Company: FLDDW
Filing Date: 2025-01-14
Form Type: S-4/A
Source: 0001213900-25-003167
Chunk: 485

Company: Fold Holdings, Inc.
Filing Date: 2025-01-14
Form: S-4/A
Chunk 485
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          2024 |   |     |   | December 31, 
         2023 |   |
|:--------------------------------------------|:----|:--|--------------:|:--|:----|:--|-------------:|:--|
| Capitalized software, gross carrying amount |     | $ |     1,257,714 |   |     | $ |      747,663 |   |
| Less: accumulated amortization              |     |   |      (401,797 | ) |     |   |     (193,897 | ) |
| Capitalized software, net carrying value    |     | $ |       855,917 |   |     | $ |      553,766 |   |

The gross carrying amount of internally developed software costs that had been capitalized but not placed into service is as follows:

|                                              |     |   | September 30, 
          2024 |     |   | December 31, 
         2023 |
|:---------------------------------------------|:----|:--|--------------:|:----|:--|-------------:|
| Capitalized software not placed into service |     | $ |       333,506 |     | $ |      204,370 |

F-34 Fold, Inc.
Notes to Unaudited Condensed Financial Statements 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont.) During the nine months ended September 30, 2024 and 2023, the Company recorded amortization expense on capitalized software development costs placed in service in the amount of $0.2 million and $0.3 million, respectively. During the nine months ended September 30, 2023, amortization expense included the write -offof capitalized software development costs of $0.2 million related to the abandonment of the associated projects. Amortization expense during the nine months ended September 30, 2024 did not include any write -offsrelated to the abandonment of projects. Customer rewards liability The Company offers certain rewards to its users through the Fold Rewards Program. This program allows the Company’s users to earn promotional credits denominated in bitcoin by engaging in various actions, either by engaging in qualifying spend transactions (the “Revenue Rewards”) or performing certain actions designated by the Company as primarily for marketing, growth, and retention purposes (the “Marketing Rewards”). Revenue Rewards are defined as those that are earned in direct relation to a qualifying spend transaction such as spending on the Fold Card, purchasing bitcoin