Company: FORL
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001213900-25-080962
Chunk: 37

Company: Four Leaf Acquisition Corp
Filing Date: 2025-08-27
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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5 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.

19

Management
does not believe that any additional recently issued, but not yet effective, accounting standards, if currently adopted, would have a
material impact on the Company’s unaudited condensed financial statements. 

NOTE
3 – INITIAL PUBLIC OFFERING 

On
March 16, 2023, the Company sold 5,200,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock
and one Public Warrant. Each Public Warrant entitles the holder to purchase