Company: PMVC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043278
Chunk: 21

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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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 Three Months Ended March 31, 

    2025  
    2024 
  
    Statutory federal income tax rate 
     21.0% 
     21.0%
  
    State taxes, net of federal tax benefit 
     0.0% 
     5.5%
  
    Permanent book/tax differences 
     0.0% 
     0.0%
  
    Change in valuation allowance 
     (25.3)% 
     13.9%
  
    Effective income tax rate 
     (4.3)% 
     40.4%

NOTE 7. FAIR VALUE MEASUREMENTS

The fair value of the Company’s financial
assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale
of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants