IPO and Fundraising - The Company completed its IPO on March 16, 2023, raising total gross proceeds of $54,210,000 from the sale of 5,421,000 units at an offering price of $10.00 per unit[132]. - The Company incurred transaction costs of $4,019,087 related to the IPO, including $2,710,500 in underwriting commissions[134]. - The Sponsor purchased 3,449,500 Private Placement Warrants at a price of $1.00 per warrant, totaling $3,449,500, with additional proceeds from the underwriters' partial exercise of their over-allotment option generating $127,500[171][172]. - The Company has a promissory note with the Sponsor for up to $440,000 to cover IPO-related expenses, which was repaid in full on March 24, 2023[174][176]. Financial Position - As of March 31, 2023, the Company had cash in the Trust Account amounting to $55,898,120, which is intended for the completion of its initial business combination[142]. - The Company has a working capital deficit of $85,672 as of March 31, 2023, excluding franchise and income tax liabilities[138]. - The Company has zero amounts borrowed under Working Capital Loans as of March 31, 2023, but may seek additional financing if necessary[141]. - The Company has the option to borrow up to $2,000,000 in Working Capital Loans, which may be converted into warrants at a price of $1.00 per warrant upon the completion of a business combination[177]. - The deferred underwriting commissions payable to the underwriter amount to $1,897,350, contingent upon the completion of an initial business combination[151]. Business Operations and Performance - For the three months ended March 31, 2023, the Company reported a net loss of $42,784, primarily due to formation and administrative costs totaling $58,384[149]. - The Company has not generated any operating revenues to date and does not expect to do so until after completing a business combination[139]. - The net loss per share for the three months ended March 31, 2023, is calculated by dividing the net loss by the weighted average number of shares of Class A common stock outstanding[158]. - The Company may face substantial doubt about its ability to continue as a going concern if it cannot complete a business combination by the deadline[145]. Agreements and Obligations - The Company entered into an administrative support agreement, paying the Sponsor $10,000 per month for up to 12 months for office and administrative services[152]. - The Company has no material expenses related to the administrative support agreement for the period following the IPO[152]. - As of March 31, 2023, the Company recorded $27,820 due from the Sponsor, an increase from $2,820 as of December 31, 2022[173]. Business Combination Timeline - The Company has until March 22, 2024, to complete its initial business combination, with a possible extension to August 22, 2024[137]. - The Company has a total of 5,421,000 shares of Class A common stock sold in the IPO, which contain a redemption feature allowing for redemption in connection with liquidation or business combination[160].
Four Leaf Acquisition (FORL) - 2023 Q1 - Quarterly Report