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v3.25.2

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Schedule of components of the provision (benefit) for income taxes, net | 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 provision (benefit) for income taxes | 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 | ​
Schedule of significant components of company's net deferred income 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) | ​ | $ | — | ​ | $ | —
Angel Studios, Inc. CIK: 0001671941 |
Schedule of components of the provision (benefit) for income taxes, net | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
U.S. Federal: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | $ | (251,837) | ​ | $ | 1,098,349 | ​ | $ | (305,933)
Deferred | ​ |  | 3,219,201 | ​ | ​ | (3,219,201) | ​ | ​ | (366,667)
Total | ​ |  | 2,967,364 | ​ | ​ | (2,120,852) | ​ | ​ | (672,600)
U.S. State: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current | ​ | ​ | (213,880) | ​ | ​ | 204,535 | ​ | ​ | (24,306)
Deferred | ​ | ​ | 781,118 | ​ | ​ | (781,118) | ​ | ​ | (68,279)
Total | ​ | ​ | 567,238 | ​ | ​ | (576,583) | ​ | ​ | (92,585)
Provision (benefit) for income taxes, net | ​ | $ | 3,534,602 | ​ | $ | (2,697,435) | ​ | $ | (765,185)
Schedule of provision (benefit) for income taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Federal income tax at statutory rates | ​ | $ | (18,150,928) | ​ | $ | 1,326,085 | ​ | $ | (3,016,213)
State income tax at statutory rates | ​ |  | (2,975,942) | ​ |  | (228,939) | ​ |  | (422,908)
DTA adjustment | ​ |  | (235,346) | ​ |  | (115,470) | ​ |  | —
Change in valuation allowance | ​ |  | 25,861,296 | ​ |  | (2,348,227) | ​ |  | 2,348,227
Federal tax credits | ​ |  | (789,620) | ​ |  | (1,216,878) | ​ |  | —
Other | ​ |  | (174,858) | ​ |  | (114,006) | ​ |  | 325,709
​ | ​ | $ | 3,534,602 | ​ | $ | (2,697,435) | ​ | $ | (765,185)
Schedule of significant components of company's net deferred income tax assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022
Net operating loss carryforwards | ​ | $ | 18,872,026 | ​ | $ | — | ​ | $ | 1,044,440
Research and development | ​ |  | 5,564,482 | ​ |  | 3,787,461 | ​ |  | 1,108,958
Digital asset impairment | ​ |  | 1,491,329 | ​ |  | 1,920,228 | ​ |  | 1,919,244
Research and development credits | ​ |  | 1,180,635 | ​ |  | 229,867 | ​ |  | —
Depreciation and amortization | ​ |  | (190,587) | ​ |  | (330,698) | ​ |  | (305,337)
Impairment of equity investment | ​ | ​ | 243,557 | ​ | ​ | — | ​ | ​ | —
Accruals and reserves | ​ |  | (310,990) | ​ |  | (554,006) | ​ |  | (317,970)
Deferred gain on sale | ​ |  | (989,156) | ​ |  | (1,052,533) | ​ |  | (1,101,108)
Valuation allowance | ​ |  | (25,861,296) | ​ |  | — | ​ |  | (2,348,227)
​ | ​ | $ | — | ​ | $ | 4,000,319 | ​ | $ | —

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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