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 yet generated any operating revenues and does not expect to do so until after completing a business combination[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 generated interest income of $1,020,688 from investments held in the Trust Account during the three months ended March 31, 2024[113]. - The Company intends to use substantially all funds in the Trust Account to complete its Business Combination, having withdrawn $13,170 for taxes during the period ended March 31, 2024[126]. Business Combination and Extensions - On September 19, 2023, stockholders approved an extension of the business combination deadline to January 19, 2024, with 9,239,192 shares redeemed for approximately $96,791,644[107][121]. - On January 19, 2024, stockholders approved another extension to December 20, 2024, with 10,872,266 shares redeemed for approximately $115,489,643[110][121]. - The Company has until December 20, 2024, to consummate a Business Combination, with substantial doubt about its ability to continue as a going concern if not completed by this date[129]. Liabilities and Financing - 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 may need additional financing to complete its Business Combination or to meet obligations if cash on hand is insufficient[128]. - The Company has no off-balance sheet financing arrangements as of March 31, 2024[130]. - The Company has not identified any long-term debt obligations or liabilities other than those specified in the report[131]. Costs and Expenses - The company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees[117]. - 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[135]. - The Company incurred $90,000 for administrative support services for the three months ended March 31, 2024, with $376,451 in accrued expenses as of the same date[132]. Shareholder Agreements - The company entered into non-redemption agreements with third parties, agreeing to issue 1,610,000 Class A Shares for commitments not to redeem public shares[108][111]. - As of March 31, 2024, the Company has 4,757,884 shares of Class A common stock presented at redemption value as temporary equity[139]. Advisory Services - 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[136]. Internal Controls - There were no changes in internal control over financial reporting during the most recent fiscal quarter that materially affected the Company's internal control[145].
FTAC Emerald Acquisition Corp.(FLDDU) - 2024 Q1 - Quarterly Report