Company: FORL
Filing Date: 2025-01-15
Form Type: 10-Q
Source: 0001829126-25-000187
Chunk: 52

Company: Four Leaf Acquisition Corp
Filing Date: 2025-01-15
Form: 10-Q
Item: Part I, Item 1
Chunk 52
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 and negotiating an initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to the initial business combination. Moreover, we may need to obtain additional financing either to complete the initial business combination or 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 three months ended September 30, 2024, the 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