Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 174

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 174
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 redemption date for the security. Increases or decreases in the carrying amount of redeemable Class A ordinary shares
are affected by charges against additional paid-in capital and accumulated deficit.

    F-13

At
December 31, 2024 and 2023, the Class A ordinary shares reflected in the balance sheets are reconciled in the following table:

 SCHEDULE OF ORDINARY CLASS OF SHARES 

    Class A ordinary shares subject to possible redemption, at redemption
    value, December 31, 2022 
    $229,949,989 
  
    Less: 

    Redemption of shares 
     (167,831,206)
  
    Plus: 

    Accretion of Class A ordinary shares subject to possible redemption 
     7,143,555 
  
    Class A ordinary shares subject to possible redemption, at redemption value, December 31, 2023 
     69,262,338 
  
    Less: 

    Redemption of shares 
     (49,900,380)
  
    Plus: 

    Accretion of Class A ordinary shares subject to possible redemption 
     2,844,679 
  
    Class A ordinary shares subject to possible redemption, at redemption value, December 31, 2024 
    $22,206,637 

Income
Taxes

ASC
Topic 740, “Income Taxes,” 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 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 December 31, 2024 and 2023, 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.

The
Company is considered to be a Cayman Islands exempted 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 periods presented. The Company’s management does not expect