Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 488

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 488
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 and by platform as follows:

|                                    | Revenue stream |   |   Nine Months 
         Ended 
 September 30, 
          2024 |   |     |   |   Nine Months 
         Ended 
 September 30, 
          2023 |   |
|:-----------------------------------|:---------------|:--|--------------:|:--|:----|:--|--------------:|:--|
| Banking and payment revenues       |                | $ |    15,252,865 |   |     | $ |    15,625,958 |   |
| Custody and trading revenues       |                |   |        62,340 |   |     |   |        23,961 |   |
| Other revenues                     |                |   |           358 |   |     |   |       152,618 |   |
| Less: Sales returns and allowances |                |   |        (3,839 | ) |     |   |        (8,677 | ) |
| Revenues, net                      |                | $ |    15,311,724 |   |     | $ |    15,793,860 |   |

The net reduction in revenue related to Revenue Rewards totaled $1.2 million and $2.8 million for the nine months ended September 30, 2024 and 2023, respectively. Deferred revenue Contract liabilities are classified as deferred revenue in our balance sheets. As of September 30, 2024 and December 31, 2023, the contract liability related to our deferred subscription revenues was $0.3 million and $0.4 million, respectively, and the contract liability related to the deferred Visa incentive was $0.6 million and $0.7 million, respectively.

F-36

Fold, Inc.
Notes to Unaudited Condensed Financial Statements 3. REVENUE (cont.) The activity in deferred revenue for the nine months ended September 30, 2024 and the year ended December 31, 2023, was as follows:

|                                                                                       |     |   |   Nine Months 
         Ended 
 September 30, 
          2024 |   |     |   |         Year 
        Ended 
 December 31, 
         2023 |   |
|:--------------------------------------------------------------------------------------|:----|:--|--------------:|:--|:----|:--|-------------:|:--|
| Beginning of the period contract liability