Company: PMVC
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001213900-25-107610
Chunk: 15

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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NOTES
TO CONDENSED FINANCIAL STATEMENTS

SEPTEMBER
30, 2025

(Unaudited)

NOTE
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

ASC
740 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 recognizes accrued interest and penalties related to unrecognized tax benefits
as income tax expense. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of September 30,
2025 and December 31, 2024. 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
Loss per Common Share

Net
loss per common share is computed by dividing net loss by the weighted average number of shares of common stock outstanding for the period.
The Company has not considered the effect of warrants to purchase 340,245 shares of Class A common stock (fka Class C common stock),
since the warrants are contingent upon the occurrence of future events and average market price of the Company’s Class A common
stock (fka Class C common stock) for the three and nine months ended September 30, 2025 and 2024 was below the Warrants’
$503.61 exercise price. As a result, diluted loss per common share is the same as basic loss per common share for the periods presented.

As
of September 30, 2025, the Company has two classes of shares that participate in earnings, which are referred to as Class A common stock
(fka Class C common stock) and Class B convertible common stock (the “Founder Shares”). Earnings and losses are shared pro-rata
between the two classes of shares. This presentation contemplates a transaction as the most likely outcome, in which case, both classes
of shares share pro rata in the loss of the Company.

The
following tables reflect the calculation of basic and diluted net loss per share of common stock (in dollars, except share amounts):

    For the Three Months Ended
    September 30, 

    2025  
    2024 

    Class A common