Company: FORL
Filing Date: 2025-08-27
Form Type: 10-Q
Source: 0001213900-25-080962
Chunk: 71

Company: Four Leaf Acquisition Corp
Filing Date: 2025-08-27
Form: 10-Q
Item: Part I, Item 1
Chunk 71
---

six months ended June 30, 2025, the Company accrued $198,569 of excise tax liability related to the June 27, 2025 redemptions.
During the three and six months ended June 30, 2024, the Company accrued $301,944 of excise tax liability related to the June 18,
2024 redemptions. The excise tax liability totaled $500,512 and $301,944 as of June 30, 2025, and December 31, 2024,
respectively.

Related
Party Transactions

Founder
Shares

In
May 2022, the Sponsor paid $25,000, or approximately $0.011 per share, to cover certain offering costs in consideration for 2,156,250
shares of Class B common stock. On May 10, 2022, the Sponsor surrendered 287,500 Founder Shares, for no consideration, resulting
in the Sponsor and directors continuing to hold 1,868,750 Founder Shares. On August 26, 2022, the Sponsor transferred 25,000 Founder
Shares to each of Rahul Mewawalla and Stephen Markscheid, each of which are members of the Company’s Board of Directors. The awards
will vest simultaneously with the closing of an initial business combination, provided the director has continuously served on the Company’s
Board of Directors through the closing of such initial business combination.

On
March 16, 2023, the Sponsor forfeited an aggregate of 373,750 Founder Shares for no consideration, resulting in the Sponsor and
directors holding an aggregate of 1,495,000 Founder Shares, of which up to 195,000 was subject to forfeiture to the extent the over-allotment
option was not exercised in full by the underwriter prior to its expiration date on April 30, 2023.

On
March 17, 2023, upon the partial exercise of their over-allotment option by the underwriters, the forfeiture lapsed for 55,250 Founder
Shares. Following the expiration of the underwriters’ remaining over-allotment option on April 30, 2023, the remaining 139,750
Founder Shares were forfeited, resulting in our Sponsor and directors holding an aggregate of 1,355,250 Founder Shares.

37

Private
Placement

On
March 16, 2023, in the private placement that occurred simultaneously with the IPO