Company: PMVC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075638
Chunk: 92

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 92
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30, 2025  
    December 31,  2024 
  
    Organizational costs/Start-up expenses 
    $459,066  
    $438,922 
  
    Federal Net Operating Loss 
     —  
     — 
  
    Total deferred tax asset 
     459,066  
     438,922 
  
    Valuation allowance 
     (459,066) 
     (438,922)
  
    Deferred tax asset, net of allowance 
    $—  
    $— 

As of June 30, 2025 and December 31, 2024, the
Company did not have any U.S. federal and state net operating loss carryovers (“NOLs”) available to offset future taxable
income.

In assessing the realization of the deferred tax
assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized.
The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which
temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred
tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of
the information available, management determined that a full valuation allowance was required.

The income tax provision for the three and six months ended June 30,
2025 and 2024, consists of the following:

    Three Months Ended  
    Six Months Ended 

    June 30,  
    June 30, 

    2025  
    2024  
    2025  
    2024 
  
    Federal 

    Current 
    $2,090  
    $(9,722) 
    $4,060  
    $18,120 
  
    Deferred 
     (8,653) 
     (9,013) 
     (20,143) 
     (20,516)
  
    State 

    Current 
     —  
     (446) 
     —  
     2,231 
  
    Deferred 
     —  
     —  
     —  
     — 
  
    Change in valuation allowance 
     8,653  
     9,013  
     20,143  
     20,516