FTAC Emerald Acquisition Corp.(FLD)

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FTAC Emerald Acquisition Corp.(FLD) - 2024 Q3 - Quarterly Report
2024-11-12 21:30
Financial Performance - The company reported a net loss of $309,776 for the three months ended September 30, 2024, with general and administrative expenses of $801,420 and interest income of $668,748[132]. - For the nine months ended September 30, 2024, the company had a net loss of $1,357,625, consisting of general and administrative expenses of $2,154,179 and interest income of $2,353,695[133]. - The company generated a net income of $1,206,590 for the three months ended September 30, 2023, primarily from interest income of $3,278,712[134]. - For the nine months ended September 30, 2023, the company reported a net income of $4,202,024, with interest income of $9,027,924[135]. Cash and Investments - As of September 30, 2024, the company had cash, investments, and marketable securities held in the Trust Account totaling $51,996,271[142]. - The Company plans to use substantially all funds in the Trust Account, including $520,930 withdrawn for taxes, to complete its Business Combination[147]. Shareholder Actions and Meetings - The company held a special meeting on September 19, 2023, where stockholders approved an extension of the business combination deadline to January 19, 2024, with 9,239,192 shares redeemed for approximately $96,791,644[124]. - At the January 19, 2024 meeting, stockholders approved another extension to December 20, 2024, with 10,872,266 shares redeemed for approximately $115,489,643[128]. IPO and Financing - The company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees[138]. - The underwriter earned a cash underwriting discount of $4,973,868 and a deferred underwriting discount of $8,704,270, which was waived on October 18, 2023[157]. - The Company may need additional financing to complete its Business Combination or to meet obligations if cash on hand is insufficient[149]. Working Capital and Liabilities - The company has a working capital deficit of $6,159,733 as of September 30, 2024[140]. - The Company has until December 20, 2024, to consummate a Business Combination, or it will face mandatory liquidation[151]. - The Company has no off-balance sheet financing arrangements as of September 30, 2024[152]. Stock and Equity - As of September 30, 2024, the Company has 4,757,884 shares of Class A common stock presented at redemption value as temporary equity[161]. - The Company has entered into non-redemption agreements with third parties, agreeing to issue 1,610,000 Class A Shares in exchange for commitments not to redeem public shares[126]. - The Company has granted registration rights to holders of founder shares and private placement units, allowing them to demand registration of their securities[155]. - The Company recognizes changes in redemption value of Class A common stock immediately, adjusting the carrying value to equal the redemption value[162]. Administrative Expenses - The Company incurred $270,000 for administrative support services for the nine months ended September 30, 2024, with $556,452 in accrued expenses[154]. Management and Accounting - Management believes that no recently issued accounting standards will materially affect the condensed financial statements[165].
FTAC Emerald Acquisition Corp.(FLD) - 2024 Q2 - Quarterly Report
2024-08-09 20:30
Financial Performance - As of June 30, 2024, the company recorded a net loss of $223,807, with general and administrative expenses amounting to $626,004 and interest income of $664,259 from investments held in the Trust Account [123]. - For the six months ended June 30, 2024, the company reported a net loss of $1,047,849, which included general and administrative expenses of $1,352,759 and interest income of $1,684,947 [124]. - As of June 30, 2024, the company had a working capital deficit of $5,365,129 [132]. - The Company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees [130]. - The Company incurred $180,000 for administrative support services for the six months ended June 30, 2024, with $466,452 in accrued expenses as of the same date [145]. Trust Account and Investments - The company had cash, investments, and marketable securities held in the Trust Account totaling $51,511,443 as of June 30, 2024 [134]. - The Company intends to use substantially all funds held in the Trust Account, including interest earned, to complete its Business Combination, having withdrawn $337,010 for taxes during the period ended June 30, 2024 [139]. - As of June 30, 2024, 4,757,884 shares of Class A common stock are presented at redemption value as temporary equity, reflecting the potential for mandatory redemption [152]. Business Combination and Extensions - On September 19, 2023, stockholders approved an extension of the deadline for the company to complete its initial business combination from September 20, 2023, to January 19, 2024 [117]. - On January 19, 2024, stockholders approved another extension