v3.25.1
INCOME TAX (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule income tax provision

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Federal:

 

 

 

 

 

 

Current(1)

 

$

517,179

 

 

$

1,027,644

 

Deferred:

 

 

(215,580

)

 

 

(187,264

)

State:

 

 

 

 

 

 

Current

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

Change in valuation allowance

 

 

215,580

 

 

 

187,264

 

Provision for income taxes

 

$

517,179

 

 

$

1,027,644

 

(1)
For the year ended December 31, 2024, current federal income taxes includes penalties and interest charges of $41,497.
Schedule of reconciliation of the federal income tax rate to the company's effective tax rate

 

 

As of December 31,

 

 

 

2024

 

2023

 

Statutory federal income tax rate

 

 

21.0

 

%

 

 

21.0

 

%

 

State taxes, net of federal tax benefit

 

 

 

%

 

 

 

%

 

Fair value of Non-Redemption Agreement liability

 

 

(6.4

)

%

 

 

 

%

 

Transaction costs

 

 

(20.0

)

%

 

 

14.3

 

%

 

Fines and penalties

 

 

(3.0

)

%

 

 

0.2

 

%

 

Permanent book/tax differences

 

 

 

 

 

 

 

%

 

Change in valuation allowance

 

 

(6.0

)

%

 

 

7.9

 

%

 

Income tax provision

 

 

(14.4

)

%

 

 

43.4

 

%

 

Schedule of company's net deferred tax assets (liability)

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Deferred tax assets (liabilities):

 

 

 

 

 

 

Organizational costs & start-up expenses

 

$

690,713

 

 

$

475,133

 

Loss from operations

 

 

 

 

 

 

Total deferred tax assets (liabilities), net

 

 

690,713

 

 

 

475,133

 

Valuation allowance

 

 

(690,713

)

 

 

(475,133

)

Deferred tax assets (liability), net of allowance

 

$

 

 

$