Company: PMVC
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003340
Chunk: 225

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 225
---
 
  
    Total deferred tax asset 
     438,922  
     401,781 
  
    Valuation allowance 
     (438,922) 
     (401,781)
  
    Deferred tax asset, net of allowance 
    $—  
    $— 

The income tax provision for the years ended December 31, 2024 and
2023, consists of the following: 

    Federal 
    2024  
    2023 
  
    Current 
    $25,700  
    $11,133 
  
    Deferred 
     (37,141) 
     (53,905)
  
    State 

    Current 
    $4,446  
    $25,052 
  
    Deferred 
     —  
     — 
  
    Change in valuation allowance 
     37,141  
     53,905 
  
    Income tax provision 
    $30,146  
    $36,185 

As of December 31, 2024 and 2023, 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.

A reconciliation of the income tax rate to the
Company’s effective tax rate for the years ended December 31, 2024 and 2023, is as follows:

    As of December 31, 2024  
    As of December 31, 2023 
  
    Statutory federal income tax rate 
     21.0% 
     21.0%
  
    State taxes, net of federal tax benefit 
     (3.4)% 
     5.5%
  
    Permanent book/tax differences 
     (12.2)% 
     42.6%
  
    Change in valuation allowance 
     (28.7)%