Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 1631

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 1631
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 audits, we
are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing
procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits
provide a reasonable basis for our opinion.

/s/ WithumSmith+Brown, PC

We have served as the Company’s auditor since 2021.

New York, New York

March 28, 2025

PCAOB ID Number 100

F-2

FOLD HOLDINGS, INC.

(F/K/A FTAC EMERALD ACQUISITION CORP.)

CONSOLIDATED BALANCE SHEETS

    December 31, 2024  
    December 31, 2023 
  
    Assets 

    Current assets: 

    Cash 
    $906,043  
    $29,844 
  
    Prepaid expenses 
     20,409  
     192,712 
  
    Prepaid income taxes 
     —  
     83,503 
  
    Total current assets 
     926,452  
     306,059 

    Investments held in Trust Account 
     51,289,643  
     165,653,149 
  
    Total assets 
    $52,216,095  
    $165,959,208 

    Liabilities, Common Stock Subject to Possible Redemption and Stockholders’ Deficit 

    Current liabilities: 

    Accounts payable and accrued expenses 
    $533,197  
    $114,659 
  
    Due to related party 
     646,451  
     286,451 
  
    Excise tax payable 
     1,167,245  
     967,916 
  
    Income tax payable 
     49,005  
     — 
  
    Promissory note 
     550,000  
     — 
  
    Deferred advisory fee 
     1