Financial Performance - The company reported a net loss of $309,776 for the three months ended September 30, 2024, with general and administrative expenses of $801,420 and interest income of $668,748[132]. - For the nine months ended September 30, 2024, the company had a net loss of $1,357,625, consisting of general and administrative expenses of $2,154,179 and interest income of $2,353,695[133]. - The company generated a net income of $1,206,590 for the three months ended September 30, 2023, primarily from interest income of $3,278,712[134]. - For the nine months ended September 30, 2023, the company reported a net income of $4,202,024, with interest income of $9,027,924[135]. Cash and Investments - As of September 30, 2024, the company had cash, investments, and marketable securities held in the Trust Account totaling $51,996,271[142]. - The Company plans to use substantially all funds in the Trust Account, including $520,930 withdrawn for taxes, to complete its Business Combination[147]. Shareholder Actions and Meetings - The company held a special meeting on September 19, 2023, where stockholders approved an extension of the business combination deadline to January 19, 2024, with 9,239,192 shares redeemed for approximately $96,791,644[124]. - At the January 19, 2024 meeting, stockholders approved another extension to December 20, 2024, with 10,872,266 shares redeemed for approximately $115,489,643[128]. IPO and Financing - The company incurred $14,181,568 in IPO transaction costs, including $4,973,868 in underwriting fees[138]. - 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[157]. - The Company may need additional financing to complete its Business Combination or to meet obligations if cash on hand is insufficient[149]. Working Capital and Liabilities - The company has a working capital deficit of $6,159,733 as of September 30, 2024[140]. - The Company has until December 20, 2024, to consummate a Business Combination, or it will face mandatory liquidation[151]. - The Company has no off-balance sheet financing arrangements as of September 30, 2024[152]. Stock and Equity - As of September 30, 2024, the Company has 4,757,884 shares of Class A common stock presented at redemption value as temporary equity[161]. - The Company has entered into non-redemption agreements with third parties, agreeing to issue 1,610,000 Class A Shares in exchange for commitments not to redeem public shares[126]. - The Company has granted registration rights to holders of founder shares and private placement units, allowing them to demand registration of their securities[155]. - The Company recognizes changes in redemption value of Class A common stock immediately, adjusting the carrying value to equal the redemption value[162]. Administrative Expenses - The Company incurred $270,000 for administrative support services for the nine months ended September 30, 2024, with $556,452 in accrued expenses[154]. Management and Accounting - Management believes that no recently issued accounting standards will materially affect the condensed financial statements[165].
FTAC Emerald Acquisition Corp.(FLD) - 2024 Q3 - Quarterly Report