Company: PMVC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075638
Chunk: 23

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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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 and six months ended June 30,
2025 and 2024, consists of the following:

    Three Months Ended  
    Six Months Ended 

    June 30,  
    June 30, 

    2025  
    2024  
    2025  
    2024 
  
    Federal 

    Current 
    $2,090  
    $(9,722) 
    $4,060  
    $18,120 
  
    Deferred 
     (8,653) 
     (9,013) 
     (20,143) 
     (20,516)
  
    State 

    Current 
     —  
     (446) 
     —  
     2,231 
  
    Deferred 
     —  
     —  
     —  
     — 
  
    Change in valuation allowance 
     8,653  
     9,013  
     20,143  
     20,516 
  
    Income tax provision 
    $2,090  
    $(10,168) 
    $4,060  
    $20,351 

14

PMV CONSUMER ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

JUNE 30, 2025

(Unaudited)

NOTE 6. INCOME TAX (CONT.)

A reconciliation of the income tax rate to the
Company’s effective tax rate for the six months ended June 30, 2025 and 2024, is as follows:

    For the Six Months Ended June 30, 

    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 
     14.5% 
     0.0%
  
    Change in valuation allowance 
     (44.4)% 
     64.8%
  
    Effective income tax rate 
     (8.9