Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 422

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 1A
Chunk 422
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    $0.08  
    $0.08  
    $0.08 

A reconciliation
of net income per share is as follows for the year ended December 31, 2023:

    Class A subject to possible redemption  
    Class A Perm  
    Class B 
  
    Allocation of undistributable income 
    $631,939  
    $6,319  
    $196,527 
  
    Weighted average shares outstanding, basic and diluted 
     4,321,342  
     43,213  
     1,343,897 
  
    Basic and diluted net income per share 
    $0.15  
    $0.15  
    $0.15 

Marketable
Securities Held in Trust Account 

On December
31, 2024, the assets held in the Trust Account were substantially held in a treasury trust fund investing in U.S. Treasury Bills and U.S.
Treasury Notes. These securities are presented on the balance sheets at fair value at the end of each reporting period. Earnings on these
securities are included in dividend and interest income in the accompanying statements of operations and are automatically reinvested.
The fair value for these securities is determined using quoted market prices in active markets. 

During the
years ended December 31, 2024 and 2023, the Company withdrew $1,031,029 and $0, respectively, of investment income from the Trust Account
to pay its tax obligations. As of December 31, 2024, $99,006 of the funds were inadvertently used for the payments of general operating
expenses. The Company is expected to replenish these amounts via a Working Capital Loan from its Sponsor or another similar type of financing.

Deferred
Credit

During the
year ended December 31, 2023, the Company received a $191,250 unconditional and non-refundable reimbursement for certain general and administrative
expenses incurred by the Company from Xiaoyu Dida as part of a non-binding letter of intent, which as of December 31, 2024 and December
31, 2023 had not been cancelled. This amount was recorded as a deferred credit associated with a potential business combination in the
accompanying balance sheets as of December 31, 2024 and December 31, 2023.

Fair
Value of Financial Instruments 

The fair
value of the Company’s assets and liabilities,