Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Large accelerated filer

Accelerated filer

Non-accelerated
filer

Smaller reporting company

Emerging growth company

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

Four Leaf Acquisition Corporation

(Exact name of registrant as specified in its charter)


Delaware	001-41646	88-1178935
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification Number)

4546 El Camino Real B10 #715, Los Altos, California		94022
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (650)

720-5626

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of Each Class:	Trading Symbol:	Name of Each Exchange on Which Registered:
Units, each consisting of one share of Class A	FORLU	The Nasdaq Stock Market LLC
common stock and one redeemable Warrant
Class A common stock, par value $0.0001 per share	FORL	The Nasdaq Stock Market LLC
Warrants, each exercisable for one share of	FORLW	The Nasdaq Stock Market LLC
Class A common stock for $11.50 per share

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule

12b-2

of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Exchange Act). Yes ☒ No ☐

As of Ma

y 14, 2

024, 5,475,210 shares of Class A common stock, par value $0.0001 per share, and 1,355,250 shares of Class B common stock, par value $0.0001 per share, were issued and outstanding, respectively.

Table of Contents


		PAGE
PART I. FINANCIAL INFORMATION			1

Item 1.	Unaudited Condensed Financial Statements		1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		21

Item 3.	Quantitative and Qualitative Disclosures About Market Risk		29

Item 4.	Controls and Procedures		29

PART II. OTHER INFORMATION			30

Item 1.	Legal Proceedings		30

Item 1A.	Risk Factors		30

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities		30

Item 3.	Defaults Upon Senior Securities		30

Item 4.	Mine Safety Disclosures		30

Item 5.	Other Information		30

Item 6.	Exhibits		31

SIGNATURES			33

PART I. FINANCIAL INFORMATION

Item 1. Unaudited Condensed Financial Statements

FOUR LEAF ACQUISITION CORPORATION

CONDENSED BALANCE SHEETS


	March 31, 2024 (Unaudited)			December 31, 2023

ASSETS
Current assets
Cash	$	5,244		$	10,622
Prepaid expenses		78,250			49,842

Total current assets		83,494			60,464
Other assets
Marketable securities held in trust account		59,363,777			58,063,737

Total assets		59,447,271			58,124,201


LIABILITIES, COMMON STOCK SUBJECT TO POSSIBLE REDEMPTION, AND STOCKHOLDERS’ DEFICIT
Current liabilities
Accrued offering costs		97,440			97,440
Accounts payable and accrued expenses		528,110			402,663
Due to related party		92,180			62,180
Convertible note – related party		1,134,100			272,000
Deferred credit – operating expenses funded by potential target		191,250			191,250
Income taxes payable		618,911			443,990

Total current liabilities		2,661,991			1,469,523
Deferred underwriting fee payable		1,897,350			1,897,350

Total liabilities		4,559,341			3,366,873

Commitments and Contingencies (Note 6)
Class A C ommon S tock S ubject to P ossible R edemption, $0.0001 par value; 26,000,000 shares authorized; 5,421,000 shares at $10.81 redemption value shares issued and outstanding as of March 31, 2024 and 5,421,000 shares at $10.34 redemption value shares issued and outstanding as of December 31, 2023		58,601,167			56,067,420
Stockholders’ deficit
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding		—			—
Class A common stock, $0.0001 par value; 26,000,000 shares authorized; 54,210 (excluding 5,421,000 shares subject to possible redemption) shares issued and outstanding as of March 31, 2024 and December 31, 2023		5			5
Class B common stock, $0.0001 par value; 4,000,000 shares authorized; 1,355,250 shares issued and outstanding as of March 31, 2024 and December 31, 2023		136			136
Accumulated deficit		(3,713,378	)		(1,310,233	)

Total stockholders’ deficit		(3,713,237	)		(1,310,092	)

Total liabilities, common stock subject to possible redemption, and stockholders’ deficit	$	59,447,271		$	58,124,201

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

Four Leaf Acquisition Corporation

Condensed Statements of Operations

(Unaudited)


	For the three months ended March 31,
	2024			2023
Formation and operating costs	$	452,417		$	58,384

Loss from operations	$	(452,417	)	$	(58,384	)
Other income (loss):
Dividend and interest income		757,940			61,820
Change in fair value of over-allotment liability		—			(39,181	)

Income (loss) before income taxes		305,523			(35,745	)
Income tax provision		(174,921	)		(7,039	)

Net income (loss)	$	130,602		$	(42,784	)

Weighted average shares outstanding of Class A common stock subject to possible redemption		5,421,000			5,421,000
Basic and diluted net income per share, Class A common stock subject to possible redemption (see Note 2)	$	0.02		$	(0.01	)
Weighted average shares outstanding of Class A common stock		54,210			54,210
Basic and diluted net income per share, Class A Common Stock (see Note 2)	$	0.02		$	(0.01	)
Weighted average shares outstanding of Class B common stock (1)		1,355,250			1,309,208
Basic and diluted net income (loss) per share, Class B common stock (see Note 2)	$	0.02		$	(0.01	)

(1)	Excludes an aggregate of up to 139,750 common stock shares subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised (see Note s 5 and 7).

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

Four Leaf Acquisition Corporation

Condensed Statements of Changes in Common Stock Subject to Possible Redemption and Stockholders’ Deficit

For the Three Months Ended March 31, 2024 and 2023

(Unaudited)


	Common Stock Subject to Possible Redemption				Common Stock								Additional Paid-in Capital		Accumulated Deficit			Total Stockholders’ Deficit
	Class A				Class A				Class B
	Shares		Amount		Shares		Amount		Shares		Amount
Balance – December 31, 2023		5,421,000	$	56,067,420		54,210	$	5		1,355,250	$	136	$	—	$	(1,310,233	)	$	(1,310,092	)
Accretion of Class A Common Stock to redemption value		—		1,439,127		—		—		—		—		—		(1,439,127	)		(1,439,127	)
Accretion of Class A Common Stock to redemption value due to dividend and interest income earned		—		552,520		—		—		—		—		—		(552,520	)		(552,520	)
Accretion of Class A Common Stock to redemption value due to extension payment		—		542,100		—		—		—		—		—		(542,100	)		(542,100	)
Net income		—		—		—		—		—		—		—		130,602			130,602

Balance – March 31, 2024		5,421,000	$	58,601,167		54,210	$	5		1,355,250	$	136	$	—	$	(3,713,378	)	$	(3,713,237	)


	Common Stock Subject to Possible Redemption				Common Stock									Additional Paid-in Capital			Accumulated Deficit			Total Stockholders’ Deficit
	Class A				Class A				Class B
	Shares		Amount		Shares		Amount		Shares			Amount
Balance – December 31, 2022		—	$	—		—	$	—		1,495,000	(1)	$	150	$	24,850		$	(6,306	)	$	18,694
Issuance of private placement warrants		—		—		—		—		—			—		3,577,000			—			3,577,000
Issuance of Class of Class A Common Stock, net of issuance costs of $3,928,774		5,421,000		48,928,489		—		—		—			—		—			—			—
Issuance of public warrants, net of issuance costs of $90,313		—		—		—		—		—			—		1,127,840			—			1,127,840
Issuance of representative shares		—		—		54,210		5		—			—		270,515			—			270,520
Accretion of Class A common stock to redemption value		—		314,307		—		—		—			—		(314,307	)		—			(314,307	)
Net loss		—		—		—		—		—			—		—			(42,784	)		(42,784	)

Balance – March 31, 2023		5,421,000	$	49,242,796		54,210	$	5		1,495,000	(1)	$	150	$	4,685,898		$	(49,090	)	$	4,636,963

(1)	Includes up to 139,750 shares of Class B common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriter (see Note s 5 and 7).

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

Four Leaf Acquisition Corporation

Condensed Statements of Cash Flows

(Unaudited)


	For the three months ended March 31,
	2024			2023
Cash Flows from Operating Activities:
Net income (loss)	$	130,602		$	(42,784	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Dividend and interest income		(757,940	)		(61,820	)
Loss on change in fair value of overallotment option		—			39,181
Changes in current assets and liabilities
Prepaid expenses		(28,408	)		—
Accounts payable and accrued expenses		125,447			46,436
Due to related party		30,000			—
Income taxes payable		174,921			7,039

Net cash used in operating activities		(325,378	)		(11,948	)

Cash Flows from Investing Activities
Investment of cash into Trust Account		(542,100	)		(55,836,300	)

Net cash used in investing activities		(542,100	)		(55,836,300	)

Cash Flows from Financing Activities:
Due from related party		—			(25,000	)
Proceeds from convertible note – related party		862,100			—
Proceeds from promissory note – related party		—			84,000
Repayment of promissory note – related party		—			(395,500	)
Gross proceeds from issuance of public units		—			54,210,000
Proceeds from issuance of Private Warrants		—			3,577,000
Payment of offering costs on Public Units		—			(1,318,212	)

Net cash provided by financing activities		862,100			56,132,288

Net change in cash		(5,378	)		284,040
Cash – beginning of the period		10,622			1,280

Cash – end of the period	$	5,244		$	285,320

Non-cash investing and financing activities:
Remeasurement of Class A shares subject to possible redemption	$	2,533,747		$	314,307
Deferred underwriting commissions	$	—		$	1,897,350
Issuance of Representative Shares for services	$	—		$	270,515
Offering costs included in accrued offering costs	$	—		$	214,412

The accompanying notes are an integral part of these unaudited condensed financial statements.

Table of Contents

FOUR LEAF ACQUISITION CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Nature of Operations

Four Leaf Acquisition Corporation (the “Company”) is a newly organized blank check company that was incorporated as a Delaware corporation on March 3, 2022 and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company has not selected any specific business combination target. While the Company may pursue an initial business combination target in any business or industry, the Company intends to focus its search on companies in the Internet of Things (“IoT”) space or adjacent spaces, that is, physical objects (or groups of objects) with sensors, processing ability, software, and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks, sometimes called “smart devices.” The Company intends to target companies in both developing markets (e.g., China and India) and the developed markets (e.g., United States and Europe).

As of March 31, 2024, the Company had not commenced any operations. All activity for the period from March 3, 2022 (inception) through March 31, 2024, relates to the Company’s formation and the initial public offering (“IPO”), as well as activities necessary to identify a potential target and prepare for a business combination. The Company will not generate any operating revenues until after the completion of its initial business combination. The Company generates

non-operating

income in the form of dividend and interest income from the proceeds derived from the IPO.

