Company: FLDDW
Filing Date: 2025-07-28
Form Type: S-1/A
Source: 0001213900-25-068264
Chunk: 156

Company: Fold Holdings, Inc.
Filing Date: 2025-07-28
Form: S-1/A
Chunk 156
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 on the remeasurement of these digital assets as a non -operatingincome or expense in its financial statements. Change in fair value of SAFEs Change in fair value of SAFEs results from unrealized gain or loss due to the change in fair value of SAFEs. For accounting purposes, outstanding SAFEs are classified as liabilities and the change in their fair value is reflected in the statement of operations. However, Fold’s SAFEs were structured to be settled via the delivery of common and/or preferred shares upon execution of an equity financing or liquidity event. On February 14, 2025, upon finalization of the Merger with FTAC Emerald, all SAFEs held by the Company converted into common shares and we will not have future gains or losses related to SAFE fair value remeasurements. Change in fair value of convertible note Change in fair value of convertible note results from the fair value gain or loss related to the March 2025 Investor Note. Convertible note issuance costs and fees Convertible note issuance costs and fees relates to the March 2025 SPA including the March 2025 Warrants and Closing Shares. Interest expense Interest expense primarily consists of amortization of the convertible note discount and issuance costs, as well as interest expense on the convertible note. Other income Other income primarily consists of interest income earned on cash and cash equivalents. Income tax expense The provision for income taxes consists primarily of federal, state and local tax. Our effective tax rate fluctuates from period to period due to changes in the mix of income and losses in jurisdictions with a wide range of tax rates, changes resulting from the amount of recorded valuation allowance, permanent differences between U.S. generally accepted accounting principles and local tax laws, and certain one -timeitems. 92

Results of operations for the three months ended March 31, 2025 and 2024 Results of operations

|                                                    |     | Three Months Ended March 31, |        2025 |   |     |   |       2024 |   |     |   |           $ 
      Change |   |     |       | %      
 Change |
|:---------------------------------------------------|:----|:-----------------------------|------------:|:--|:----|:--|-----------:|:--|:----|:--|------------:|:--|:----|------:|:-------|
| Revenues, net                                      |     | $                            |   7,087,837 |   |     | $ |  4,931,