Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 482

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 482
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                 |   2,628,920 |   |     | $    |  4,161,183 |   |
| Distributions of digital assets to satisfy other current liabilities        |     | $                 |      55,404 |   |     | $    |     13,306 |   |
| Proceeds from SAFE financings received in digital assets                    |     | $                 |  64,106,134 |   |     | $    |          — |   |

The accompanying notes are an integral part of these condensed financial statements.

F-32 Fold, Inc.
Notes to Unaudited Condensed Financial Statements 1. ORGANIZATION AND DESCRIPTION OF BUSINESS Fold, Inc. (“Fold,” the “Company,” “we,” “our,” or “us”) is a bitcoin financial services company dedicated to expanding access to bitcoin through a comprehensive suite of consumer financial services. The Company was formed with the purpose of creating a modern financial services platform that allows customers to earn, accumulate, and utilize bitcoin in their everyday life. The Company offers consumers an FDIC insured checking account, through Sutton Bank, a prepaid Visa debit card, bill payments, and an extensive catalog of merchant reward offers. The Company also offers various forms of bitcoin buying and selling with low -to-zerofees and instant withdrawals. By integrating bitcoin across traditional financial services, the Company acts as a key point of entry for consumers to engage with and integrate bitcoin into their everyday lives. The Company’s products and services are available in the United States through the Fold mobile app. The Company was incorporated in the state of Delaware on August 20, 2019. The Company is a remote -firstcompany and does not designate a physical headquarters. On July 24, 2024, the Company entered into a definitive agreement with FTAC Emerald Acquisition Corp. (“FTAC Emerald”), a publicly -tradedspecial purpose acquisition company, providing for a proposed business combination that will result in Fold becoming a publicly -listedcompany. Liquidity and capital resources As of September 30, 2024, the Company had cash and cash equivalents of $4.4 million, $14.0million of unencumbered bitcoin treasury assets, positive working capital of $3.5 million, and an accumulated deficit of $101.8 million. The Company has a history of net operating losses, including net operating losses of $6.2 million for the nine months ended September 30, 2024. The Company has financed its operations