Company: FORL
Filing Date: 2025-04-30
Form Type: 10-K
Source: 0001213900-25-037576
Chunk: 2071

Company: Four Leaf Acquisition Corp
Filing Date: 2025-04-30
Form: 10-K
Item: Item 11
Chunk 2071
---
3 
  
    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%
  
    Income tax provision expense/(benefit) 
     51.40% 
     34.72%

As of December
31, 2024 and 2023, the Company had U.S. federal net operating loss carryovers of $0.

In assessing
the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred
tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income
during the periods in which temporary differences representing future deductible amounts become deductible. Management considers the scheduled
reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration
of all of the information available, management believes that significant uncertainty exists with respect