The Company has selected December 31 as its fiscal year end. The Company’s sponsor is ALWA Sponsor, LLC, a Delaware limited liability company (the “Sponsor”).

The registration statement for the Company’s IPO was declared effective on March 16, 2023. On March 16, 2023, the Company consummated its IPO of 5,200,000 units (“Units”). On March 17, 2023, the underwriters partially exercised their over-allotment option and purchased 221,000 additional Units. Each Unit consists of one share of Class A common stock, $0.0001 par value per share (“Class A common stock”), and one redeemable warrant exercisable into one share of Class A common stock at an exercise price of $11.50 per share (“Public Warrant”). The Units were sold at an offering price of $10.00 per Unit and generated total gross proceeds of $54,210,000.

Simultaneously with the consummation of the IPO and the sale of the Units, the Company consummated the private placement (“Private Placement”) of 3,576,900 warrants (each a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) which were purchased by our Sponsor, at a price of $1.00 per Private Placement Warrant, generating total proceeds of $3,577,000, which is described in Note 4.

Transaction costs amounted to $4,019,087

consisting of $2,710,500 of underwriting commissions, $813,150 of which was paid out within three days of the IPO date, the Representative Shares (as defined below), and $1,038,067 of other offering costs. At the IPO date, cash of $974,028 was held outside of the Trust Account (as defined below) and was available for the payment of the Note (as defined below) when necessary (see Note 5), payment of accrued offering costs and for working capital purposes.

In conjunction with the IPO, the Company issued to the underwriter 54,210 shares of Class A common stock for nominal consideration (the “Representative Shares”). The fair value of the Representative Shares accounted for as compensation under Accounting Standards Codification (“ASC”) 718, “Compensation—Stock Compensation” (“ASC 718”) is included in the offering costs. The estimated fair value of the Representative Shares as of the IPO date totaled $270,520.

Table of Contents

open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule

2a-7

of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its tax obligations, the proceeds from the IPO will not be released from the Trust Account until the earlier of: (a) the completion of the Company’s initial business combination

;

or (b) the redemption of the Company’s public shares if the Company is unable to complete its initial business combination in the prescribed time frame, as

outlined

below.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a business combination. There is no assurance that the Company will be able to complete a business combination successfully. The Company must complete one or more initial business combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the taxes payable on interest earned and less any interest earned thereon that is released for taxes) at the time of the agreement to enter into the initial business combination. However, the Company will only complete a business combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940.

In connection with any proposed initial business combination, the Company will either: (1) seek stockholder approval of such initial business combination at a meeting called for such purpose at which stockholders may seek to convert their shares, regardless of whether they vote for or against the proposed business combination or do not vote at all, into their pro rata share of the aggregate amount then on deposit in the Trust Account (net of taxes payable

);

or (2) provide its stockholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account (net of taxes payable), in each case subject to the limitations described herein.

If the Company engages in a tender offer, such tender offer will be structured so that each stockholder may tender all of his, her or its shares rather than a pro rata portion of his, her or its shares. The decision as to whether the Company will seek stockholder approval of a proposed business combination or will allow stockholders to sell their shares to the Company in a tender offer will be made by the Company, solely in the Company’s discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek stockholder approval. If the Company determines to allow stockholders to sell their shares to the Company in a tender offer, it will file tender offer documents with the U.S. Securities and Exchange Commission (“SEC”) which will contain substantially the same financial and other information about the initial business combination as is required under the SEC’s proxy rules.

The Company will proceed with a business combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a business combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the business combination.

If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its second amended and restated certificate of incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a business combination.

If, however, stockholder approval of the transactions is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction.

Notwithstanding the foregoing redemption rights, if the Company seeks stockholder approval of its initial business combination and the Company does not conduct redemptions in connection with its initial business combination pursuant to the tender offer rules, the Certificate of Incorporation will provide that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in the IPO

Table of Contents

(“Excess Shares”). However, the Company’s stockholders will not be restricted to vote all of their shares (including Excess shares) for or against the initial business combination. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if the Company completes the initial business combination.

The Company’s Sponsor, officers and directors (collectively, the “Initial Stockholders”) have agreed not to propose any amendment to the Certificate of Incorporation that would affect the Company’s public stockholders’ ability to convert or sell their shares to the Company in connection with a business combination as described herein or affect the substance or timing of the Company’s obligation to redeem 100% of its public shares if the Company does not complete a business combination within 12 months (or if the Company decides to extend the period of time to complete the initial business combination up to two times by an additional three months each time, at $0.10 per unit per extension, for a total of $0.20 per unit in the aggregate in trust, within 18 months) from the closing of the IPO (the “Combination Period”) unless the Company provides its public stockholders with the opportunity to convert their shares of Class A common stock upon the approval of any such amendment at a

per-share

price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company but net of franchise and income taxes payable up to the interest income from the Trust Account, divided by the number of then outstanding public shares.

ponsor deposited an aggregate of $542,100 into the Company’s Trust Account, in return for a

non-convertible

unsecured promissory note (the “Extension Note”). The Extension Note bears no interest and is repayable in full upon the consummation of an initial business combination. If the Company does not consummate a business combination, the Extension Note will not be repaid and all amounts owed under the Extension Note will be forgiven except to the extent that there are funds available to the Company outside of the Trust Account. The Initial Extension is the first of the two three-month Extensions permitted under the Company’s governing documents.

If the Company is unable to complete an initial business combination by June 22, 2024 (or by September 22, 2024, if the Company decides to extend by an additional three months), the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the shares of Class A common stock subject to possible redemption, at a

per-share

price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less any income or franchise tax obligations and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding shares of Class A common stock, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Company’s Initial Stockholders agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Class B common stock held by them if the Company fails to complete its initial business combination within the Combination Period. However, if the Initial Stockholders acquire public shares in or after the IPO date, they will be entitled to liquidating distributions from the Trust Account with respect to such public shares if the Company fails to complete a business combination within the prescribed time frame. The underwriter has agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a business combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the public shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the IPO price per Unit ($10.00).

Table of Contents

claims under the Company’s indemnity of the underwriter of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Going Concern Consideration

The $5,244 held outside of the Trust Account and a working capital deficit of $1,815,886 as of March 31, 2024 will not be sufficient to allow the Company to operate for at least the next 12 months from the issuance of these financial statements, assuming that a

usiness

ombination is not consummated during that time. Additionally, the Company has until June 22, 2024, to consummate an initial business combination (or September 22, 2024, if the Company decides to extend by an additional three months). It is uncertain whether the Company will be able to consummate the proposed

usiness

ombination by this date. If a

usiness

ombination is not consummated by this date, then, unless that time is extended (as provided above, or pursuant to a stockholder vote), there will be a mandatory liquidation and subsequent dissolution of the Company.

The Company believes that the proceeds raised in the initial public offering and the funds potentially available from loans from the Sponsor or any of their affiliates will be sufficient to allow the Company to meet the expenditures required for operating its business. However, if the estimate of the costs of identifying a target business, undertaking

in-depth

due diligence and negotiating a business combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to the initial business combination. Moreover, the Company may need to obtain additional financing either to complete the business combination or because the Company becomes obligated to redeem a significant number of public shares upon completion of the business combination, in which case the Company may issue additional securities or incur debt in connection with such business combination.

Management has determined that the liquidity condition, potential mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Risks and Uncertainties

Results of operations and the Company’s ability to complete an initial business combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond its control. The business could be impacted by, among other things, downturns in the financial markets or in economic conditions, inflation, increases in interest rates, and geopolitical instability, including the current military conflicts in Ukraine and Israel. The Company cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact the Company’s business and ability to complete an initial business combination. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Table of Contents

Inflation Reduction Act of 2022

On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was signed into federal law. The IRA provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax.

On December 27, 2022, the U.S. Department of the Treasury issued Notice

2023-2

(the “Notice”) as interim guidance until publication of forthcoming proposed regulations on the excise tax. Although the guidance in the Notice does not constitute proposed or final Treasury regulations, taxpayers may generally rely upon the guidance provided in the Notice until the issuance of the forthcoming proposed regulations. Certain of the forthcoming proposed regulations (if issued) could, however, apply retroactively. The Notice generally provides that if a covered corporation completely liquidates and dissolves, distributions in such complete liquidation and other distributions by such covered corporation in the same taxable year in which the final distribution in complete liquidation and dissolution is made are not subject to the excise tax.

Because any redemptions of our stock in connection with a business combination, extension vote or otherwise will occur after December 31, 2022, such redemptions may be subject to the excise tax. Whether and to what extent we would be subject to the excise tax in connection with any such redemptions would depend on a number of factors, including (i) the fair market value of the such redemptions, together with any other redemptions or repurchases we consummate in the same taxable year, (ii) the structure of any business combination and the taxable year in which it occurs (including redemptions in connection with the

business combination

), (iii) the nature and amount of any equity issuances, in connection with a business combination or otherwise, issued within the same taxable year, (iv) whether we completely liquidate and dissolve within the taxable year of such redemptions, and (v) legal uncertainties regarding how the excise tax applies to transactions like the

usiness

ombination (and, if applicable, a complete liquidation and dissolution of the Company) and the content of final and proposed regulations and further guidance from the Treasury. The foregoing could cause a reduction in the cash available on hand to complete a

usiness

ombination and in our ability to complete a

usiness

ombination. The proceeds placed in the trust account and the interest earned thereon will not be used to pay for the excise tax that may be levied on the Company in connection with such redemptions. The Company further confirms that it will not utilize any funds from the trust account to pay any such excise tax.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and in accordance with the instructions to Form

10-Q

and Article 8 of Regulation

S-X

of the SEC. Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all of the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.

The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended December 31, 2023 included in the Company’s

10-K

as filed with the SEC on April 1, 2024. The interim results for the three months ended March 31, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or for any future periods.

Table of Contents

Use of Estimates

The preparation of the unaudited condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement. Significant assumptions include the fair value of the Company’s Public Warrants and Representative Shares, at their issuance dates, and the valuation of the over-allotment option provided to the underwriters. Actual results could differ from those estimates.

Emerging Growth Company

The Company is an “emerging growth company”, as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012, (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not “emerging growth companies” including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a

non-binding

advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to

non-emerging

growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Net Income (Loss) Per Share

The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share” (“ASC 260”). Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of outstanding Class A common stock and Class B common stock during the periods presented.

