v3.25.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of net deferred tax assets

The Company’s net deferred tax assets at December 31, 2024 and 2023 is as follows:

December 31,

    

2024

    

2023

Deferred tax assets:

Capitalized start-up costs

$

1,276,291

$

877,440

Net operating loss carryforward

 

56,503

39,845

Total deferred tax assets

 

1,332,794

 

917,285

Valuation allowance

 

(1,332,345)

 

(861,760)

Net deferred tax assets

449

 

55,525

Deferred tax liabilities:

Accrued dividends on marketable securities held in Trust Account

(449)

(55,525)

Total deferred tax liabilities

(449)

(55,525)

Net deferred tax assets (liabilities)

$

$

Schedule of income tax provision

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

December 31,

    

2024

    

2023

Current expense (benefit)

  

  

Federal

$

152,466

$

1,319,280

State

 

 

Deferred expense (benefit)

 

 

Federal

 

(340,644)

 

(457,790)

State

 

(129,941)

 

(192,083)

Change in Valuation Allowance

 

470,585

 

649,873

Income tax provision

$

152,466

$

1,319,280

Schedule of reconciliation of the federal income tax rate to the effective tax rate

A reconciliation of the federal income tax rate to the Company’s effective tax rate at December 31, 2024 and 2023 is as follows:

    

December 31,

 

2024

    

2023

Statutory federal income tax rate

21.00

%  

21.00

%  

State taxes, net of federal tax benefit

 

2.62

%  

(4.74)

%  

Change in fair value of warrant liabilities

 

(17.20)

%  

0.28

%  

Change in valuation allowance

 

(9.50)

%  

16.05

%  

Income tax provision

 

(3.08)

%  

32.59