Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.1.u1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Schedule of Income Tax Provision (Benefit) The income tax provision (benefit) consists of the following:
   

Year Ended

December 31,
2023

   

Year Ended

December 31,
2022

 
Current            
Federal   $ 1,181,348     $ 884,112  
State    
-
     
-
 
Deferred                
Federal     (209,820 )     (193,896 )
State    
-
     
-
 
Valuation allowance     209,820       168,508  
Income tax provision   $ 1,181,348     $ 858,724  
Schedule of Net Deferred Tax Assets The Company’s net deferred tax assets are as follows:
    December 31,  
    2023     2022  
Deferred tax assets:            
Start-up/Organization costs   $ 209,896     $ 215,796  
Net operating loss carryforwards    
-
     
-
 
Total deferred tax assets     209,896       215,796  
Valuation allowance     (209,896 )     (215,796 )
Deferred tax asset, net of allowance   $
-
    $
-
 
Schedule of Reconciliation of the Statutory Federal Income Tax Rate (Benefit) A reconciliation of the statutory federal income tax rate (benefit) to the Company’s effective tax rate (benefit) is as follows for the years ended December 31, 2023 and 2022:
   

Year Ended

December 31,
2023
   

Year Ended

December 31,
2022
 
Statutory federal income tax rate     21.0 %     21.0 %
Change in fair value of derivative warrant liabilities     0.6 %     0.0 %
Change in valuation allowance     4.6 %     5.1 %
Income tax expenses     26.2 %     26.1 %