Company: FORL
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001213900-25-045609
Chunk: 104

Company: Four Leaf Acquisition Corp
Filing Date: 2025-05-20
Form: 10-Q
Item: Part I, Item 2
Chunk 104
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 a result, we may not comply with new or revised accounting standards on the
relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our financial statements
may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

34

Additionally, the Company
is in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject
to certain conditions set forth in the JOBS Act, if, as an “emerging growth company”, the Company chooses to rely on such
exemptions the Company may not be required to, among other things, (i) provide an independent registered public accounting firm’s
attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation
disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection
Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the
report of independent registered public accounting firm providing additional information about the audit and the financial statements
(auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive
compensation and performance and comparisons of the Chief Executive Officers’ compensation to median employee compensation. These
exemptions will apply for a period of five years following the completion of the IPO or until the Company is no longer an “emerging
growth company,” whichever is earlier.

Inflation Reduction
Act of 2022

On August 16, 2022, the
Inflation Reduction Act of 2022 (the “IRA”) was signed into federal law. The IRA provides for, among other things, a new U.S.
federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries
of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation
itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value
of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations
are permitted to net the fair market value of