Financial Position - As of December 31, 2023, the company had cash, investments, and marketable securities held in the Trust Account totaling $165,653,149[310] - The company has a working capital deficit of $3,087,967 as of December 31, 2023[307] - As of December 31, 2023, the company has no off-balance sheet financing arrangements or obligations[316] 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[301] - The company incurred total operating and formation costs of $3,730,488 for the year ended December 31, 2023[301] - The company incurred $360,000 in administrative support services fees for the year ended December 31, 2023[318] Stockholder Activity - On September 19, 2023, stockholders redeemed 9,239,192 shares of Class A common stock for approximately $96,791,644 at a redemption price of $10.4762 per share[295] - On January 19, 2024, stockholders redeemed 10,872,266 shares of Class A common stock for approximately $115,489,643 at a redemption price of $10.6224 per share[298] - 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[296] Business Combination and Going Concern - 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[315] Public Offering and Underwriting - The company raised gross proceeds of $220,000,000 from its Public Offering, with an additional $28,693,420 from the partial exercise of the underwriter's over-allotment option[303] - The underwriter earned a cash underwriting discount of $4,973,868, which is 2% of the gross proceeds from the Public Offering[321] - The deferred underwriting discount of $8,704,270 was recorded to additional paid-in capital following a waiver agreement with the underwriter[321] Shareholder Equity - As of December 31, 2023, 15,630,150 shares of Class A common stock are presented at redemption value as temporary equity[326] - The company recognizes changes in redemption value of Class A common stock immediately, adjusting the carrying value to equal the redemption value at the end of each reporting period[327] - The company has two classes of shares, Class A and Class B, with earnings and losses shared pro rata between them[328] Accounting Standards - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[329] - Management does not believe that any recently issued accounting standards will have a material effect on the financial statements[330] - As a smaller reporting company, the company is not required to provide certain market risk disclosures[331]
FTAC EMERALD ACQ(EMLDU) - 2023 Q4 - Annual Report