Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 591

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1C
Chunk 591
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 Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This guidance changes how entities account
for convertible instruments and contracts in an entity’s own equity and simplifies the accounting for convertible instruments by
removing certain separation models for convertible instruments. This guidance also modifies the guidance on diluted earnings per share
calculations. This new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December
15, 2023, but allows for early adoption. The Company adopted ASU 2020-06 on January 1, 2024 which had no impact on its financial statements.

In December 2023, the FASB issued ASU 2023-09
“Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” that addresses requests for improved income tax disclosures
from investors that use the financial statements to make capital allocation decisions. Public entities must adopt the new guidance for
fiscal years beginning after December 15, 2024. The amendments in this ASU must be applied on a retrospective basis to all prior periods
presented in the financial statements and early adoption is permitted. The Company is currently evaluating the potential impact that the
adoption of this standard will have on its financial statements.

Management does not believe that any additional
recently issued, but not yet effective, accounting standards, if currently adopted, would have a material impact on the Company’s
financial statements.

JOBS Act

On April 5, 2012, the JOBS Act was signed into
law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies.
We will qualify as an “emerging growth company” and under the JOBS Act will be allowed to comply with new or revised accounting
pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or
revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which
adoption of such standards is required for non-emerging growth companies. As a result, our financial statements may not be comparable
to companies that comply with new or revised accounting pronouncements as of public company effective dates.

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Additionally, the Company is in the process of
evaluating