of the deadline to complete the initial business combination to December 20, 2024 [120]. - The Company has until December 20, 2024, to consummate a Business Combination, with substantial doubt raised about its ability to continue as a going concern if not completed by this date [142]. - The Company may need additional financing to complete its Business Combination or to meet obligations if a significant number of public shares are redeemed [141]. Shareholder Activity - During the September 19, 2023 meeting, holders of 9,239,192 shares of redeemable Class A common stock redeemed their shares for approximately $96,791,644 at a price of $10.4762 per share [117]. - In the January 19, 2024 meeting, holders of 10,872,266 shares of redeemable Class A common stock redeemed their shares for approximately $115,489,643 at a price of $10.6224 per share [120]. Financial Advisory and Support - The Company has engaged Cohen & Company Capital Markets for financial advisory services, with fees based on a percentage of the proceeds from the Public Offering [150]. - The underwriter earned a cash underwriting discount of $4,973,868, with a deferred underwriting discount of $8,704,270, which was waived on October 18, 2023 [148]. Financial Position and Controls - The Company has no long-term debt obligations or capital lease obligations as of the reporting date [144]. - The Company has no off-balance sheet financing arrangements as of June 30, 2024, and does not participate in transactions that create relationships with unconsolidated entities [143]. - The Company’s disclosure controls and procedures were evaluated as effective as of June 30, 2024 [156].
FTAC Emerald Acquisition Corp.(FLD) - 2024 Q1 - Quarterly Report
2024-05-14 21:15
Financial Performance - The company reported a net loss of $824,042 for the three months ended March 31, 2024, compared to a net income of $1,267,859 for the same period in 2023[113][114]. - The company has not generated any operating revenues to date and only earns non-operating income from interest on marketable securities[112]. Cash and Investments - As of March 31, 2024, the company had cash, investments, and marketable securities held in the Trust Account totaling $51,171,024[121]. - The company has a working capital deficit of $4,958,974 as of March 31, 2024[119]. - The company has outstanding Working Capital Loans totaling $2,425,000 as of March 31, 2024, increased from $1,500,000 to $3,000,000[120]. - The company intends to use substantially all funds in the Trust Account, including interest earned, to complete its Business Combination, having withdrawn $13,170 for taxes during the period ended March 31, 2024[126]. Shareholder Activity - On September 19, 2023, shareholders redeemed 9,239,192 shares of redeemable Class A common stock for approximately $96,791,644 at a redemption price of $10.4762 per share[107]. - On January 19, 2024, shareholders redeemed 10,872,266 shares of redeemable Class A common stock for approximately $115,489,643 at a redemption price of $10.6224 per share[110]. - As of March 31, 2024, the company has 4,757,884 shares of Class A common stock presented at redemption value as temporary equity, compared to 15,630,150 shares as of December 31, 2023[139]. Business Combination - The company plans to extend the deadline for consummating its initial business combination to December 20, 2024[110]. - The company has until December 20, 2024, to consummate a Business Combination, with substantial doubt raised about its ability to continue as a going concern if not completed by this date[129]. - The company may need additional financing to complete its Business Combination or to meet obligations if cash on hand is insufficient post-transaction[128]. Costs and Expenses - The company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees[117]. - The company incurred $90,000 in administrative support fees for the three months ended March 31, 2024, with $376,451 in accrued expenses as of the same date[132]. - The underwriter earned a cash underwriting discount of $4,973,868 and a deferred underwriting discount of $8,704,270, which was waived on October 18, 2023, resulting in a reclassification to additional paid-in capital[135]. Financial Controls and Reporting - Management evaluated the effectiveness of disclosure controls and procedures as of March 31, 2024, concluding they were effective[144]. - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected the company's internal controls[145]. - The company has no off-balance sheet financing arrangements as of March 31, 2024, and does not participate in transactions that create relationships with unconsolidated entities[130]. - The company has no long-term debt obligations or liabilities other than those specified in its administrative services agreement[131]. Non-Redemption Agreements - The company has entered into non-redemption agreements with third parties, agreeing to issue 1,610,000 Class A Shares in exchange for commitments not to redeem public shares[108][111].