The Company’s

unaudited condensed

statements of operations include a presentation of net income (loss) per share subject to redemption in a manner similar to the

two-class

method of income (loss) per share. With respect to the accretion of the Class A common stock subject to possible redemption and consistent with ASC

480-10-S99-3A,

the Company deemed the fair value of the Class A common stock subject to possible redemption to approximate the contractual redemption value and the accretion has no impact on the calculation of net income (loss) per share.

The Company’s Public Warrants (see Note 3) and Private Placement Warrants (see Note 4) could, potentially, be exercised or converted into Class A common stock and then share in the earnings of the Company. However, these warrants were excluded when calculating diluted income (loss) per share as the contingencies associated with the warrants had not been satisfied as of the end of the reporting periods presented. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the periods presented.

Table of Contents

A reconciliation of net income per share is as follows for the three months ended March 31, 2024:


	Class A subject to possible redemption		Class A Perm		Class B
Allocation of undistributable income	$	103,652	$	1,037	$	25,913

Weighted average shares outstanding, basic and diluted		5,421,000		54,210		1,355,250

Basic and diluted net income per share	$	0.02	$	0.02	$	0.02

A reconciliation of net loss per share is as follows for the three months ended March 31, 2023:


	Class A subject to possible redemption			Class A Perm			Class B
Allocation of undistributable loss	$	(34,186	)	$	(342	)	$	(8,256	)

Weighted average shares outstanding, basic and diluted		5,421,000			54,210			1,309,208

Basic and diluted net loss per share	$	(0.01	)	$	(0.01	)	$	(0.01	)

Marketable Securities Held in Trust Account

On March 31, 2024, the assets held in the Trust Account were substantially held in a treasury trust fund investing in U.S. Treasury Bills and U.S. Treasury Notes. These securities are presented on the unaudited condensed balance sheets at fair value at the end of each reporting period. Earnings on these securities are included in dividend and interest income in the accompanying unaudited condensed statements of operations and are automatically reinvested. The fair value for these securities is determined using quoted market prices in active markets.

Through March 31, 2024, the Company did not withdraw any investment income from the Trust Account to pay its tax obligations.

Deferred Credit

During the year ended December 31, 2023, the Company received a $191,250 unconditional and

non-refundable

reimbursement for certain general and administrative expenses incurred by the Company from a potential

de-SPAC

target company, as part of a

non-binding

letter of intent. This amount was recorded as a deferred credit associated with a potential business combination in the accompanying

condensed

balance sheets as of March 31, 2024 (unaudited) and December 31, 2023.

Fair Value of Financial Instruments

The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC Topic 820, “Fair Value Measurement,” approximates the carrying amounts represented in the accompanying unaudited condensed balance sheets, primarily due to their short-term nature.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts.

Share-Based Payment Arrangements

The Company accounts for stock awards in accordance with ASC 718, which requires that all equity awards be accounted for at their fair value. Fair value is measured on the grant date and is equal to the underlying value of the stock.

Table of Contents

Costs equal to these fair values are recognized ratably over the requisite service period based on the number of awards that are expected to vest, or in the period of grant for awards that vest immediately and have no future service condition. For awards that vest over time, cumulative adjustments in later periods are recorded to the extent actual forfeitures differ from the Company’s initial estimates; previously recognized compensation cost is reversed if the service or performance conditions are not satisfied, and the award is forfeited.

Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”). Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock sold as part of its IPO, features certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, Class A common stock subject to possible redemption are classified as temporary equity and are accreted from the initial carrying amount to the redemption value over the period from the date of issuance to the earliest redemption date of the instrument on a straight-line basis. Subsequent to the IPO date, the accretion also includes the dividend and interest income earned in the Trust Account in excess of income and franchise taxes.

The redemption value as of March 31, 2024 and December 31, 2023 includes $100,000 that can be used to pay any dissolution expenses, should a dissolution event occur. The redemption value of the Class A common stock subject to possible redemption will be reduced by the estimated dissolution expenses to be paid from the interest earned in the Trust Account, up to $100,000, if and when a dissolution is deemed probable.

The reconciliation of Class A common stock subject to possible redemption as of March 31, 2024 is as follows:


Gross proceeds from sale of Public Units	$	54,210,000
Less: Proceeds allocated to Public Warrants		(1,218,153	)
Less: Proceeds allocated to underwriters’ over-allotment option		(134,584	)
Less: Issuance costs allocated to Class A common stock subject to possible Redemption		(3,928,774	)
Accretion to redemption value		9,672,678

Class A common stock subject to possible redemption	$	58,601,167

Table of Contents

The reconciliation of Class A common stock subject to possible redemption as of December 31, 2023 is as follows:


Gross proceeds from sale of Public Units	$	54,210,000
Less: Proceeds allocated to Public Warrants		(1,218,153	)
Less: Proceeds allocated to underwriters’ over-allotment option		(134,584	)
Less: Issuance costs allocated to Class A common stock subject to possible Redemption		(3,928,774	)
Accretion to redemption value		7,138,931

Class A common stock subject to possible redemption	$	56,067,420

Derivative Financial Instruments

The Company issued warrants to its investors and accounts for warrant instruments as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the warrants and applicable authoritative guidance in ASC 480 and ASC 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own stock and whether the holders of the warrants could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification.

At the IPO date, the Public Warrants (see Note 3) and Private Placement Warrants (see Note 4) were accounted for as equity instruments as they meet all of the requirements for equity classification under ASC 815 based on current expected terms, which are subject to change.

Fair Value Measurements

Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

•

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

•

Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

•

Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

As of March 31, 2024 and December 31, 2023, the Company held Level 1 financial instruments, which are the Company’s marketable securities held in the Trust Account.

Table of Contents

The over-allotment option expired on April 30, 2023. As such, the fair value of the over-allotment option was $134,583 and zero at the IPO date and April 30, 2023, respectively. The

change

in the

over-allotment

option was $0 and ($134,583) for the three months ended March 31, 2024 and March 31, 2023, respectively, which is included in change in fair value of over-allotment liability in the accompanying

unaudited condensed

statements of operations.

The Representative Shares were valued at the IPO date using the fair value of the Class A common stock, adjusted for 50% probability of consummation of the business combination and a discount for lack of marketability. The Public Warrants were valued at the IPO date using a Monte Carlo simulation based on management’s assumption incorporating 50% probability of completing a successful business combination. As such, these were considered to be

non-recurring

Level 3 fair value measurements.

Working Capital Loans

The Working Capital Loans (Note 5) are issued in the form of convertible notes, with the embedded feature to convert the Working Capital Loans into Private Placement Warrants at a price of $1.00 per warrant (the “Embedded Feature”). Given that the Embedded Feature is indexed to the Company’s common stock which is classified as equity, the Embedded Feature does not require the Company to settle the obligation in cash, the Embedded Feature does not contain a beneficial conversion feature, and the Embedded Feature does not include a significant premium, the Embedded Feature is not required to be accounted for separately.

Income Taxes

The Company adopted ASC 740, “Income Taxes” (“ASC 740”), at its inception. Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carryforwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

The Company recognizes the tax benefits of uncertain tax positions only when the positions are “more likely than not” to be sustained assuming examination by tax authorities and determined to be attributed to the Company. The determination of attribution, if any, applies for each jurisdiction where the Company is subject to income taxes on the basis of laws and regulations of the jurisdiction. The application of laws and regulations is subject to legal and factual interpretation, judgement, and uncertainty. Tax laws and regulations themselves are subject to change as a result of changes in fiscal policy, changes in legislation, the evolution of regulations, and court rulings. Therefore, the actual liability of the various jurisdictions may be materially different from management’s estimate. As of March 31, 2024 and December 31, 2023, the Company has not recorded any amounts related to uncertain tax positions.

Recent Accounting Standards

In August 2020, the FASB issued ASU

2020-06,

Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This guidance changes how entities account for convertible instruments and contracts in an entity’s own equity and simplifies the accounting for convertible instruments by removing certain separation models for convertible instruments. This guidance also modifies the guidance on diluted earnings per share calculations. This new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, but allows for early adoption. The Company adopted ASU

2020-06

on January 1, 2024 which did not have a material impact on its financial statements.

Table of Contents

In December 2023, the FASB issued ASU

2023-09

“Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” that addresses requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2024. The amendments in this ASU must be applied on a retrospective basis to all prior periods presented in the financial statements and early adoption is permitted. The Company is currently evaluating the potential impact that the adoption of this standard will have on its financial statements.

Management does not believe that any additional recently issued, but not yet effective, accounting standards, if currently adopted, would have a material impact on the Company’s unaudited condensed financial statements.

NOTE 3 – INITIAL PUBLIC OFFERING

On March 16, 2023, the Company sold 5,200,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one Public Warrant. Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share. Each Public Warrant will become exercisable 30 days after the completion of the initial business combination and will expire five years after the completion of the initial business combination, or earlier upon redemption or liquidation (see Note 7). In connection with the IPO, the Company also granted the underwriters a

45-day

option to purchase an additional 780,000 Units at the IPO price.

On March 17, 2023, the underwriters exercised their option to purchase 221,000 additional Units for the total amount of $2,210,000. The remaining over-allotment option for 559,000 Units expired on April 30, 2023.

NOTE 4 – PRIVATE PLACEMENT

On March 16, 2023, in the

rivate

lacement that occurred simultaneously with the IPO, the Sponsor purchased an aggregate of 3,449,500 Private Placement Warrant

at a price of $1.00 per warrant, for an aggregate purchase price of $3,449,500.

On March 17, 2023, the underwriters partially exercised their over-allotment option resulting in the Company issuing 127,400 Private Placement Warrants, generating an additional $127,500 in gross proceeds.

Each Private Placement Warrant entitles the holder to purchase one share of Class A common stock, subject to adjustment. The proceeds from the Private Placement of the Private Placement Warrants funded the Trust Account, IPO issuance costs and will fund the future operations prior to the business combination. If the Company does not complete an initial business combination within the Combination Period, the remaining proceeds, after payments from the sale of the Private Placement Warrants, will be included in the liquidating distribution to the public stockholders and the Private Placement Warrants will be worthless (see Note 7).

