Company: PMVC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043278
Chunk: 86

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 86
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31,  2024 
  
    Organizational costs/Start-up expenses 
    $450,412  
    $438,922 
  
    Federal Net Operating Loss 
     —  
     — 
  
    Total deferred tax asset 
     450,412  
     438,922 
  
    Valuation allowance 
     (450,412) 
     (438,922)
  
    Deferred tax asset, net of allowance 
    $—  
    $— 

As of March 31, 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 months ended March 31, 2025
and 2024, consists of the following:

    Federal 
    March 31, 2025  
    March 31, 2024 
  
    Current 
    $1,970  
    $27,842 
  
    Deferred 
     (11,490) 
     (11,503)
  
    State 

    Current 
     —  
     2,677 
  
    Deferred 
     —  
     — 
  
    Change in valuation allowance 
     11,490  
     11,503 
  
    Income tax provision 
    $1,970  
    $30,519 

14

PMV CONSUMER ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited)

NOTE 6. INCOME TAX (CONT.)

A reconciliation of the income tax rate to the
Company’s effective tax rate for the three months ended March 31, 2025 and 2024, is as follows:

    For the