FTAC Emerald Acquisition Corp.(FLD) - 2023 Q4 - Annual Report
2024-03-25 22:44
Financial Position - As of December 31, 2023, the company had cash, investments, and marketable securities held in the Trust Account totaling $165,653,149[389]. - The company had a working capital deficit of $3,087,967 as of December 31, 2023[387]. - As of December 31, 2023, the company has no off-balance sheet financing arrangements or obligations[395]. - As of December 31, 2023, 15,630,150 shares of Class A common stock are presented at redemption value as temporary equity[404]. - The company recognizes changes in redemption value immediately, adjusting the carrying value of Class A common stock accordingly[405]. Income and Expenses - For the year ended December 31, 2023, the company reported a net income of $4,443,634, driven by interest income of $11,207,609 from investments in the Trust Account[381]. - The company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees[385]. - The underwriter earned a cash underwriting discount of $4,973,868, which is 2% of the gross proceeds from the Public Offering[400]. - A deferred underwriting discount of $8,704,270 was recorded as additional paid-in capital following a waiver by the underwriter[400]. - The company incurred $360,000 for administrative support services in 2023, with $286,451 recorded as accrued expenses[397]. Business Combination and Future Plans - On January 19, 2024, stockholders approved an extension for the company to consummate its initial business combination until December 20, 2024[378]. - The company expects to incur significant costs in pursuing its acquisition plans and cannot assure the success of its business combination[373]. - The company has until December 20, 2024, to complete a business combination, raising substantial doubt about its ability to continue as a going concern if not completed[394]. - The company has entered into non-redemption agreements with third parties, agreeing to issue 1,137,500 Class A Shares at the time of the initial business combination[379]. Accounting and Reporting - The diluted net income per share is the same as the basic net income per share due to the exclusion of warrants from the calculation[406]. - The company is assessing the impact of ASU No. 2020-06, effective after December 15, 2023, on its financial position[408]. - Management does not anticipate that recently issued accounting standards will materially affect the financial statements[409]. - As a smaller reporting company, the company is not required to provide certain market risk disclosures[410].
FTAC Emerald Acquisition Corp.(FLD) - 2023 Q3 - Quarterly Report
2023-11-13 21:30
Financial Position - As of September 30, 2023, the company had cash, investments, and marketable securities held in the Trust Account totaling $163,995,984[107] - The company has a working capital deficit of $2,827,412 as of September 30, 2023[105] - The company has until January 19, 2024, to consummate a Business Combination, after which a mandatory liquidation may occur[110] Income and Earnings - For the three months ended September 30, 2023, the company reported a net income of $1,206,590, driven by interest income of $3,278,712 from investments held in the Trust Account[98] - For the nine months ended September 30, 2023, the company achieved a net income of $4,202,024, with total interest income of $9,027,924[99] IPO and Transaction Costs - The company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees[103] - The underwriter earned a cash underwriting discount of 2% of the gross proceeds from the Public Offering, totaling $4,973,868[117] - The underwriter will receive a deferred underwriting discount of 3.5% of the gross proceeds from the Public Offering, amounting to $8,704,270[117] - The company engaged Cohen & Company Capital Markets for financial advisory services, paying a fee of 0.3% of the aggregate proceeds of the Public Offering[118] Share Redemption - A total of 9,239,192 shares of redeemable Class A common stock were redeemed at a price of approximately $10.4762 per share, resulting in an aggregate redemption amount of approximately $96,791,644[94] - The company recorded an excise tax liability of $967,916, calculated as 1% of shares redeemed on September 19, 2023[94] - The company has agreed to issue an aggregate of 1,610,000 Class A Shares to third parties in exchange for non-redemption agreements[95] Stock Classification and Valuation - As of September 30, 2023, 15,630,150 shares of Class A common stock are presented at redemption value as temporary equity[122] - The Class A common stock subject to possible redemption is classified as a liability instrument and measured at fair value[122] - The company recognizes changes in redemption value immediately and adjusts the carrying value of Class A common stock to equal the redemption value at the end of each reporting period[123] Accounting Policies and Standards - The company has identified critical accounting policies that may significantly affect reported amounts of assets and liabilities[120] - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[125] - Management does not believe that any recently issued accounting standards would have a material effect on the condensed financial statements[126] Earnings Per Share - The company has not considered the effect of the warrants in the calculation of diluted net income (loss) per share, resulting in diluted net income (loss) per share being the same as basic net income (loss) per share[124]
