Four Leaf Acquisition Corp SEC 10-Q Report

Four Leaf Acquisition Corp, a blank check company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, has released its Form 10-Q report for the second quarter of 2025. The report provides a detailed overview of the company's financial performance and operational activities during the period. Financial Highlights Formation and operating costs: $343,812 for the three months ended June 30, 2025, and $658,628 for the six months ended June 30, 2025, reflecting a decrease compared to the same periods in 2024.Loss from operations: $(343,812) for the three months ended June 30, 2025, and $(658,628) for the six months ended June 30, 2025, indicating a reduction in operating losses compared to 2024.Dividend and interest income: $320,723 for the three months ended June 30, 2025, and $637,205 for the six months ended June 30, 2025, showing a decrease from the previous year.Income (loss) before income taxes: $(23,089) for the three months ended June 30, 2025, and $(21,423) for the six months ended June 30, 2025, compared to positive income in 2024.Income tax provision: $(65,735) for the three months ended June 30, 2025, and $(126,631) for the six months ended June 30, 2025, reflecting a decrease in tax provision.Net income (loss): $(88,824) for the three months ended June 30, 2025, and $(148,054) for the six months ended June 30, 2025, compared to net income in 2024.Basic and diluted net income (loss) per share, Class A common stock subject to possible redemption: $(0.02) for the three months ended June 30, 2025, and $(0.04) for the six months ended June 30, 2025.Basic and diluted net income (loss) per share, Class A Common Stock: $(0.02) for the three months ended June 30, 2025, and $(0.04) for the six months ended June 30, 2025.Basic and diluted net income (loss) per share, Class B common stock: $(0.02) for the three months ended June 30, 2025, and $(0.04) for the six months ended June 30, 2025. Business Highlights Nature of Operations: Four Leaf Acquisition Corporation is a blank check company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. As of June 30, 2025, the company has not commenced any operations.Merger Agreement: On December 17, 2024, the company entered into a Merger Agreement with Xiaoyu Dida Interconnect International Limited, aiming to merge and become a wholly-owned subsidiary of Xiaoyu Dida. This agreement outlines the steps and conditions necessary for the merger to proceed.Business Combination Timeline: The company has until September 22, 2025, to complete an initial business combination, with the possibility of extending to June 22, 2026, if additional extensions are utilized. Failure to complete a business combination by these dates will result in mandatory liquidation.Extension of Business Combination Period: The company has been actively extending the period to consummate an initial business combination through monthly extensions, with deposits made into the Trust Account for each extension.Stockholder Meetings and Approvals: The company held special meetings in 2024 and 2025 to approve amendments allowing for extensions of the business combination period. These meetings also provided stockholders the opportunity to redeem their shares.Nasdaq Compliance: The company received notices from Nasdaq regarding non-compliance with certain listing requirements, including market value and timely filing of reports. The company has taken steps to address these issues, including filing appeals and presenting compliance plans.Going Concern Consideration: The company has expressed concerns about its ability to continue as a going concern due to limited cash outside the Trust Account and the need for additional capital to meet operational needs and complete a business combination.Risks and Uncertainties: The company acknowledges various risks that could impact its operations, including economic uncertainty, geopolitical events, and regulatory changes, which may affect its ability to complete a business combination.Inflation Reduction Act Impact: The company is subject to a 1% excise tax on certain stock repurchases, which may affect cash available for business combinations. The company has accrued liabilities for potential excise taxes related to stock redemptions.Franchise and Income Tax Withdrawals: The company has withdrawn funds from the Trust Account to pay franchise and income tax liabilities, with plans to replenish these amounts through loans or other financing.SEC Filing: Four Leaf Acquisition Corp [ FORL ] - 10-Q - Aug. 27, 2025