Company: VMCWF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010983
Chunk: 70

Company: Valuence Merger Corp. I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 70
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 in the Company’s
Trust Account was approximately $22.4 million as of March 31, 2025. Following redemptions, the Company had 1,867,402 Class A ordinary
shares subject to redemption outstanding.

    10

VALUENCE
MERGER CORP. I

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

MARCH
31, 2025

The
Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary
shares to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if
it were also the redemption date for the security. Increases or decreases in the carrying amount of redeemable Class A ordinary shares
are affected by charges against additional paid-in capital and accumulated deficit.

At
March 31, 2025 and December 31, 2024, the Class A ordinary shares reflected in the condensed balance sheets are reconciled in the following
table:  

 SCHEDULE OF ORDINARY CLASS OF SHARES

    Class A ordinary shares subject to possible redemption, at redemption value, December 31, 2023 
    $69,262,338 
  
    Less: 

    Redemption of shares 
     (49,900,380)
  
    Plus: 

    Accretion of Class A ordinary shares subject to possible redemption 
     2,844,679 
  
    Class A ordinary shares subject to possible redemption, at redemption value, December 31, 2024 
    $22,206,637 
  
    Plus: 

    Accretion of Class A ordinary shares subject to possible redemption 
     237,370 
  
    Class A ordinary shares subject to possible redemption, at redemption value, March 31, 2025 
    $22,444,007 

Income
Taxes

ASC
Topic 740, “Income Taxes,” 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. The Company’s 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,