Company: HVIIR
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023283
Chunk: 53

Company: Hennessy Capital Investment Corp. VII
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 53
---
 2025 and December
31, 2024 the Company has $0 and $952,432, respectively, in deferred offering costs as recorded on the accompanying balance sheets.

Fair
Value of Financial Instruments

The
fair value of the Company’s assets and liabilities, which qualify as financial instruments under FASB ASC 820, “Fair Value
Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheets, primarily due to their short-term
nature.

Income
Taxes

The
Company accounts for income taxes under 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 unaudited condensed financial statements 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 unaudited condensed financial statements 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 that the Cayman
Islands is the Company’s major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized
tax benefits as income tax expense. As of June 30, 2025 and December 31, 2024, there were no unrecognized tax benefits 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.

    9

HENNESSY
CAPITAL INVESTMENT CORP. VII

NOTES
TO CONDENSED FINANCIAL STATEMENTS

JUNE
30, 2025

(UNAUDITED)

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 was zero for the period presented.

Share
Rights

The
Company accounted for the Share Rights issued in connection with