FTAC Emerald Acquisition Corp.(FLD) - 2023 Q4 - Annual Report

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$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].