Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Company's Net Deferred Tax Assets
The Company’s net deferred tax assets for the year ended December 31, 2023 and 2022, follows:
 
    
December 31,
 
    
2023
    
2022
 
Deferred tax assets
     
Net operating loss carryforward
   $ —       $ —   
Startup costs
     496,505        320,609  
  
 
 
    
 
 
 
Total deferred tax assets
     496,505        320,609  
Valuation allowance
     (496,505      (320,609
  
 
 
    
 
 
 
Deferred tax assets, net of allowance
   $ —       $ —   
  
 
 
    
 
 
 
Schedule of Income Tax Provision
The income tax provision for the year ended December 31, 2023 and 2022, consists of the following:
 
    
December 31,
 
    
2023
    
2022
 
Federal
     
Current
   $ 936,959      $ 646,912  
Deferred
     (175,895      (320,609
State
     
Current
   $ —       $ —   
Deferred
     —         —   
Change in valuation allowance
     175,895        320,609  
  
 
 
    
 
 
 
Income tax provision
   $ 936,959      $ 646,912  
  
 
 
    
 
 
 
Schedule of Reconciliation of the Effective Tax Rate
A reconciliation of the federal income tax rate to the Company’s effective tax rate for the year ended December 31, 2023 and 2022, follows:
 
    
December 31,
 
    
2023
   
2022
 
Statutory federal income tax rate
     21.0     21.0
Change in fair value of warrants
     (21.9 )%      (18.3 )% 
Business combination expenses
     115.0       0.0
Change in valuation allowance
     26.4     2.6
  
 
 
   
 
 
 
Income tax provision
     140.5  %     5.3