Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 2000

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 10
Chunk 2000
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    $- 

F-24

The income
tax benefit differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the years
ended December 31, 2024 and 2023 due to the following:

    December 31, 

    2024  
    2023 
  
    Statutory federal income tax rate 
     21.00% 
     21.00%
  
    Change in fair value of overallotment liability 
     -% 
     (2.21)%
  
    Valuation allowance 
     30.40% 
     15.93%
  
    Income tax provision expense/(benefit) 
     51.40% 
     34.72%

As of December
31, 2024 and 2023, the Company had U.S. federal net operating loss carryovers of $0.

In assessing
the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred
tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income
during the periods in which temporary differences representing future deductible amounts become deductible. Management considers the scheduled
reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration
of all of the information available, management believes that significant uncertainty exists with respect to future realization of the
deferred tax assets and has therefore established a full valuation allowance.

The Company
has no uncertain tax positions related to federal and state income taxes. The federal tax returns for the Company since inception remains
open for examination.

When the
Company is assessed interest or penalties it will be classified in the financial statements as tax expense. For the year ended December
31, 2024, the Company incurred $22,012 of interest and penalties on the unremitted income tax obligations. No interest or penalties were
incurred during the year ended December 31, 2023.

NOTE
10 - SUBSEQUENT EVENTS

The Company did not identify
any subsequent events that require adjustment or disclosure in the financial statements, other than below:

On January 16, 2025, the Company further extended
the period it has to consummate an initial business combination by a period of one month, or until February 22, 2025 (the “First
2025 Monthly Extension