Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 941

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 4
Chunk 941
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 because we become obligated to redeem
a significant number of Public Shares upon completion of the initial business combination, in which case we may issue additional securities
or incur debt in connection with such initial business combination.

Results of Operations 

Since the IPO, the Company’s activity has
been limited to the search for a prospective initial business combination. The Company will not generate any operating revenues until
the closing and completion of an initial business combination, at the earliest.

For the year ended December 31, 2024, the Company
had net income of $403,264, which was primarily related to $2,219,106 of dividend and interest income earned in the Trust Account, offset
by $1,363,048 of formation and operating costs and $452,794 of income tax expense. For the year ended December 31, 2023, the Company had
a net income of $834,785, which was primarily related to $2,227,437 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 $1,083,245 of formation and operating costs
and $443,990 of income tax expense.

Formation and operating costs increased during
the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily due to the increases in accounting and legal
expenses. The dividend and interest income decreased for the year ended December 31, 2024 as compared to the year ended December 31, 2023
due to the redemptions that occurred on June 18, 2024. The decrease related to the change in fair value of the over-allotment liability
during the year ended December 31, 2024 compared to the year ended December 31, 2023 was due to the over-allotment option being expired
as of April 30, 2023. This resulted in a gain and increased net income during the year ended December 31, 2023. Income tax expense for
the year ended December 31, 2024 remained relatively similar to the prior year in line with the dividend and interest income earned in
the Trust Account.

73

Commitments and Contractual Obligations 

Registration Rights 

The holders of the Founder Shares, Private Placement
Warrants, warrants that may be issued upon conversion of up to $2,000,000 of Working Capital Loans,