Company: FORL
Filing Date: 2025-01-15
Form Type: 10-Q
Source: 0001829126-25-000187
Chunk: 23

Company: Four Leaf Acquisition Corp
Filing Date: 2025-01-15
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 (“ASC 260”). Net income per share is computed by dividing net income by the weighted average number of outstanding Class A common stock and Class B common stock during the periods presented.

The Company’s unaudited condensed statements of operations include a presentation of net income per share subject to redemption in a manner similar to the two-class method of income per share. With respect to the accretion of the Class A common stock subject to possible redemption and consistent with ASC 480-10-S99-3A, the Company deemed the fair value of the Class A common stock subject to possible redemption to approximate the contractual redemption value and as such, the accretion has no impact on the calculation of net income per share.

The Company’s Public Warrants (see Note 3) and Private Placement Warrants, including from the conversion of the Working Capital Loans (see Notes 4 and 6) could, potentially, be exercised or converted into Class A common stock and then share in the earnings of the Company. However, these Warrants were excluded when calculating diluted income per share as the contingencies associated with the Warrants had not been satisfied as of the end of the reporting periods presented. As a result, diluted income per share is the same as basic income per share for the periods presented.

    14

A reconciliation of net income per share is as follows for the three months ended September 30, 2024:

    Schedule
    of net income per share

    Class Asubject topossibleredemption

    Class APerm

    Class B

    Allocation of undistributable income
     
    $
    86,024

    $
    1,747

    $
    43,686

    Weighted average shares outstanding, basic and diluted

    2,668,693

    54,210

    1,355,250

    Basic and diluted net income per share
     
    $
    0.03

    $
    0.03

    $
    0.03

A reconciliation of net income per share is as follows for the nine months ended September 30, 2024:

    Class Asubject topossibleredemption

    Class APerm

    Class B

    Allocation of undistributable income
     
    $
    324,094

    $
    4,025

    $
    100,596

    Weighted average shares outstanding, basic and diluted

    4