Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 357

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 357
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 held by Fold with the intention to hold as a long -terminvestment in the current reporting period. Management has determined that gains or losses on digital assets held as a long -terminvestment are not related to its core operations, and therefore will classify all gains and losses 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. 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. 220

Results of operations for the years ended December 31, 2023 and 2022 Results of operations

| 2023                                               |     | Year Ended December 31, |            | 2022 |     |   |             | $ Change |     |   |             | % Change |     |      |    |
|:---------------------------------------------------|:----|:------------------------|-----------:|:-----|:----|:--|------------:|:---------|:----|:--|------------:|:---------|:----|-----:|:---|
| Revenues, net                                      |     | $                       | 21,534,032 |      |     | $ |  28,877,975 |          |     | $ |  (7,343,943 | )        |     |  (25 | )% |
| Operating expenses                                 |     |                         |            |      |     |   |             |          |     |   |             |          |     |      |    |
| Banking and payment costs                          |     |                         | 20,999,385 |      |     |   |  31,917,511 |          |     |   | (10,918,126 | )        |     |  (34 | )% |
| Custody and trading costs                          |     |                         |    169,698 |      |     |   |      95,932 |          |     |   |