FTAC Emerald Acquisition Corp.(FLD) - 2023 Q2 - Quarterly Report
2023-08-09 20:30
Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $1,727,575, driven by interest income of $3,052,686 from investments held in the Trust Account, after accounting for formation and operating costs of $694,546 and income tax provision of $630,565 [86]. - For the six months ended June 30, 2023, the company achieved a net income of $2,995,434, with interest income of $5,749,212, offset by formation and operating costs of $1,567,443 and income tax provision of $1,186,335 [87]. - The company generated non-operating income solely from interest income on marketable securities held in the Trust Account, with no operating revenues expected until after a Business Combination [85]. Trust Account and Business Combination - As of June 30, 2023, the company had cash, investments, and marketable securities in the Trust Account totaling $258,300,436, which will be primarily used to complete a Business Combination [96]. - The company intends to use funds held outside the Trust Account for identifying and evaluating target businesses, performing due diligence, and completing a Business Combination [97]. - The company has until September 20, 2023, to consummate a Business Combination, after which a mandatory liquidation will occur if not completed [99]. - The company has outstanding Working Capital Loans of $1,275,000 as of June 30, 2023, which may be repaid from the proceeds of the Trust Account upon completion of a Business Combination [95]. Costs and Expenses - The company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees and $8,704,270 in deferred underwriting fees [92]. - The company incurred $180,000 in administrative support service fees for the six months ended June 30, 2023, with $90,000 accrued as of June 30, 2023 [103]. - The company has a working capital deficit of $1,221,589 as of June 30, 2023, excluding franchise tax and income tax payable [94]. Stock and Equity - As of June 30, 2023, 24,869,342 shares of Class A common stock are presented at redemption value as temporary equity [110]. - The company recognizes changes in redemption value immediately and adjusts the carrying value of Class A common stock to equal the redemption value at the end of each reporting period [111]. - The diluted net income (loss) per share of common stock is the same as basic net income (loss) per share due to the exclusion of accretion associated with redeemable shares [112]. Accounting and Internal Controls - The FASB issued ASU No. 2020-06, effective for fiscal years beginning after December 15, 2023, which simplifies accounting for convertible instruments and the diluted earnings per share calculation [113]. - Management does not believe that any recently issued accounting standards will have a material effect on the condensed financial statements [114]. - As of June 30, 2023, the company's disclosure controls and procedures were evaluated as effective by the Certifying Officers [116]. - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected the internal control [118].
FTAC Emerald Acquisition Corp.(FLD) - 2023 Q1 - Quarterly Report
2023-05-11 21:00
Part I [Interim Financial Statements](index=4&type=section&id=Item%201.%20Interim%20Financial%20Statements) FTAC Emerald Acquisition Corp. reported **$1.27 million net income** for Q1 2023, driven by increased interest income, with **$258.2 million total assets** and a **going concern uncertainty** [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) As of March 31, 2023, **total assets** were **$258.2 million**, primarily **Trust Account** investments, with **$11.7 million liabilities** and a **$9.3 million stockholders' deficit** Condensed Balance Sheet Data (Unaudited) | Account | March 31, 2023 ($) | December 31, 2022 ($) | | :--- | :--- | :--- | | **Assets** | | | | Cash | $67,077 | $72,753 | | Investments held in Trust Account | $256,827,790 | $254,251,750 | | **TOTAL ASSETS** | **$258,238,040** | **$255,664,716** | | **Liabilities & Equity** | | | | Total current liabilities | $1,797,473 | $492,008 | | Total liabilities | $11,656,743 | $10,351,278 | | Class A common stock subject to possible redemption | $255,862,610 | $253,814,255 | | Total stockholders' deficit | ($9,281,313) | ($8,500,817) | [Condensed Statements of Operations](index=5&type=section&id=Condensed%20Statements%20of%20Operations) The