v3.25.2
INCOME TAXES (Tables) - Iris
12 Months Ended
Dec. 31, 2024
Schedule of The Company's net deferred tax assets (liabilities)

    

December 31, 

    

December 31, 

2024

2023

Deferred tax asset:

Startup expenses

$

1,480,938

$

1,041,535

Accrued Interest

29,490

7,307

Total deferred tax asset

1,510,428

1,048,842

Valuation allowance

(1,510,428)

(1,048,842)

Deferred tax asset, net of allowance

$

$

Schedule of Income tax provision

    

December 31, 

    

December 31, 

2024

2023

Federal

Current

$

18,841

$

33,987

Deferred

(461,586)

(411,035)

State

Current

Deferred

Change in valuation allowance

461,586

411,035

Income tax provision

$

18,841

$

33,987

Schedule of reconciliation of the total income tax provision tax rate to the statutory federal income tax rate

December 31,

December 31,

    

2024

    

2023

Provision/(Benefit) at Statutory Rate

    

21.00

%

21.00

%

State Tax Provision/(Benefit) net of federal benefit

%

%

Permanent differences:

Change in fair value of Warrant Liability

0.15

%

9.98

%

Prior year adjustments

%

20.83

%

Other permanent items

(0.23)

%

(0.62)

%

Acquisition Facilitative Expenses

(5.55)

%

(19.54)

%

Change in valuation allowance

(16.02)

%

(34.50)

%

Income Tax Provision/(Benefit)

(0.65)

%

(2.85)

%