Company: CUB
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001013762-25-001006
Chunk: 168

Company: Lionheart Holdings
Filing Date: 2025-03-21
Form: 10-K
Item: Item 1A
Chunk 168
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 redemption value immediately as they occur and adjusts the
carrying value of redeemable Class A Ordinary Shares to equal the redemption value at the end of each reporting period. 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-10

LIONHEART
HOLDINGS

NOTES
TO FINANCIAL STATEMENT

DECEMBER
31, 2024

As
of December 31, 2024, the Class A Ordinary Shares subject to redemption reflected in the accompanying balance sheet are reconciled in
the following table:

    Gross Proceeds 
    $230,000,000 
  
    Less: 

    Proceeds allocated to Public Warrants 
     (460,000)
  
    Class A Ordinary Shares issuance costs 
     (14,417,130)
  
    Plus: 

    Accretion of carrying value to redemption
    value 
     21,212,235 
  
    Class A Ordinary Shares
    subject to possible redemption, December 31, 2024 
    $236,335,105 

Income
Taxes

The
Company accounts for income taxes under FASB ASC Topic 740, “Income Taxes” (“ASC 740”), 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
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. 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, 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