company reported **$1.27 million net income** for Q1 2023, a significant turnaround from a prior-year loss, primarily due to **$2.7 million in interest income** Condensed Statements of Operations (Unaudited) | Metric | Three Months Ended March 31, 2023 ($) | Three Months Ended March 31, 2022 ($) | | :--- | :--- | :--- | | Loss from operations | ($872,897) | ($489,504) | | Interest income earned on investments | $2,696,526 | $25,241 | | Provision for income taxes | $555,770 | $0 | | **Net income (loss)** | **$1,267,859** | **($464,263)** | | Basic and diluted net income (loss) per share | $0.04 | ($0.01) | [Condensed Statements of Cash Flows](index=7&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities was **$876,162** for Q1 2023, with investing activities providing **$120,486** and financing activities providing **$750,000** Cash Flow Summary (Unaudited) | Cash Flow Activity | Three Months Ended March 31, 2023 ($) | Three Months Ended March 31, 2022 ($) | | :--- | :--- | :--- | | Net cash used in operating activities | ($876,162) | ($339,979) | | Net cash provided by (used in) investing activities | $120,486 | ($28,980,354) | | Net cash provided by financing activities | $750,000 | $28,980,362 | | **Net Change in Cash** | **($5,676)** | **($339,971)** | [Notes to Condensed Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) The notes detail the company's **blank check company** status, **going concern uncertainty** due to the September 20, 2023 deadline, and significant **related-party transactions** - The Company is a **blank check company** formed to effect a **Business Combination** and has not commenced any operations. All activity relates to its formation, **IPO**, and search for a target[15](index=15&type=chunk)[16](index=16&type=chunk) - Management has identified a **mandatory liquidation** if a **Business Combination** is not consummated by September 20, 2023, which raises substantial doubt about the Company's ability to continue as a **going concern**[26](index=26&type=chunk) - On January 13, 2023, the Sponsor provided a Promissory Note for up to **$1,500,000** to fund **working capital**. As of March 31, 2023, **$750,000** was **outstanding**[59](index=59&type=chunk)[60](index=60&type=chunk) - The company has a commitment for a **deferred underwriting discount** of **$8,704,270**, payable upon completion of an initial **Business Combination**[65](index=65&type=chunk) - Subsequent to the quarter end, on April 24, 2023, the Company made an additional draw of **$125,000** on the **Working Capital Loans**[80](index=80&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's **blank check company** status, **$1.27 million net income** in Q1 2023, and critical **liquidity concerns** with a **going concern risk** - The company is a **blank check company** with activities limited to organizational tasks and searching for a **Business Combination**. It generates non-operating interest income from funds held in the **Trust Account**[84](index=84&type=chunk)[86](index=86&type=chunk) Quarterly Results Comparison | Metric | Three Months Ended March 31, 2023 ($) | Three Months Ended March 31, 2022 ($) | | :--- | :--- | :--- | | Net income (loss) | $1,267,859 | ($464,263) | | Key Driver | Interest income of $2,696,526 | Interest income of $25,241 | - As of March 31, 2023, the company had only **$67,077** in cash held outside of trust and a **working capital deficit** of **$577,043**. It relies on **Working Capital Loans** from its Sponsor, with **$750,000** **outstanding**[92](index=92&type=chunk)[93](index=93&type=chunk) - Management reiterates that there is substantial doubt about the company's ability to continue as a **going concern** due to the September 20, 2023 deadline to consummate a **Business Combination**, which would otherwise trigger **mandatory liquidation**[97](index=97&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable as the company is a smaller reporting company - Disclosure about market risk is not required for smaller reporting companies[111](index=111&type=chunk) [Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that **disclosure controls and procedures** were effective as of March 31, 2023, with no material changes in **internal control** - Based on an evaluation as of March 31, 2023, the company's **Certifying Officers** concluded that **disclosure controls and procedures** were effective[112](index=112&type=chunk) - No changes in **internal control over financial reporting** occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the company's **internal control**[115](index=115&type=chunk) Part II [Legal Proceedings](index=32&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no legal proceedings - None[117](index=117&type=chunk) [Risk Factors](index=32&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - As of the date of this report, there have been no material changes to the