Company: FLDDW
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001013762-25-004107
Chunk: 2118

Company: Fold Holdings, Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 12
Chunk 2118
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us 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, respectively. As a result of the Business
Combination the October Note was repaid.

On October 31, 2024, the Company issued the Tax
Note to Frontier. Pursuant to the Tax Note, Frontier agreed to loan the Company an aggregate principal amount of $973,116, which was used
to satisfy the Company’s excise tax liability. The Tax Note is non-interest bearing and all outstanding amounts under the Tax Note
will be due on the date on which the Company consummates a Business Combination. No portion of the amounts outstanding under the Tax Note
may be converted into units or shares. As of December 31, 2024 and 2023, there was $973,116 and $0 outstanding under the Tax Note, respectively.
As a result of the Business Combination the Tax Note was repaid.

Administrative Services Agreement

The Company has entered into an administrative services agreement as
of the effective date of the registration statement for the Public Offering pursuant to which the Company will pay