Company: CERO
Filing Date: 2025-01-21
Form Type: S-1/A
Source: 0001213900-25-004742
Chunk: 342

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-01-21
Form: S-1/A
Chunk 342
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 |     |   | December 31, 
         2023 |   |     |   | December 31, 
         2022 |   |
|:----------------------------------------------------------------|:----|:--|-------------:|:--|:----|:--|-------------:|:--|
| General and administration expenses before business combination |     | $ |      607,516 |   |     | $ |      596,692 |   |
| Valuation allowance for deferred tax assets                     |     |   |     (607,516 | ) |     |   |     (596,692 | ) |
| Total                                                           |     | $ |            — |   |     | $ |            — |   |

F-38 PHOENIX BIOTECH ACQUISITION CORP. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

In assessing the realization
of deferred tax assets, management considers whether it is more likely than not that some portion or 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 assets, projected future taxable income and tax planning strategies in making this assessment. For the year ended
December 31, 2023 and 2022, the valuation allowance was $ and $, respectively.

|                                         |     |     | December 31, 
         2023 |    |     |     | December 31, 
         2022 |   |
|:----------------------------------------|:----|:----|-------------:|:---|:----|:----|-------------:|:--|
| Statutory federal income tax rate       |     |     |         21.0 | %  |     |     |         21.0 | % |
| State taxes, net of federal tax benefit |     |     |          0.0 | %  |     |     |          0.0 | % |
| Valuation allowance                     |     |     |       (17.33 | )% |     |     |        852.7 | % |
| Income tax provision (benefit)          |     |     |         3.67 | %  |     |     |        873.7 | % |

Class A Common Stock Subject to Possible Redemption