NOTE 5 – RELATED PARTY TRANSACTIONS

Founder Shares

In May 2022, the Sponsor paid $25,000, or approximately $0.011 per share, to cover certain offering costs in consideration for 2,156,250 shares of Class B common stock, par value $0.0001 (the “Founder Shares” or “Class B common stock”). On May 10, 2022, the Sponsor surrendered 287,500 Founder Shares, for no consideration, resulting in the Sponsor and directors continuing to hold 1,868,750 Founder Shares. On August 26, 2022, the Sponsor transferred 25,000 Founder Shares to each of Rahul Mewawalla and Stephen Markscheid, each of which are members of the Company’s Board of Directors (Note 8). The awards will vest simultaneously with the closing of an initial business combination, provided the director has continuously served on the Company’s Board of Directors through the closing of such initial business combination. On March 16, 2023, the Sponsor forfeited an aggregate of 373,750 Founder Shares for no consideration, resulting in the Sponsor and directors holding an aggregate of 1,495,000 Founder Shares. Up to 195,000 of the Founder Shares were subject to forfeiture to the extent the over-allotment option (see Note 6) was not exercised in full by the underwriter prior to its expiration date on April 30, 2023.

On March 17, 2023, upon the partial exercise their over-allotment option by the underwriters, the forfeiture lapsed for 55,250 Founder Shares. Following the expiration of the underwriters’ remaining over-allotment option on April 30, 2023, the remaining 139,750 Founder Shares were forfeited, resulting in the Sponsor and directors holding an aggregate of 1,355,250 Founder Shares.

Table of Contents

Private Placement

On March 16, 2023, in the

rivate

lacement that occurred simultaneously with the IPO, the Sponsor purchased an aggregate of 3,449,500 Private Placement Warrant

at a price of $1.00 per warrant, for an aggregate purchase price of $3,449,500.

Each Private Placement Warrant entitles the holder to purchase one share of Class A common stock, subject to adjustment. The proceeds from the Private Placement of the Private Placement Warrants funded the trust account, IPO issuance costs and will fund the future operations prior to the business combination. If the Company does not complete an initial business combination within the Combination Period, the remaining proceeds, after payments from the sale of the Private Placement Warrants, will be included in the liquidating distribution to the public stockholders and the Private Placement Warrants will be worthless (see Note 7).

Working Capital Loans

In order to finance transaction costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required, up to $2,000,000 (“Working Capital Loans”). If the Company completes a business combination, the Company will repay the Working Capital Loans. Up to $2,000,000 of such loans may be converted into warrants, at a price of $1.00 per warrant at the option of the lender, upon consummation of the Company’s initial business combination. In the event that a business combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

During the three months ended March 31, 2024, the Company received from the Sponsor $862,100 in Working Capital Loans, of which $542,100 to fund the Initial Extension. The Working Capital Loans are to be repaid upon the consummation of a business combination, without interest, or, at the lender’s option, up to $2,000,000 of the outstanding Working Capital Loans are convertible into Private Placement Warrants at a price of $1.00 per warrant. As of March 31, 2024 and December 31, 2023, the Company had $1,134,100 and $272,000, respectively, of outstanding Working Capital Loans from the Sponsor, included in Convertible note – related party in the accompanying unaudited condensed balance sheets.

Administrative Support Agreement

On March 22, 2023, the Company entered into an administrative support agreement under which it will pay the Sponsor a total of $10,000 per month, up until the completion of the Company’s initial business combination or liquidation, for secretarial and administrative services. The Company’s expenses related to the administrative support agreement were $30,000 for the three months ended March 31, 2024. For the three months ended March 31, 2023, the Company’s expenses related to the administrative support agreement were immaterial. Upon completion of the initial business combination or the Company’s liquidation, the Company will cease paying these monthly fees. As of March

31, 2024

(unaudited)

and December 31, 2023, $92,180 and $62,180, respectively, of amounts due to the Sponsor under the Administrative Support Agreement remain unpaid, and are included in Due to Related Party on the condensed balance sheets.

Table of Contents

NOTE 6 - COMMITMENTS AND CONTINGENCIES

Registration Rights

The holders of the Founder Shares, Private Placement Warrants, warrants that may be issued upon conversion of Working Capital Loans (see Note 5), any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and Class A issuable upon conversion of the Founder Shares, are entitled to registration rights pursuant to a registration rights agreement signed at the effective date of the IPO, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A common stock). The holders of the majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering securities.

Underwriting Agreement

The underwriter received a fee of $0.15 per unit, or $813,150 in the aggregate at the closing of the IPO. In addition, $0.35 per share, or $1,897,350 in the aggregate will be payable to the underwriter for deferred underwriting commissions solely in the event that the Company completes a business combination, subject to the terms of the underwriting agreement.

In addition, in conjunction with the IPO, the Company issued to the underwriter 54,210 Representative Shares. The holders of the Representative Shares agreed (a) that they will not transfer, assign or sell any such shares without the Company’s prior consent until the completion of the initial business combination, (ii) to waive their redemption rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of the initial business combination and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the initial business combination within the Combination Period. The representative shares are deemed to be underwriters’ compensation by FINRA pursuant to FINRA Rule 5110.

NOTE 7 - STOCKHOLDERS’

DEFICIT

Preferred Stock

- The Company is authorized to issue 5,000,000 shares of preferred stock with a par value of $0.0001 and with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s Board of Directors. As of March 31, 2024 and December 31, 2023 there were no shares of preferred stock issued or outstanding.

Class

A common stock

- The Company is authorized to issue 26,000,000 shares of Class A common stock, with a par value of $0.0001 per share. Holders of Class A common stock are entitled to one vote for each share. As of March 31, 2024 and December 31, 2023, there were 5,475,210, of which 5,421,000 shares are subject to possible redemption and included in temporary equity.

Class

B common stock

- The Company is authorized to issue 4,000,000 shares of Class B common stock, with a par value of $0.0001 per share. Holders of the Class B common stock are entitled to one vote for each share. As of March 31, 2024 and December 31, 2023, there were 1,355,250 shares of Class B common stock issued and outstanding, respectively. Refer to Note 5 for further detail.

Holders of Class A common stock and holders of Class B common stock vote together as a single class on all other matters submitted to a vote of the Company’s stockholders except as otherwise required by law. The Class B common stock will automatically convert into Class A common stock at the time of a business combination at a ratio such that the number of shares of Class A common stock issuable upon conversion of all Founder Shares will equal, in the aggregate, on an

as-converted

basis, 20% of the sum of (i) the total number of shares of common stock issued and outstanding upon completion of the IPO, plus (ii) the total number of shares of Class A common stock issued or deemed issued or issuable upon conversion or exercise of any equity-linked securities by the Company in connection with or in relation to the consummation of a business combination, excluding any shares of Class A common stock or equity-linked securities exercisable for or convertible into shares of Class A common stock issued, deemed issued, or to be issued, to any seller in the business combination and any Private Placement Warrants issued to the Sponsor, its affiliates or any member of the Company’s management team upon conversion of Working Capital Loans. In no event will the Class B common stock convert into Class A common stock at a rate of less than

one-to-one.

Table of Contents

Warrants

- As of March 31, 2024 and December 31, 2023, 5,421,000 Public Warrants and 3,576,900 Private Placement Warrants (collectively, the “Warrants”) were outstanding. The Warrants were issued in the same form at the IPO date. Each Public Warrant and Private Placement Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share.

In addition, if (x) the Company issues additional shares of Class A common stock or equity-linked securities for capital raising purposes in connection with the closing of the initial business combination at a newly issued price of less than $9.20 per share of Class A common stock (with such issue price or effective issue price to be determined in good faith by the Board of Directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by the Sponsor or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial business combination on the date of the consummation of the initial business combination (net of redemptions), and (z) the Market Value is below $9.20 per share, then the exercise price of the Warrants will be adjusted (to the nearest cent) to be equal to 115% of the greater of the Market Value and the newly issued price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest cent) to be equal to 180% of the greater of the Market Value and the newly issued price.

The Warrants will become exercisable 30 days after the completion of a business combination. However, no Warrant shall be exercisable for cash and the Company shall not be obligated to issue shares of common stock upon exercise of a Warrant unless the common stock issuable upon such Warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the Warrants. In the event that the condition in the immediately preceding sentence is not satisfied with respect to a Warrant, the holder of such Warrant shall not be entitled to exercise such Warrant for cash and such Warrant may have no value and expire worthless, in which case the purchaser of a Unit containing such Public Warrants shall have paid the full purchase price for the Unit solely for the shares of Class A common stock underlying such Unit. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise would be unlawful.

The Warrants will expire five years after the completion of a business combination or earlier upon redemption or liquidation.

Once the Warrants become exercisable, the Company may redeem the outstanding Warrants:

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon not less than 30 days’ prior written notice of redemption given after the warrants become exercisable (the

“

-day

redemption period”) to each warrant holder; and

•

if, and only if, the reported last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, rights issuances, reorganizations, recapitalizations and the like) for any 20 trading days within a

30-trading

day period commencing once the warrants become exercisable and ending three days before the Company sends the notice of redemption to the warrant holders.

If the Company call the warrants for redemption as described above, the Company’s management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.” In determining whether to require all holders to exercise their warrants on a “cashless basis,” the Company’s management will consider, among other factors, the cash position, the number of warrants that are outstanding and the dilutive effect on the Company’s stockholders of issuing the maximum number of shares of Class A common stock issuable upon the exercise of the warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class A common stock equal to the quotient obtained by dividing (x) the product of the number of shares of Class A common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair market value” for this purpose shall mean the average reported last sale price of the Class A common stock for the 10 trading days ending on the third day prior to the date on which the notice of redemption is sent to the holders of warrants.

Table of Contents

NOTE 8 - STOCK-BASED COMPENSATION

Class B Common Stock Share Transfers

In August 2022, the Sponsor transferred 25,000 shares of Class B common stock to each of the two independent directors as compensation for their service on the Company’s Board of Directors. If the director was no longer serving as a director of the Company at the time of the IPO, is removed from office as director, or voluntarily resigns his position with the Company before a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company (“the Triggering Event”), all of such director’s shares shall be returned to Sponsor. Further, considering that in case the business combination does not occur these awards will be forfeited, it was deemed that the above terms result in the vesting provision whereby the share awards would vest only upon the consummation of a business combination or change of control event. As a result, any compensation expense in relation to these grants will be recognized at the Triggering Event. Therefore, the Company recorded no compensation expense for the period from March 3, 2022 (inception) through March 31, 2024.