risk factors disclosed in the Company's Annual Report on Form 10-K[118](index=118&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section details the **$251.2 million** placed in the **Trust Account** from **IPO** and **private placement** proceeds, covering **offering costs** - Simultaneously with the **IPO**, the Sponsor purchased **890,000 Private Placement Units** at **$10.00** per unit. An additional **86,081 units** were purchased in connection with the over-allotment exercise, generating total proceeds of **$9,760,810** from these private sales[120](index=120&type=chunk)[122](index=122&type=chunk) - Of the **gross proceeds** from the public and private sales, **$251,180,354** was placed in the **Trust Account**[123](index=123&type=chunk) - Total **offering costs** included **$4,973,868** in immediate **underwriting discounts and commissions**, with an additional **$8,704,270** deferred until a **business combination** is completed[124](index=124&type=chunk) [Defaults Upon Senior Securities](index=32&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None[125](index=125&type=chunk) [Mine Safety Disclosures](index=32&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures - None[125](index=125&type=chunk) [Other Information](index=32&type=section&id=Item%205.%20Other%20Information) The company reports no other information - None[125](index=125&type=chunk) [Exhibits](index=33&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Quarterly Report, including **officer certifications** and **Inline XBRL** data files - The report includes exhibits such as CEO and CFO **certifications** (**31.1**, **31.2**, **32.1**, **32.2**) and **Inline XBRL** documents (**101** series)[127](index=127&type=chunk)
FTAC Emerald Acquisition Corp.(FLD) - 2022 Q4 - Annual Report
2023-03-29 21:15
Financial Performance - For the year ended December 31, 2022, the company reported a net income of $1,115,764, driven by interest income of $3,619,061, offset by operating costs of $1,776,887 and income tax provision of $726,410 [371]. - The company generated non-operating income solely from interest on marketable securities held in the Trust Account, with no operating revenues expected until after a Business Combination [370]. - The company incurred $360,000 in administrative support service fees for the year ended December 31, 2022, under an agreement with its Sponsor [385]. Initial Public Offering (IPO) - The company completed its Initial Public Offering (IPO) on December 20, 2021, raising gross proceeds of $220,000,000 from the sale of 22,000,000 units, with an additional $28,693,420 from the partial exercise of the over-allotment option [373]. - The company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees and $8,704,270 in deferred underwriting fees [375]. Business Combination - As of December 31, 2022, the company had cash, investments, and marketable securities in the Trust Account totaling $254,251,750, which will be primarily used to complete a Business Combination [378]. - The company had working capital of $203,453 as of December 31, 2022, and expects to incur significant expenses related to the consummation of a Business Combination [382]. - The company has until September 20, 2023, to complete a Business Combination, after which a mandatory liquidation will occur if not completed [382]. - The company plans to use funds held outside the Trust Account for identifying and evaluating target businesses, performing due diligence, and related operational expenses [379]. Accounting Standards - ASU 2020-06, effective for fiscal years beginning after December 15, 2023, simplifies accounting for convertible instruments and diluted earnings per share calculation [396]. - Management believes that no other recently issued accounting standards will have a material effect on the financial statements [397]. Market Risk - As a smaller reporting company, the company is not required to provide quantitative and qualitative disclosures about market risk [398]. Off-Balance Sheet Financing - The company has no off-balance sheet financing arrangements as of December 31, 2022, and does not participate in transactions that create relationships with unconsolidated entities [383].
FTAC Emerald Acquisition Corp.(FLD) - 2022 Q2 - Quarterly Report
2022-08-10 20:31
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the quarter ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41168 FTAC EMERALD ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) | Delaware | 86-2170416 | | --- | --- | | (State or other jurisdiction of | (I.R.S. Employer | | incorporation or organization) | Identification No.) | FORM 10 ...
FTAC Emerald Acquisition Corp.(FLD) - 2022 Q1 - Quarterly Report
2022-05-16 20:32
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-41168 FTAC EMERALD ACQUISITION CORP. (Exact Name of Registrant as Specified in Its Charter) | Delaware | 86-2170416 | | --- | --- | | (Stat ...