Company: FORL
Filing Date: 2025-01-15
Form Type: 10-Q
Source: 0001829126-25-000187
Chunk: 26

Company: Four Leaf Acquisition Corp
Filing Date: 2025-01-15
Form: 10-Q
Item: Part I, Item 1
Chunk 26
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 the Company’s control and subject to the occurrence of uncertain future events. Accordingly, Class A common stock subject to possible redemption are classified as temporary equity and are accreted from the initial carrying amount to the redemption value over the period from the date of issuance to the earliest redemption date of the instrument on a straight-line basis. Subsequent to the IPO date, the accretion also includes the dividend and interest income earned in the Trust Account in excess of income and franchise taxes as well as required deposits to extend the life of the Company, which currently occur on a monthly basis.

The redemption values as of September 30, 2024 and December 31, 2023 include $100,000 that can be used to pay any dissolution expenses, should a dissolution event occur. The redemption value of the Class A common stock subject to possible redemption will be reduced by the estimated dissolution expenses to be paid from the interest earned in the Trust Account, up to $100,000, if and when a dissolution is deemed probable.

The reconciliation of Class A common stock subject to possible redemption as of September 30, 2024 is as follows:

    Schedule
    of Temporary equity

    Gross proceeds from sale of Public Units
     
    $
    54,210,000

    Less: Proceeds allocated to Public Warrants

    (1,218,153
    )
  
    Less: Proceeds allocated to underwriters’ over-allotment option

    (134,584
    )
  
    Less: Issuance costs allocated to Class A common stock subject to possible redemption

    (3,928,774
    )
  
    Less: Redemption of Class A common stock

    (30,194,356
    )
  
    Accretion to redemption value

    10,804,170

    Class A common stock subject to possible redemption
     
    $
    29,538,303

    16

The reconciliation of Class A common stock subject to possible redemption as of December 31, 2023 is as follows:

    Gross proceeds from sale of Public Units
     
    $
    54,210,000

    Less: Proceeds allocated to Public Warrants

    (1,218,153
    )
  
    Less: Proceeds allocated to underwriters’ over-allotment option

    (134,584
    )
  
    Less: Issuance costs allocated to Class A common stock subject to possible Redemption

    (3,