The fair value of the Founder Shares on the grant date was approximately $0.81 per share. The valuation performed by the Company determined the fair value of the shares on the date of grant by applying a discount based upon (a) the probability of a successful IPO, (b) the probability of a successful business combination, and (c) the lack of marketability of the Founder Shares. The aggregate grant date fair value of the awards amounted to approximately $40,500.

Total unrecognized compensation expense related to unvested Founder Shares at March 31, 2024 amounted to approximately $40,500 and is expected to be recognized upon the Triggering Event.

Representative Shares

On March 16, 2023, in conjunction with the IPO, the Company issued to the underwriter 52,000 Representative Shares.

On March 17, 2023, the underwriters partially exercised their over-allotment option. As a result of the partial over-allotment, the underwriter received an additional 2,210 Representative Shares, bringing the total Representative Shares to 54,210.

The fair value of the Representative Shares was accounted for as compensation under ASC 718 and was included in the offering costs. The fair value of the 54,210 Representative Shares at the date of issuance was determined to be $270,520.

NOTE 9 - INCOME TAXES

The Company’s effective tax rate (“ETR”) is calculated quarterly based upon current assumptions relating to the Company’s known and estimable operating results and various

tax-related

items.

The Company’s ETR was 57.3% and (19.7)% for the three months ended March 31, 2024 and 2023, respectively. The Company’s general and administrative expenses are generally considered

start-up

costs and are not currently deductible for federal income tax purposes.

The difference between the effective tax rate of 57.3% and the U.S. federal statutory rate of 21% for the three months ended March 31, 2024 was primarily due to the change in the valuation allowance (as a result of dividend and interest income earned on the Company’s Trust Account), and the permanent differences arising from interest and penalties on income taxes.

The difference between the effective tax rate of (19.7)% and the U.S. federal statutory rate of 21% for the three months ended March 31, 2023 was primarily due to the change in the valuation allowance (as a result of dividend and interest income earned on the Company’s Trust Account), the permanent difference arising from the loss on change in fair value of the over-allotment liability and ETR adjustments.

Table of Contents

The Company has no uncertain tax positions related to federal and state income taxes. The federal tax returns for the Company since inception remains open for examination.

When the Company is assessed interest or penalties it will be

classified

in the financial statements as tax expense. For the three months ended March 31, 2024, the Company incurred $22,012 of interest and penalties on the unremitted income tax obligations. No interest or penalties were incurred during the three months ended March 31, 2023.

NOTE 10 - SUBSEQUENT EVENTS

The Company did not identify any subsequent events that require adjustment or disclosure in the unaudited condensed financial statements, other than below:

On April 22, 2024, the Company withdrew $566,000 from the Trust in order to satisfy income tax

obligations

incurred during the year ended December 31, 2023 as well as the estimated taxes for the three-month period ended March 31, 2024.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References to the “Company,” “our,” “us” or “we” refer to Four Leaf Acquisition Corporation. The following discussion and analysis of the Company’s financial condition and results of operations should be read in conjunction with the unaudited condensed financial statements and the notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this Quarterly Report on Form 10-Q. The Company’s securities filings can be accessed on the EDGAR section of the U.S. Securities and Exchange Commission’s (the “SEC’s”) website at www.sec.gov. Except as expressly required by applicable securities law, the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Risks and Uncertainties

Recent increases in inflation and interest rates in the United States and elsewhere may lead to increased price volatility for publicly traded securities, including ours, and may lead to other national, regional and international economic disruptions, any of which could make it more difficult for us to consummate an initial business combination.

Overview

We are a blank check company incorporated in Delaware on March 3, 2022, for the purpose of acquiring, merging with, engaging in capital stock exchange with, purchasing all or substantially all of the assets of, engaging in contractual arrangements, or engaging in any other similar business combination with a single operating entity, or one or more related or unrelated operating entities operating in any sector. We are an emerging growth company and, as such, are subject to all the risks associated with emerging growth companies.

Our sponsor is ALWA Sponsor LLC (the “Sponsor”), a Delaware limited liability company.

The registration statement for the Company’s initial public offering (“IPO”) was declared effective on March 16, 2023. On March 16, 2023, the Company consummated its IPO of 5,200,000 units (“Units”). On March 17, 2023, the underwriters partially exercised their over-allotment option and purchased 221,000 additional Units. Each Unit consists of one share of Class A common stock, $0.0001 par value per share (“Class A common stock”), and one redeemable warrant exercisable into one share of Class A common stock at an exercise price of $11.50 per share (“Public Warrant”). The Units were sold at an offering price of $10.00 per Unit, generating total gross proceeds of $54,210,000.

Simultaneously with the consummation of the IPO and the sale of the Units, the Company consummated the private placement (“Private Placement”) of 3,576,900 warrants (“Private Placement Warrants”) to the Sponsor at a price of approximately $1.00 per Placement Warrant, generating total proceeds of $3,577,000.

Transaction costs amounted to $4,019,087, consisting of $2,710,500 of underwriting commissions, the Representative Shares (as defined below), and $1,038,067 of other offering costs. At the IPO date, cash of $974,028 was held outside of the Trust Account (as defined below) and is available for the payment of the Note (as defined herein) when necessary, payment of accrued offering costs and for working capital purposes.

Following the closing of the IPO, an amount of $55,836,300 ($10.30 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”), to be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its tax obligations, the proceeds from the IPO will not be released from the Trust Account until the earlier of: (a) the completion of the Company’s initial business combination, or (b) the redemption of the Company’s public shares if the Company is unable to complete its initial business combination in the prescribed time frame.

On March 19, 2024, the Company extended the period of which it is able to consummate an initial business combination by a period of three months, or until June 22, 2024 (the “Initial Extension”). In connection with the Initial Extension, the Company’s Sponsor deposited an aggregate of $542,100 into the Company’s Trust Account, in return for a non-convertible unsecured promissory note (the “Extension Note”). The Extension Note bears no interest and is repayable in full upon the consummation of an initial business combination. If the Company does not consummate a business combination, the Extension Note will not be repaid and all amounts owed under the Extension Note will be forgiven except to the extent that there are funds available to the Company outside of the Trust Account. The Initial Extension is the first of up to two three-month Extensions permitted under the Company’s governing documents.

If the Company is unable to complete an initial business combination by June 22, 2024 (or by September 22, 2024, if the Company determines to exercise the second three month extension), the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the shares of Class A common stock subject to possible redemption, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less any income or franchise tax obligations and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding shares of Class A common stock, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The Company’s Sponsor, officers and directors (collectively, the “Initial Stockholders”) agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Class B common stock held by them if the Company fails to complete its initial business combination within the Combination Period. However, if the Initial Stockholders acquire public shares in or after the IPO date, they will be entitled to liquidating distributions from the Trust Account with respect to such public shares if the Company fails to complete a business combination within the prescribed time frame. The underwriter has agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a business combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the public shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the IPO price per Unit ($10.00).

In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.30 per Public Share or (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriter of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Liquidity, Capital Resources and Going Concern

At March 31, 2024, we had cash of $5,244 and a working capital deficit of $1,815,886, excluding franchise and income tax liabilities of $143,700 and $618,911, respectively, as these tax liabilities will be paid using the dividend and interest income earned in the Trust Account.

We have neither engaged in any operations nor generated any revenues to date. Our only activities from March 3, 2022 (inception) to March 31, 2024 were organizational activities and those necessary to consummate the IPO and identify a target company for a business combination. We do not expect to generate any operating revenues until after the completion of our business combination. We have generated and expected to generate non-operating income in the form of dividend and interest income on marketable securities held in the Company’s Trust Account. We have incurred and expect to incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

Our liquidity needs prior to the consummation of the IPO were satisfied through the proceeds of $25,000 from the sale of the Founder Shares, and loans from our Sponsor. Subsequent to the consummation of the IPO, our liquidity needs have been and will continue to be satisfied through the net proceeds held outside of the Trust Account from the consummation of the IPO and the Private Placement. In addition, in order to finance our operations, as well as transaction costs in connection with an initial business combination, our Sponsor, an affiliate of our Sponsor, or certain of our officers and directors or their affiliates may, but are not obligated to, loan the Company funds as may be required, up to $2,000,000 (“Working Capital Loans”). The Working Capital Loans are to be repaid upon consummation of an initial business combination, without interest, or, at the lender’s option, up to $2,000,000 of the outstanding Working Capital Loans are convertible into warrants at a price of $1.00 per warrant. As of March 31, 2024, we had $1,134,100 of outstanding Working Capital Loans from our Sponsor.

As of March 31, 2024, the Company had cash in the Trust Account of $59,363,777. The Company intends to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust Account (less deferred underwriting commissions of $1,897,350) to complete its initial business combination, to the extent that the Company’s capital stock or debt is used, in whole or in part, as consideration to complete its

initial business combination. The Company may also withdraw dividend and interest income earned in the Trust Account to pay income and franchise taxes. As of March 31, 2024, none of the principal amount in the Trust Account was withdrawn as described above. Subsequent to March 31, 2024, the Company withdrew $566,000 from the Trust in order to satisfy income tax obligations.

The Initial Stockholders have agreed not to propose any amendment to our Certificate of Incorporation that would affect our public stockholders’ ability to redeem or sell their shares to us in connection with a business combination as described herein or affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete a business combination by June 22, 2024 (or if we decide to exercise the second three-month extension option, September 22, 2024) unless the Company provides its public stockholders with the opportunity to redeem their shares of Class A common stock upon the approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company but net of franchise and income taxes payable, divided by the number of then outstanding public shares.

If we are unable to complete an initial business combination by June 22, 2024 (or if we determine to exercise the second three-month extension option, by September 22, 2024), we will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the shares of Class A common stock subject to possible redemption, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less any income or franchise tax obligations and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding shares of common stock, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law.

