Company: FORL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045609
Chunk: 63

Company: Four Leaf Acquisition Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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udited condensed consolidated financial
statements.

Recently Issued Accounting Pronouncements

On November 4, 2024, the FASB issued ASU 2024-03,
Accounting Standards Update 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):
Disaggregation of Income Statement Expenses to improve financial reporting by requiring that public business entities disclose additional
information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments
in this ASU do not change or remove current expense disclosure requirements; however, the amendments affect where such information appears
in the notes to financial statements because entities are required to include certain current disclosures in the same tabular format disclosure
as the other disaggregation requirements in the amendments. This ASU is effective for annual reporting periods beginning after December
15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the
potential impact that the adoption of this standard will have on our 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
our unaudited condensed 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.

34

Additionally, the Company
is in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject
to certain conditions set forth in the JOBS Act, if, as an “emerging growth company”, the Company chooses to rely on such
exemptions the Company may not be required to, among other things, (