository
insurance coverage of $ 250,000 Net Income (Loss) Per Share Net income per share is computed by dividing net income
by the weighted average number of ordinary shares outstanding for the period. The calculation of diluted income (loss) per share does
not consider the effect of the warrants issued in connection with the Initial Public Offering and warrants issued as components of the
Private Placement Units (the “Placement Warrants”) since the exercise of the warrants are contingent upon the occurrence of
future events and the inclusion of such warrants would be anti-dilutive. The Company’s statements of operations includes
a presentation income per share for ordinary shares subject to possible redemption in a manner similar to the two-class method of income
per share. Net income per ordinary share, basic and diluted, for redeemable Class A ordinary shares is calculated by dividing the net
income allocable to Class A ordinary shares subject to possible redemption, by the weighted average number of redeemable Class A ordinary
shares outstanding since original issuance. Net income per shares, basic and diluted, for non-redeemable Class A and Class B ordinary
shares is calculated by dividing net income allocable to non-redeemable ordinary shares, by the weighted average number of non-redeemable
ordinary shares outstanding for the periods. Non-redeemable Class B ordinary shares include the founder shares as these ordinary shares
do not have any redemption features and do not participate in the income earned on the Trust Account. EVERGREEN CORPORATION NOTES TO FINANCIAL STATEMENTS November
30, 2023 and 2022 Note 2 — Summary of Significant Accounting
Policies (Continued) Schedule
of Net Loss Per Share
Year Ended November 30, 2023 Year Ended November 30, 2022
Class A ordinary shares
Numerator: net income (loss) allocable to redeemable Class A ordinary shares $ 2,885,807 $ 699,108
Denominator: weighted average number of Class A ordinary shares 10,532,255 9,712,183
Basic and diluted net income (loss) per redeemable Class A ordinary share $ 0.27 $ 0.07
Class B ordinary shares
Numerator: net income (loss) allocable to Class B ordinary shares $ 787,741 $ 206,950
Numerator: net income (loss) allocable to ordinary shares $ 787,741 $ 206,950
Denominator: weighted average number of Class B ordinary shares 2,875,000 2,875,000
Basic and diluted net income (loss) per Class B ordinary share $ 0.27 $ 0.07 Offering Costs Associated with the Initial Public
Offering The Company complies with the requirements of the
Financial Accounting Standards Board ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, “Expenses
of Offering.” Offering costs of $ 4,532,887 4,025,000 Fair Value of Financial Instruments The Fair value is defined as the price that would
be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement
date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives
the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the
lowest priority to unobservable inputs (Level 3 measurements). These tiers include: ● Level 1, defined as observable inputs such
as quoted prices (unadjusted) for identical instruments in active markets; ● Level 2, defined as inputs other than quoted
prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets
or quoted prices for identical or similar instruments in markets that are not active; and ● Level 3, defined as unobservable inputs in
which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation
techniques in which one or more significant inputs or significant value drivers are unobservable. In some circumstances, the inputs used to measure
fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is
categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. Recent Accounting Standards In August 2020, the Financial Accounting Standards
Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt —Debt with Conversion and Other
Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”)
to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial
conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining
to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible
debt and free-standing instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings
per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective
January 1, 2024 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1,
2021. The Company adopted as of inception of the Company. Management does not believe that any other recently issued, but not yet effective,
accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. EVERGREEN CORPORATION NOTES TO FINANCIAL STATEMENTS November
30, 2023 and 2022 |
