Company: NOEMW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004368
Chunk: 466

Company: CO2 Energy Transition Corp.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 466
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ide officers or partners, registered persons or affiliates or as otherwise
permitted under Rule 5110(e)(2), and only if any such transferee agrees to the foregoing lock-up restrictions.

NOTE 9. INCOME TAXES

The Company’s net
deferred tax assets are as follows: 

    December 31,  
    December 31, 

    2024  
    2023 
  
    Deferred tax assets 

    Net operating loss carryforward 
    $-  
    $966 
  
    Startup Costs 
     137,879  
     89,245 
  
    Total deferred tax assets 
     137,879  
     90,211 
  
    Valuation allowance 
     (137,879) 
     (90,211)
  
    Deferred tax assets, net of allowance 
    $-  
    $- 

The income tax provision for
the years ended December 31, 2024 and 2023 consists of the following:

    December 31,  
    December 31, 

    2024  
    2023 
  
    Federal 

    Current 
    $61,039  
    $— 
  
    Deferred 
     (47,668) 
     (38,717)
  
    State 

    Current 
    $—  
    $— 
  
    Deferred 
     —  
     —)
  
    Change in valuation allowance 
     47,668  
     38,717 
  
    Income tax provision 
    $61,039  
    $— 

F-17

As of December 31,
2024 and 2023, the Company had a total of $0 and $966, respectively, of U.S. federal net operating loss carryovers available to offset
future taxable income. The federal net operating loss can be carried forward indefinitely.

In assessing the realization
of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets
will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during
the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled
reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration
of all of the information available, management believes