Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 2052

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 16
Chunk 2052
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 non-interest bearing, unsecured and were
due at the earlier of June 30, 2022 or the closing of the Public Offering. The outstanding balance under the promissory note of $105,260
was repaid on December 27, 2021, and the promissory note was terminated and is no longer available to be drawn upon. As of December 31,
2024 and 2023, there were no amounts outstanding under the promissory note.

On January 13, 2023, the Sponsor agreed to loan
the Company up to $1,500,000 (the “Promissory Note”). The note is non-interest bearing and all outstanding amounts under the
Promissory Note will be due on the date on which the Company consummates a Business Combination. No portion of the amounts outstanding
under the Promissory Note may be converted into units at a price of $10.00 per unit, which would have been permissible as described in
the prospectus filed in connection with the Public Offering. On October 16, 2023, the Company and the Lender amended the Promissory Note
to increase the aggregate principal amount of the Promissory Note from $1,500,000 to $3,000,000. All other material terms of the Promissory
Note remain in full force and effect. As of December 31, 2024 and 2023, there was $3,000,000 and $2,025,000 outstanding under the Promissory
Note, respectively. As a result of the Business Combination the Promissory Note was repaid.

F-14

FOLD HOLDINGS, INC.

(F/K/A FTAC EMERALD ACQUISITION CORP.)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2024

On October 25, 2024, the Company issued the October
Note to Frontier. Pursuant to the October Note, Frontier agreed to loan the Company up to an aggregate principal amount of $2,000,000.
The October Note is non-interest bearing and all outstanding amounts under the October Note will be due on the date on which the Company
consummates a Business Combination. No portion of the amounts outstanding under the October Note may be converted into units or shares.
As of December 31, 2024 and 2023, there was $1,218,651 and $0 outstanding under the October Note,