The $5,244 held outside of the Trust Account as of March 31, 2024, will not be sufficient to allow us to operate for at least the next 12 months from the issuance of the financial statements, assuming that a business combination is not consummated during that time. We may need to raise additional capital through loans or additional investments from our Sponsor, stockholders, officers, directors, or third parties. If we are unable to raise additional capital, we may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of a potential transaction, and reducing overhead expenses. We cannot provide any assurance that new financing will be available to us on commercially acceptable terms, if at all. Additionally, we have until June 22, 2024 (or September 22, 2024, if the Company decides to extend by an additional three months), to consummate a business combination. It is uncertain that we will be able to consummate a business combination by this time. If a business combination is not consummated by such date and an extension is not requested by our Sponsor, there will be a mandatory liquidation and subsequent dissolution of the Company. These conditions raise substantial doubt about our ability to continue as a going concern, assuming a business combination is not consummated. Our financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

We believe that the proceeds raised in the Initial Public Offering and the funds potentially available from loans from the Sponsor or any of their affiliates will be sufficient to allow us to meet the expenditures required for operating our business. However, if the estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to the initial business combination. Moreover, we may need to obtain additional financing either to complete the initial business combination or because we become obligated to redeem a significant number of public shares upon completion of the initial business combination, in which case we may issue additional securities or incur debt in connection with such initial business combination.

Results of Operations

Since the IPO, the Company’s activity has been limited to the search for a prospective initial business combination. The Company will not generate any operating revenues until the closing and completion of an initial business combination, at the earliest.

For the three months ended March 31, 2024, the Company had net income of $130,602, which was primarily related to $757,940 of dividend and interest income earned in the Trust Account, offset by $452,417 of formation and operating costs and $174,921 of income tax expense.

For the three months ended March 31, 2023, we had net loss of $42,784, which was primarily related to $58,384 of formation and operating costs, $39,181 of loss related to the change in fair value of the over-allotment liability, $7,039 of income tax expense, partially offset by $61,820 of dividend and interest income earned in the Trust Account. The increase in dividend and interest income during the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was due to the deposit from the proceeds from the IPO into the Trust Account on March 22, 2023.

The increase in income tax expense during the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was primarily attributed to the increase in dividend and interest income earned in the Trust Account. Formation and operating costs increased during the three months ended March 31, 2024 as compared to the three months ended March 31, 2023 primarily due to increases in accounting and legal expenses and general business expenses related to operating as a public company. The decrease in the loss related to the change in fair value of the over-allotment liability during the three months ended March 31, 2024 compared to the three months ended March 31, 2023 was due to the over-allotment option being expired as of April 30, 2023.

Commitments and Contractual Obligations

Registration Rights

The holders of the Founder Shares, Private Placement Warrants, warrants that may be issued upon conversion of Working Capital Loans, any shares of Class A common stock issuable upon the exercise of the Private Placement warrants and warrants that may be issued upon conversion of the Working Capital Loans and Class A common stock issuable upon conversion of the Founder Shares, are entitled to registration rights pursuant to a registration rights agreement to be signed at the effective date of the IPO, requiring us to register such securities for resale (in the case of the Founder Shares, only after conversion of the Class A common stock). The holders of the majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering securities.

Underwriting Agreement

$1,897,350 in the aggregate (reflecting the partial exercise by the underwriter of its over-allotment option), will be payable to the underwriter for deferred underwriting commissions. The deferred fee will become payable to the underwriter from the amounts held in the Trust Account solely in the event that the Company completes an initial business combination, subject to the terms of the underwriting agreement.

Administrative Support Agreement

Critical Accounting Policies and Estimates

The preparation of unaudited condensed financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. No critical accounting estimates were identified. Critical accounting policies are identified below.

Derivative Financial Instruments

The Company issued warrants to its investors, and the over-allotment option to the underwriter. The Company accounts for financial instruments as either equity-classified or liability-classified instruments based on an assessment of the specific terms of the instruments and applicable authoritative guidance in ASC 480 and ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The assessment considers whether the instruments are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own stock and whether the holders of the instruments could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification.

At the IPO date, the Public Warrants and Private Placement Warrants were accounted for as equity instruments as they meet all of the requirements for equity classification under ASC 815 based on current expected terms, which are subject to change.

Net Income (Loss) Per Share of Common Stock

The Company complies with accounting and disclosure requirements of ASC Topic 260, “Earnings Per Share” (“ASC 260”). Net income (loss) per share is computed by dividing net loss by the weighted average number of shares of Class A common stock outstanding during the applicable period.

The Company’s unaudited condensed statements of operations include a presentation of net income (loss) per share subject to redemption in a manner similar to the two-class method of net income (loss) per share. With respect to the accretion of the Class A common stock subject to possible redemption and consistent with ASC 480-10-S99-3A, the Company deemed the fair value of the Class A common stock subject to possible redemption to approximate the contractual redemption value and the accretion has no impact on the calculation of net income (loss) per share. The Company’s Public Warrants and Private Placement Warrants (see Note 3) could, potentially, be exercised or converted into Class A common stock and then share in the earnings of the Company. However, these warrants were excluded when calculating diluted income (loss) per share as the contingencies associated with the warrants had not been satisfied as of the end of the reporting periods presented. As a result, diluted income (loss) per share is the same as basic income (loss) per share for the periods presented.

Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance in ASC Topic 480, “Distinguishing Liabilities from Equity” (“ASC 480”). Class A common stock subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable common stock (including common stock that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock sold as part of the IPO, feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, Class A common stock subject to possible redemption are classified as temporary equity and are accreted from the initial carrying amount to the redemption value over the period from the date of issuance to the earliest redemption date of the instrument on a straight-line basis. Subsequent to the IPO date, the accretion also includes the dividend and interest income earned in the Trust Account in excess of income and franchise taxes.

The change in the carrying value of Class A common stock subject to possible redemption resulted in charges against additional paid-in capital. Subsequent to the IPO date, the Company accretes a portion of the accretion that reflects a redemption in excess of fair value, and dividend and interest income earned in the Trust Account in excess of income and franchise taxes.

Recent Accounting Standards

In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This guidance changes how entities account for convertible instruments and contracts in an entity’s own equity and simplifies the accounting for convertible instruments by removing certain separation models for convertible instruments. This guidance also modifies the guidance on diluted earnings per share calculations. This new guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2023, but allows for early adoption. The Company adopted ASU 2020-06 on January 1, 2024 which did not have a material impact on its financial statements.

In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” that addresses requests for improved income tax disclosures from investors that use the financial statements to make capital allocation decisions. Public entities must adopt the new guidance for fiscal years beginning after December 15, 2024. The amendments in this ASU must be applied on a retrospective basis to all prior periods presented in the financial statements and early adoption is permitted. The Company is currently evaluating the potential impact that the adoption of this standard will have on its financial statements.

JOBS Act

On April 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain reporting requirements for qualifying public companies. We will qualify as an “emerging growth company” and under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As a result, our unaudited condensed financial statements may not be comparable to companies that comply with new or revised accounting pronouncements as of public company effective dates.

Additionally, the Company is in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act. Subject to certain conditions set forth in the JOBS Act, if, as an “emerging growth company”, the Company chooses to rely on such exemptions the Company may not be required to, among other things, (i) provide an independent registered public accounting firm’s attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the report of independent registered public accounting firm providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of the Chief Executive Officers’ compensation to median employee compensation. These exemptions will apply for a period of five years following the completion of the IPO or until the Company is no longer an “emerging growth company,” whichever is earlier.

Related Party Transactions

Founder Shares

On March 16, 2023, the Sponsor forfeited an aggregate of 373,750 Founder Shares for no consideration, resulting in the Sponsor and directors holding an aggregate of 1,495,000 Founder Shares, of which up to 195,000 was subject to forfeiture to the extent the over-allotment option was not exercised in full by the underwriter prior to its expiration date on April 30, 2023.

On March 17, 2023, upon the partial exercise their over-allotment option by the underwriters, the forfeiture lapsed for 55,250 Founder Shares. Following the expiration of the underwriters’ remaining over-allotment option on April 30, 2023, the remaining 139,750 Founder Shares were forfeited, resulting in our Sponsor and directors holding an aggregate of 1,355,250 Founder Shares.

Private Placement

On March 16, 2023, in the private placement that occurred simultaneously with the IPO, the Sponsor purchased an aggregate of 3,449,500 Private Placement Warrants at a price of $1.00 per warrant, for an aggregate purchase price of $3,449,500.

Each Private Placement Warrant entitles the holder to purchase one share of Class A common stock, subject to adjustment. The proceeds from the Private Placement of the Private Placement Warrants funded the trust account, IPO issuance costs and will fund the future operations prior to the business combination. If the Company does not complete an initial business combination within the Combination Period, the remaining proceeds, after payments from the sale of the Private Placement Warrants, will be included in the liquidating distribution to the public stockholders and the Private Placement Warrants will be worthless.

Working Capital Loans

In order to finance transaction costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required, up to $2,000,000 of Working Capital Loans. If the Company completes a business combination, the Company will repay the Working Capital Loans. Up to $2,000,000 of such loans may be converted into warrants, at a price of $1.00 per warrant at the option of the lender, upon consummation of the Company’s initial business combination. In the event that a business combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans.

During the three months ended March 31, 2024, the Company received from the Sponsor $862,100 in Working Capital Loans, of which $542,000 to fund the Initial Extension. The Working Capital Loans are to be repaid upon the consummation of a business combination, without interest, or, at the lender’s option, up to $2,000,000 of the outstanding Working Capital Loans are convertible into Private Placement Warrants at a price of $1.00 per warrant. As of March 31, 2024 and December 31, 2023, the Company had $1,134,100 and $272,000, respectively, of outstanding Working Capital Loans from the Sponsor, included in Convertible note – related party in the accompanying unaudited condensed balance sheets.

Administrative Support Agreement

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information otherwise required under this item.

Item 4. Controls and Procedures

Limitations on effectiveness of controls and procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Evaluation of Disclosure Controls and Procedures

As required by Rules 13a-15 and 15d-15 under the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2024. Based upon their evaluation, our Chief Executive Officer and Chief Financial Officer concluded that during the period covered by this report, our disclosure controls and procedures were not effective due to the material weakness in internal controls over financial reporting related to the Company’s review and approval of cash disbursements.

The Company’s management has concluded that there was a material weakness in its internal control over financial reporting related to the Company’s review and approval of cash disbursements.

To address this material weakness management has devoted, and plans to continue to devote, significant effort and resources to the remediation and improvement of its internal control over financial reporting.

•

The Company implemented additional controls related to vender verification.

•

The Company implemented additional reviews of each payment made by several authorized individuals.

We can offer no assurance that these initiatives will ultimately have the intended effects.

