Company: FORL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045609
Chunk: 31

Company: Four Leaf Acquisition Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 any, applies
for each jurisdiction where the Company is subject to income taxes on the basis of laws and regulations of the jurisdiction. The application
of laws and regulations is subject to legal and factual interpretation, judgement, and uncertainty. Tax laws and regulations themselves
are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations, and court rulings.
Therefore, the actual liability of the various jurisdictions may be materially different from management’s estimate. As of March
31, 2025 and December 31, 2024, the Company has not recorded any amounts related to uncertain tax positions. 

Recently
Adopted Accounting Pronouncements

In December 2023, the Financial Accounting Standards
Board (“FASB”) issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” that
addresses requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions.
Public entities must adopt the new guidance for fiscal years beginning after December 15, 2024. The amendments in this ASU must be applied
on a retrospective basis to all prior periods presented in the financial statements and early adoption is permitted. The Company adopted
this standard on January 1, 2025 and determined that the adoption does not have a material impact on these unaudited condensed financial
statements.

Recently Issued Accounting Pronouncements

On November 4, 2024, the FASB issued ASU 2024-03,
Accounting Standards Update 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):
Disaggregation of Income Statement Expenses to improve financial reporting by requiring that public business entities disclose additional
information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The amendments
in this ASU do not change or remove current expense disclosure requirements; however, the amendments affect where such information appears
in the notes to financial statements because entities are required to include certain current disclosures in the same tabular format disclosure
as the other disaggregation requirements in the amendments. This ASU is effective for annual reporting periods beginning after December
15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating
the potential impact that the adoption of this standard will have on its financial statements.

Management does not believe that any additional
recently