Company: CUB
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001213900-25-042278
Chunk: 14

Company: Lionheart Holdings
Filing Date: 2025-05-13
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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s 
    $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 
  
    Plus: 

    Accretion of carrying value to redemption value 
     2,447,259 
  
    Class A Ordinary Shares subject to possible redemption, March 31, 2025 (Unaudited) 
    $238,782,364 

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 statements 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 March 31, 2025 and 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 position.

The Company is considered
to be an exempted Cayman Islands 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. 

Net Income (Loss