Changes in Internal Control Over Financial Reporting

Other than changes that have resulted from the material weakness remediation activities noted above, there has been no change in the internal control over financial reporting, during the most recently completed fiscal quarter, that has materially affected, or is reasonably likely to materially affect, the internal control over financial reporting.

PART II-OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide the information required by this Item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits.


Exhibit Number		Description

10.1		Promissory Note, dated January 29, 2024, issued to ALWA Sponsor, LLC.

10.2		Promissory Note, dated January 30, 2024, issued to ALWA Sponsor, LLC.

10.3		Promissory Note, dated February 15, 2024, issued to ALWA Sponsor, LLC

10.4		Promissory Note, dated March 19, 2024, issued to ALWA Sponsor, LLC

10.5		Promissory Note, dated March 21, 2024, issued to ALWA Sponsor, LLC

10.6		Promissory Note, dated March 26, 2024, issued to ALWA Sponsor, LLC

31.1*		Certification of Principal Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.

31.2*		Certification of Principal Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes Oxley Act of 2002.

32.1*		Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.

32.2*		Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002.


101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act, nor shall they be deemed incorporated by reference in any filing under the Securities Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on this 15th day of May, 2024.


FOUR LEAF ACQUISITION CORPORATION

By:		/s/ Angel Orrantia
Name:		Angel Orrantia
Title Chief Executive Officer
(Principal Executive Officer)

By:		/s/ Coco Kou
Name:		Coco Kou
Title Chief Financial Officer
(Principal Financial Officer)

EXHIBIT 10.1

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

PROMISSORY NOTE


Principal Amount: $55,000		Dated as of January 29, 2024

		Los Altos, California

Four Leaf Acquisition Corporation, a Delaware corporation and special purpose acquisition company (the “Maker”), promises to pay to the order of ALWA Sponsor, LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), the principal amount of fifty-five thousand dollars ($55,000) in lawful money of the United States of America, on the terms and conditions described below.

All payments on this Promissory Note (the “Note”) shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note.

1. Principal. The principal balance of this Note shall be payable by the Maker on the date on which Maker consummates an initial business combination (the “Maturity Date”). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including, but not limited to, any officer, director, employee or stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

3. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

4. Conversion. On or before the Maturity Date, by providing written notice to Maker, any Payee may elect to convert any portion or all of such Payee’s amount outstanding under this Note into warrants to purchase shares of common stock of the Maker at a conversion price of $1.00 per warrant (the “Warrants”). Each Warrant shall contain terms identical to those of the warrants Maker issued in a private placement (the “Private Placement”) simultaneously with the closing of Maker’s initial public offering (the “IPO”) entitling the holder thereof to purchase one share of Class A common stock of Maker at an exercise price of $11.50 per share as more fully described in the prospectus filed with the Securities and Exchange Commission on March 16, 2023 in connection with the Maker’s IPO (the “Prospectus”).

5. Events of Default. The following shall constitute an event of default (“Event of Default”):

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the date specified above.

(b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.

(c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of sixty (60) consecutive days.

6. Remedies.

(a) Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.

(b) Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee.

7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

8. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

9. Notices. All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or electronic transmission to the address designated in writing, or (ii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by electronic transmission, 1 (one) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

10. Construction. This Note shall be construed and enforced in accordance with the laws of Delaware, without regard to conflict of law provisions thereof.

11. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

12. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account established in which the proceeds of the IPO, through which shares of the Maker were sold to the public (the “Public Shares”) (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement which occurred prior to the closing of the IPO were deposited, except for redemption, liquidation, and other rights, if any, the Payee may have in respect of Public Shares held by it, as described in greater detail in the Prospectus, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim relating to this Note against the trust account for any reason whatsoever.

13. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

14. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

[Signature page follows]

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.


Four Leaf Acquisition Corporation

By:		/s/ Angel Orrantia
		Name: Angel Orrantia
		Title: Chief Executive Officer

EXHIBIT 10.2

PROMISSORY NOTE


		Dated as of January 30, 2024
Principal Amount: $81,000
		Los Altos, California

Four Leaf Acquisition Corporation, a Delaware corporation and special purpose acquisition company (the “Maker”), promises to pay to the order of ALWA Sponsor, LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), the principal amount of eighty-one thousand dollars ($81,000) in lawful money of the United States of America, on the terms and conditions described below.

1. Principal. The principal balance of this Note shall be payable by the Maker on the date on which Maker consummates an initial business combination (the “Maturity Date”). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including, but not limited to, any officer, director, employee or stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

3. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

4. Conversion. On or before the Maturity Date, by providing written notice to Maker, any Payee may elect to convert any portion or all of such Payee’s amount outstanding under this Note into warrants to purchase shares of common stock of the Maker at a conversion price of $1.00 per warrant (the “Warrants”). Each Warrant shall contain terms identical to those of the warrants Maker issued in a private placement (the “Private Placement”) simultaneously with the closing of Maker’s initial public offering (the “IPO”) entitling the holder thereof to purchase one share of Class A common stock of Maker at an exercise price of $11.50 per share as more fully described in the prospectus filed with the Securities and Exchange Commission on March 16, 2023 in connection with the Maker’s IPO (the “Prospectus”).

5. Events of Default. The following shall constitute an event of default (“Event of Default”):

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the date specified above.

6. Remedies.

7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

8. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

9. Notices. All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or electronic transmission to the address designated in writing, or (ii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by electronic transmission, 1 (one) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

10. Construction. This Note shall be construed and enforced in accordance with the laws of Delaware, without regard to conflict of law provisions thereof.

11. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

12. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account established in which the proceeds of the IPO, through which shares of the Maker were sold to the public (the “Public Shares”) (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement which occurred prior to the closing of the IPO were deposited, except for redemption, liquidation, and other rights, if any, the Payee may have in respect of Public Shares held by it, as described in greater detail in the Prospectus, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim relating to this Note against the trust account for any reason whatsoever.

13. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

14. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.


Four Leaf Acquisition Corporation

By:		/s/ Angel Orrantia
		Name: Angel Orrantia
		Title: Chief Executive Officer

EXHIBIT 10.3

PROMISSORY NOTE


Principal Amount: $34,000		Dated as of February 15, 2024
		Los Altos, California

Four Leaf Acquisition Corporation, a Delaware corporation and special purpose acquisition company (the “Maker”), promises to pay to the order of ALWA Sponsor, LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), the principal amount of thirty-four thousand dollars ($34,000) in lawful money of the United States of America, on the terms and conditions described below.

2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

5. Events of Default. The following shall constitute an event of default (“Event of Default”):

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within 5 (five) business days of the date specified above.

6. Remedies.

10. Construction. This Note shall be construed and enforced in accordance with the laws of Delaware, without regard to conflict of law provisions thereof.

12. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account established in which the proceeds of the IPO, through which shares of the Maker were sold to the public (the “Public Shares”) (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement which occurred prior to the closing of the IPO were deposited, except for redemption, liquidation, and other rights, if any, the Payee may have in respect of Public Shares held by it, as described in greater detail in the Prospectus, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim relating to this Note against the trust account for any reason whatsoever.

13. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.


Four Leaf Acquisition Corporation

By:		/s/ Angel Orrantia
		Name: Angel Orrantia
		Title: Chief Executive Officer

EXHIBIT 10.4

PROMISSORY NOTE


Principal Amount: $542,100		Dated as of March 19, 2024

		Los Altos, California

Four Leaf Acquisition Corporation, a Delaware corporation and special purpose acquisition company (the “Maker”), promises to pay to the order of ALWA Sponsor, LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), the principal amount of five hundred forty-two thousand one hundred dollars ($542,100) in lawful money of the United States of America, on the terms and conditions described below.

2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

5. Events of Default. The following shall constitute an event of default (“Event of Default”):

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business days of the date specified above.

6. Remedies.

10. Construction. This Note shall be construed and enforced in accordance with the laws of Delaware, without regard to conflict of law provisions thereof.

13. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

[Signature page follows]

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.


Four Leaf Acquisition Corporation

By:		/s/ Angel Orrantia
		Name: Angel Orrantia
		Title: Chief Executive Officer

EXHIBIT 10.5

PROMISSORY NOTE


Principal Amount: $50,000		Dated as of March 21, 2024
		Los Altos, California

Four Leaf Acquisition Corporation, a Delaware corporation and special purpose acquisition company (the “Maker”), promises to pay to the order of ALWA Sponsor, LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), the principal amount of $50,000 (fifty thousand dollars) in lawful money of the United States of America, on the terms and conditions described below.

1. Principal. The principal balance of this Note shall be payable by the Maker on the date on which Maker consummates an initial business combination (the “Maturity Date”). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including, but not limited to, any officer, director, employee or stockholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder.

2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

3. Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

4. Conversion. On or before the Maturity Date, by providing written notice to Maker, any Payee may elect to convert any portion or all of such Payee’s amount outstanding under this Note into warrants to purchase shares of common stock of the Maker at a conversion price of $1.00 per warrant (the “Warrants”). Each Warrant shall contain terms identical to those of the warrants Maker issued in a private placement (the “Private Placement”) simultaneously with the closing of Maker’s initial public offering (the “IPO”) entitling the holder thereof to purchase one share of Class A common stock of Maker at an exercise price of $11.50 per share as more fully described in the prospectus filed with the Securities and Exchange Commission on March 16, 2023 in connection with the Maker’s IPO (the “Prospectus”).

5. Events of Default. The following shall constitute an event of default (“Event of Default”):

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within 5 (five) business days of the date specified above.

6. Remedies.

7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by Payee.

8. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

9. Notices. All notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service or electronic transmission to the address designated in writing, or (ii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by electronic transmission, 1 (one) business day after delivery to an overnight courier service or 5 (five) days after mailing if sent by mail.

10. Construction. This Note shall be construed and enforced in accordance with the laws of Delaware, without regard to conflict of law provisions thereof.

11. Severability. Any provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

12. Trust Waiver. Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account established in which the proceeds of the IPO, through which shares of the Maker were sold to the public (the “Public Shares”) (including the deferred underwriters discounts and commissions) and the proceeds of the sale of the warrants issued in a private placement which occurred prior to the closing of the IPO were deposited, except for redemption, liquidation, and other rights, if any, the Payee may have in respect of Public Shares held by it, as described in greater detail in the Prospectus, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim relating to this Note against the trust account for any reason whatsoever.

13. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

14. Assignment. No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void.

[Signature page follows]

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.


