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 Q4 - Annual Report