Company: PMVC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043278
Chunk: 13

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 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 recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. There were no unrecognized
tax benefits and no amounts accrued for interest and penalties as of March 31, 2025 and December 31, 2024. 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 subject to income tax examinations by major taxing authorities since inception.

9

PMV CONSUMER ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited)

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(CONT.)

Net Loss per Common Share

Net loss per common share is computed by dividing
net loss by the weighted average number of shares of common stock outstanding for the period. The Company has not considered the effect
of warrants to purchase 340,245 shares of Class A common stock (fka Class C common stock), since the warrants are contingent upon the
occurrence of future events and average market price of the Company’s Class A common stock (fka Class C common stock) for the three
month periods ended March 31, 2025 and 2024, was below the Warrants’ $503.61 exercise price. As a result, diluted loss per common
share is the same as basic loss per common share for the periods presented.

As of March 31, 2025, the Company has two classes
of shares that participate in earnings, which are referred to as Class A common stock (fka Class C common stock) and Class B convertible
common stock (the “Founder Shares”). Earnings and losses are shared pro-rata between the two classes of shares. This presentation
contemplates a transaction as the most likely outcome, in which case, all two classes of shares share pro rata in the loss of the Company.

The following tables reflect the calculation
of basic and diluted net loss per share of common stock (in dollars, except share amounts):

    For
    the Three Months Ended March 31, 

    2025  
    2024 

    Class
    A common stock (fka Class C common stock)  
    Class