Company: CUB
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001013762-25-001006
Chunk: 680

Company: Lionheart Holdings
Filing Date: 2025-03-21
Form: 10-K
Item: Item 6
Chunk 680
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, the Company recognized the accretion
from initial book value to redemption amount value. The change in the carrying value of redeemable Public Shares will result in charges
against additional paid-in capital (to the extent available) and accumulated deficit. Accordingly, as of December 31, 2024, Class A Ordinary
Shares subject to possible redemption are presented at redemption value as temporary equity, outside of the shareholders’ deficit
section of the accompanying balance sheet. 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. 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.

F-10

LIONHEART
HOLDINGS

NOTES
TO FINANCIAL STATEMENT

DECEMBER
31, 2024

As
of December 31, 2024, the Class A Ordinary Shares subject to redemption reflected in the accompanying balance sheet are reconciled in
the following table:

    Gross Proceeds 
    $230,000,000 
  
    Less: 

    Proceeds allocated to Public Warrants 
     (460,000)
  
    Class A Ordinary Shares issuance costs 
     (14,417,130)
  
    Plus: 

    Accretion of carrying value to redemption
    value 
     21,212,235 
  
    Class A Ordinary Shares
    subject to possible redemption, December 31, 2024 
    $236,335,105 

Income
Taxes

The
Company accounts for income taxes under FASB ASC Topic 740, “Income Taxes” (“ASC 740”), which requires an
asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

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