Company: FORL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045609
Chunk: 68

Company: Four Leaf Acquisition Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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,100 in Working Capital Loans, of which $856,100 was utilized
for working capital needs, $542,000 was utilized to fund the Initial Extension and $525,000 was utilized to fund the First 2024 Monthly
Extension, Second 2024 Monthly Extension, Third 2024 Monthly Extension, Fourth 2024 Monthly Extension, Fifth 2024 Monthly Extension, Sixth
2024 Monthly Extension and Seventh 2024 Monthly Extension. 

The
Working Capital Loans are to be repaid upon the consummation of a business combination, without interest, or, at the lender’s option,
up to $2,000,000 of the outstanding Working Capital Loans are convertible into Private Placement Warrants at a price of $1.00 per warrant.

As
of both March 31, 2025 and December 31, 2024, the Company had $2,000,000 of outstanding Working Capital Loans from the Sponsor, included
in Convertible note – related party in the accompanying unaudited condensed balance sheets. 

As
of March 31, 2025 and December 31, 2024, the Company had $551,100 and $195,100 respectively, included in Promissory note – related
party in the Company’s unaudited condensed balance sheets.

Administrative
Support Agreement

On March 22, 2023, the Company entered into the
administrative support agreement under which it pays the Sponsor a total of $10,000 per month, up until the completion of the Company’s
initial business combination or liquidation, for secretarial and administrative services. The Company’s expenses related to the
administrative support agreement were $30,000 for each of the three months ended March 31, 2025 and 2024. Upon completion of the initial
business combination or the Company’s liquidation, the Company will cease paying these monthly fees. As of March 31, 2025 and December
31, 2024, $212,180 and $182,180, respectively, of amounts due to the Sponsor under the Administrative Support Agreement remain unpaid,
and are included in Due to Related Party on the Company’s unaudited condensed balance sheets.

Item 3. Quantitative and Qualitative Disclosures
About Market Risk

The Company is a smaller reporting company as
defined by Rule 12b-2 of the Exchange Act and is not required to provide the information otherwise required under this item. 

Item 4.