Financial Position - As of September 30, 2023, the company had cash, investments, and marketable securities held in the Trust Account totaling 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 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 9,027,924[99] IPO and Transaction Costs - The company incurred 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 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 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 Q3 - Quarterly Report