Company: FORL
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001213900-25-080962
Chunk: 110

Company: Four Leaf Acquisition Corp
Filing Date: 2025-08-27
Form: 10-Q
Item: Part I, Item 2
Chunk 110
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 adoption of such standards is required for non-emerging growth companies. As a result,
our unaudited condensed financial statements may not be comparable to companies that comply with new or revised accounting pronouncements
as of public company effective dates.

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, (i) provide an independent registered public accounting
firm’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide
all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform
and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation
or a supplement to the report of independent registered public accounting firm providing additional information about the audit and the
financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation
between executive compensation and performance and comparisons of the Chief Executive Officers’ compensation to median employee
compensation. These exemptions will apply for a period of five years following the completion of the IPO or until the Company is no longer
an “emerging growth company,” whichever is earlier.

Inflation
Reduction Act of 2022 

On
August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was signed into federal law. The IRA provides for, among
other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain
U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on
the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally
1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise
tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value
of stock repurchases during the same taxable year. In addition,