Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 1143

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 5
Chunk 1143
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received an additional 2,210 Representative Shares, bringing the total Representative Shares to 54,210. 

The fair
value of the Representative Shares was accounted for as compensation under ASC 718 and was included in the offering costs. The fair value
of the 54,210 Representative Shares at the date of issuance was determined to be $270,520. 

NOTE
9 - INCOME TAXES 

For the
years ended December 31, 2024 and 2023, the Company incurred $430,783 and $443,990, respectively, of current income tax expense. 

The Company’s
income tax provision consists of the following as of December 31, 2024 and 2023:

    December 31, 

    2024  
    2023 
  
    Federal 

    Current 
    $430,783  
    $443,990 
  
    Deferred 
     (460,667) 
     (203,709)
  
    Change in valuation allowance 
     460,667  
     203,709 
  
    Income tax provision 
    $430,783  
    $443,990 

The Company’s
net deferred tax assets consisted of the following as of December 31, 2024 and 2023:

    December 31, 

    2024  
    2023 
  
    Deferred tax asset 

    Startup expenses 
    $460,667  
    $205,034 
  
    Total deferred tax assets 
     460,667  
     205,034 
  
    Valuation allowance 
     (460,667) 
     (205,034)
  
    Deferred tax asset, net of valuation allowance 
    $-  
    $- 

F-24

The income
tax benefit differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income for the years
ended December 31, 2024 and 2023 due to the following:

    December 31, 

    2024  
    2023 
  
    Statutory federal income tax rate 
     21.00% 
     21.00%
  
    Change in fair value of overallotment liability 
     -% 
     (2.21)%
  
    Valuation allowance 
     30.40% 
     15.93%