Company: FORL
Filing Date: 2025-01-15
Form Type: 10-Q
Source: 0001829126-25-000187
Chunk: 77

Company: Four Leaf Acquisition Corp
Filing Date: 2025-01-15
Form: 10-Q
Item: Part I, Item 2
Chunk 77
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 Company had net income of $131,457, which was primarily related to $380,258 of dividend and interest income earned in the Trust Account, offset by $174,608 of formation and general and administrative costs and $74,193 of income tax expense. For the three months ended September 30, 2023, we had net income of $278,301, which was primarily related to $736,855 of dividend and interest income earned in the Trust, offset by $309,757 of formation and operating costs and $148,797 of income tax expense.

For the nine months ended September 30, 2024, the Company had net income of $428,715, which was primarily related to $1,875,533 of dividend and interest income earned in the Trust Account, offset by $1,051,053 of formation and general and administrative costs and $395,765 of income tax expense. For the nine months ended September 30, 2023, the Company had a net income of $688,628, which was primarily related to $1,465,180 of dividend and interest income earned in the Trust Account and $134,583 gain related to the change in fair market value of the over-allotment liability, offset by $621,276 of formation and operating costs and $289,859 of income tax expense.

31

The decrease in income tax expense during the three months ended September 30, 2024 compared to the three months ended September 30, 2023 was primarily attributed to the decrease in dividend and interest income earned in the Trust Account due to the redemptions that occurred on June 18, 2024. The increase in income tax expense during the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily attributed to the increase in dividend and interest income earned on the balances in the Trust. Formation and operating costs decreased during the three months ended September 30, 2024 as compared to the three months ended September 30, 2023 primarily due to the decrease in the Company’s accounting and legal expenses. Formation and operating costs increased during the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023 primarily due to the increases in accounting and legal expenses. The decrease related to the change in fair value of the over-allotment liability during the three and nine months ended September 30, 2024 compared to the