Financial Performance - As of June 30, 2024, the company reported a net loss of $223,807, with general and administrative expenses of $626,004 and interest income of $664,259 [123]. - For the six months ended June 30, 2024, the company had 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]. - The company has not generated any operating revenues to date and only earns non-operating income from interest on marketable securities held in the Trust Account [122]. Cash and Investments - As of June 30, 2024, the company had cash, investments, and marketable securities held in the Trust Account totaling $51,511,443 [134]. - As of June 30, 2024, the company had a working capital deficit of $5,365,129 [132]. - The company entered into a subscription agreement with Polar Multi-Strategy Master Fund for a capital contribution of up to $550,000 to cover working capital requirements [136]. - As of June 30, 2024, the Company withdrew $337,010 from the Trust Account to pay franchise and income taxes [139]. Public Offering and Costs - The company generated gross proceeds of $220,000,000 from its Public Offering of 22,000,000 units on December 20, 2021 [128]. - The company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees [130]. - The underwriter earned a cash underwriting discount of $4,973,868 from the Public Offering and an additional deferred underwriting discount of $8,704,270 [148]. - The advisory fee for financial advisory services related to the Business Combination is set at 0.525% of the proceeds of the Public Offering [150]. Business Combination and Extensions - On September 19, 2023, stockholders approved a Charter Amendment extending the deadline for the initial business combination to January 19, 2024, with 9,239,192 shares redeemed for approximately $96,791,644 [117]. - On January 19, 2024, stockholders approved a further extension to December 20, 2024, with 10,872,266 shares redeemed for approximately $115,489,643 [120]. - The Company has until December 20, 2024, to consummate a Business Combination, after which mandatory liquidation will occur if not completed [142]. Shareholder Information - As of June 30, 2024, 4,757,884 shares of Class A common stock are presented at redemption value as temporary equity [152]. Financial Obligations - The Company has no off-balance sheet financing arrangements as of June 30, 2024 [143]. - The Company has not entered into any long-term debt obligations or capital lease obligations [144]. Administrative Expenses - The Company incurred $180,000 for administrative support services for the six months ended June 30, 2024 [145]. Internal Controls - There were no changes in internal control over financial reporting during the most recent fiscal quarter [158].
FTAC Emerald Acquisition Corp.(FLDDU) - 2024 Q2 - Quarterly Report