Company: CUB
Filing Date: 2025-03-21
Form Type: 10-K
Source: 0001013762-25-001006
Chunk: 819

Company: Lionheart Holdings
Filing Date: 2025-03-21
Form: 10-K
Item: Item 7A
Chunk 819
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 than not to be
sustained upon examination by taxing authorities. 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 December 31,
2024, there were no unrecognized tax benefits and no amounts accrued for interest and penalties. 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 is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction and is presently
not subject to income taxes or income tax filing requirements in the Cayman Islands or the United States. As such, the Company’s
tax provision was zero for the periods presented. 

Net
Income per Ordinary Share

The
Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share”. Net income per
Ordinary Share is computed by dividing net income by the weighted average number of Ordinary Shares outstanding for the period. Accretion
associated with the redeemable Class A Ordinary Shares is excluded from income per ordinary share as the redemption value approximates
fair value.

The
calculation of diluted net income does not consider the effect of the Public Warrants (including the full exercise of the Over-Allotment
Option) and the Private Placement Warrants to purchase an aggregate of 6,000,000 Class A Ordinary Shares in the calculation of diluted
income per share, because in the calculation of diluted income per share, their exercise is contingent upon future events. As a result,
diluted net income per share is the same as basic net income per share for the period from February 21, 2024 (inception) through December
31, 2024. All accretions associated with the redeemable Class A ordinary shares are excluded from earnings per share as the redemption
value approximates fair value.

F-11

LIONHEART
HOLDINGS

NOTES
TO FINANCIAL STATEMENT

DECEMBER
31, 2024

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

    Class A  
    Class B 
  
    Basic and diluted net income per Ordinary Share: 

    Numerator: 

    Allocation
    of net income 
    $3,860,610