Company: NOEMW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004368
Chunk: 367

Company: CO2 Energy Transition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 367
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 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. There were no unrecognized tax benefits as of December 31, 2024 and 2023. The Company recognizes accrued interest
and penalties related to unrecognized tax benefits as income tax expense (benefit). No amounts were accrued for the payment of interest
and penalties as of December 31, 2024 and 2023.

F-11

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 has been subject to income tax examinations by major taxing authorities since inception.

Net Income (Loss) per Common Stock

The Company complies
with accounting and disclosure requirements of FASB ASC 260, “Earnings Per Share.” Net income (loss) per common stock is
computed by dividing net income (loss) by the weighted average number of common stock outstanding during the period, excluding
common stock subject to forfeiture. Weighted average stock was reduced for the effect of an aggregate of 300,000 shares of common
stock that are subject to forfeiture if the option to purchase additional units is not exercised in full by the underwriters. At the
closing of the Initial Public Offering on November 22, 2024, the underwriters exercised their over-allotment option in full. As
such, the 300,000 Founder Shares are no longer subject to forfeiture. As of December 31, 2024 and 2023, the Company did not have any
dilutive securities and other contracts that could, potentially, be exercised or converted into common stock and then share in the
earnings of the Company. As a result, diluted loss per common stock is the same as basic income (loss) per common stock for the
periods presented.

The following table reflects
the calculation of basic and diluted net income (loss) per ordinary share (in dollars, except per share amounts):

    For the Year Ended December 31, 

    2024  
    2023 

    Redeemable  
    Non-redeemable  
    Redeemable  
    Non-redeemable 
  
    Basic net income (loss) per common stock 

    Numerator: 

    Allocation of net income (loss