Four Leaf Acquisition Corporation

By:		/s/ Angel Orrantia
		Name: Angel Orrantia
		Title: Chief Executive Officer

EXHIBIT 10.6

PROMISSORY NOTE


Principal Amount: $100,000		Dated as of March 26, 2024
		Los Altos, California

Four Leaf Acquisition Corporation, a Delaware corporation and special purpose acquisition company (the “Maker”), promises to pay to the order of ALWA Sponsor, LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), the principal amount of $100,000 (one hundred thousand dollars) in lawful money of the United States of America, on the terms and conditions described below.

2. Interest. No interest shall accrue on the unpaid principal balance of this Note.

5. Events of Default. The following shall constitute an event of default (“Event of Default”):

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within 5 (five) business days of the date specified above.

6. Remedies.

10. Construction. This Note shall be construed and enforced in accordance with the laws of Delaware, without regard to conflict of law provisions thereof.

13. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent of the Maker and the Payee.

[Signature page follows]

IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year first above written.


Four Leaf Acquisition Corporation

By:		/s/ Angel Orrantia
		Name: Angel Orrantia
		Title: Chief Executive Officer

EXHIBIT 31.1

CERTIFICATION

PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Angel Orrantia, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 of Four Leaf Acquisition Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

[Intentionally omitted];

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

EXHIBIT 31.2

CERTIFICATION

PURSUANT TO RULES 13a-14(a) AND 15d-14(a)

UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Coco Kou, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 of Four Leaf Acquisition Corporation;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

[Intentionally omitted];

5.	The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Four Leaf Acquisition Corporation (the “Company”) on Form 10-Q for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Angel Orrantia, Chief Executive Officer and Director of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1)	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2023


/s/ Angel Orrantia
Name:		Angel Orrantia
Title:		Chief Executive Officer
		(Principal Executive Officer)

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Four Leaf Acquisition Corporation (the “Company”) on Form 10-Q for the quarter ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Coco Kou, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

(1)	the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 15, 2024


/s/ Coco Kou
Name:		Coco Kou
Title:		Chief Financial Officer
		(Principal Financial and Accounting Officer)

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 14, 2024
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Four Leaf Acquisition Corporation
Entity Central Index Key	0001936255
Entity File Number	001-41646
Entity Tax Identification Number	88-1178935
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	true
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4546 El Camino Real B10 #715
Entity Address, City or Town	Los Altos
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94022
City Area Code	650
Local Phone Number	720-5626
Capital Units [Member]
Document Information [Line Items]
Title of 12(b) Security	Units, each consisting of one share of Class A common stock and one redeemable Warrant
Security Exchange Name	NASDAQ
Trading Symbol	FORLU
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Security Exchange Name	NASDAQ
Trading Symbol	FORL
Entity Common Stock, Shares Outstanding		5,475,210
Common Class B [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,355,250
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one share of Class A common stock for $11.50 per share
Security Exchange Name	NASDAQ
Trading Symbol	FORLW

Condensed Balance Sheets - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash	$ 5,244	$ 10,622
Prepaid expenses	78,250	49,842
Total current assets	83,494	60,464
Other assets
Marketable securities held in trust account	59,363,777	58,063,737
Total assets	59,447,271	58,124,201
Current liabilities
Accrued offering costs	97,440	97,440
Accounts payable and accrued expenses	528,110	402,663
Due to related party	92,180	62,180
Convertible note – related party	1,134,100	272,000
Deferred credit – operating expenses funded by potential target	191,250	191,250
Income taxes payable	618,911	443,990
Total current liabilities	2,661,991	1,469,523
Deferred underwriting fee payable	1,897,350	1,897,350
Total liabilities	4,559,341	3,366,873
Commitments and Contingencies (Note 6)
Class A Common Stock Subject to Possible Redemption, $0.0001 par value; 26,000,000 shares authorized; 5,421,000 shares at $10.83 redemption value shares issued and outstanding as of March 31, 2024 and 5,421,000 shares at $10.61 redemption value shares issued and outstanding as of December 31, 2023	58,601,167	56,067,420
Stockholders' deficit
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding Class A common stock, $0.0001 par value; 26,000,000 shares authorized	0	0
Accumulated deficit	(3,713,378)	(1,310,233)
Total stockholders' deficit	(3,713,237)	(1,310,092)
Total liabilities, common stock subject to possible redemption, and stockholders' deficit	59,447,271	58,124,201
Common Class A [Member]
Current liabilities
Class A Common Stock Subject to Possible Redemption, $0.0001 par value; 26,000,000 shares authorized; 5,421,000 shares at $10.83 redemption value shares issued and outstanding as of March 31, 2024 and 5,421,000 shares at $10.61 redemption value shares issued and outstanding as of December 31, 2023	58,601,167	56,067,420
Stockholders' deficit
Common stock	5	5
Common Class B [Member]
Stockholders' deficit
Common stock	$ 136	$ 136

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common Class A [Member]
Temporary equity, par or stated value per share	$ 0.0001	$ 0.0001
Temporary equity, shares authorized	26,000,000	26,000,000
Temporary equity, redemption price per share	$ 10.81	$ 10.34
Temporary equity, shares outstanding	5,421,000	5,421,000
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	26,000,000	26,000,000
Common stock, shares, permanent equity issued	54,210	54,210
Common stock, shares, permanent equity outstanding	54,210	54,210
Common Class A [Member] \| Class A Shares Subject to Possible Redemption [Member]
Temporary equity, shares issued	5,421,000	5,421,000
Temporary equity, shares outstanding	5,421,000	5,421,000
Common Class B [Member]
Common stock, par or stated value per share	$ 0.0001	$ 0.0001
Common stock, shares authorized	4,000,000	4,000,000
Common stock, shares, issued	1,355,250	1,355,250
Common stock, shares, outstanding	1,355,250	1,355,250

Condensed Statements of Operations - USD ($)

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Formation and operating costs

$ 452,417

$ 58,384

Loss from operations

(452,417)

(58,384)

Other income (loss):

Dividend and interest income

757,940

61,820

Change in fair value of over-allotment liability

(39,181)

Income (loss) before income taxes

305,523

(35,745)

Income tax provision

(174,921)

(7,039)

Net income (loss)

$ 130,602

$ (42,784)

Class A common stock subject to possible redemption [Member]

Other income (loss):

Weighted average shares outstanding, basic

5,421,000

Weighted average shares outstanding, diluted

5,421,000

Basic net income per share

$ 0.02

$ (0.01)

Diluted net income per share

$ 0.02

$ (0.01)

Class A common stock [Member]

Other income (loss):

Weighted average shares outstanding, basic

54,210

Weighted average shares outstanding, diluted

54,210

Basic net income per share

$ 0.02

$ (0.01)

Diluted net income per share

$ 0.02

$ (0.01)

Class B common stock [Member]

Other income (loss):

Weighted average shares outstanding, basic

^[1]

1,355,250

1,309,208

Weighted average shares outstanding, diluted

^[1]

1,355,250

1,309,208

Basic net income per share

$ 0.02

$ (0.01)

Diluted net income per share

$ 0.02

$ (0.01)

[1]	Excludes an aggregate of up to 139,750 common stock shares subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised (see Notes 5 and 7).

Condensed Statements of Operations (Parenthetical)	3 Months Ended
Condensed Statements of Operations (Parenthetical)	Mar. 31, 2024 shares
Common Class B [Member] \| FORLU Sponsor [Member]
Number of shares forfeited	139,750

Condensed Statements of Changes in Common Stock Subject to Possible Redemption and Stockholders' Deficit - USD ($)

Total

Private Placement Warrants [Member]

Public Warrants [Member]

Additional Paid-in Capital [Member]

Private Placement Warrants [Member]

Additional Paid-in Capital [Member]

Public Warrants [Member]

Accumulated Deficit [Member]

Class A Common Stock Subject To Possible Redemption [Member]

Common Class A [Member]

Common Stock [Member]

Common Class B [Member]

Common Stock [Member]

Temporary Equity, Beginning Balance (Shares) at Dec. 31, 2022

Temporary Equity, Beginning Balance at Dec. 31, 2022

$ 0

Beginning Balance (Shares) at Dec. 31, 2022

1,495,000

^[1]

Beginning Balance at Dec. 31, 2022

$ 18,694

$ 24,850

$ (6,306)

$ 0

$ 150

Issuance of warrants

$ 3,577,000

$ 1,127,840

$ 3,577,000

$ 1,127,840

Issuance of Class A common stock, net of issuance costs (Shares)

5,421,000

Issuance of Class A common stock, net of issuance costs

$ 48,928,489

Issuance of Representative shares (Shares)

54,210

Issuance of Representative shares

270,520

270,515

$ 5

Accretion of Class A common stock to redemption value

(314,307)

$ 314,307

Net income (loss)

(42,784)

Temporary Equity, Ending Balance (Shares) at Mar. 31, 2023

5,421,000

Temporary Equity, Ending Balance at Mar. 31, 2023

$ 49,242,796

Ending Balance (Shares) at Mar. 31, 2023

54,210

1,495,000

^[1]

Ending Balance at Mar. 31, 2023

4,636,963

4,685,898

(49,090)

$ 5

$ 150

Temporary Equity, Beginning Balance (Shares) at Dec. 31, 2022

Temporary Equity, Beginning Balance at Dec. 31, 2022

$ 0

Beginning Balance (Shares) at Dec. 31, 2022

1,495,000

^[1]

Beginning Balance at Dec. 31, 2022

18,694

24,850

(6,306)

$ 0

$ 150

Accretion of Class A common stock to redemption value

$ 7,138,931

Temporary Equity, Ending Balance (Shares) at Dec. 31, 2023

5,421,000

Temporary Equity, Ending Balance at Dec. 31, 2023

56,067,420

$ 56,067,420

Ending Balance (Shares) at Dec. 31, 2023

54,210

1,355,250

Ending Balance at Dec. 31, 2023

(1,310,092)

(1,310,233)

$ 5

$ 136

Accretion of Class A common stock to redemption value

(1,439,127)

1,439,127

$ 9,672,678

Net income (loss)

130,602

Accretion of Class A Common Stock to redemption value due to dividend and interest income earned

552,520

Accretion of Class A Common Stock to redemption value due to dividend and interest income earned

(552,520)

Accretion of Class A Common Stock to redemption value due to extension payment

$ 542,100

Accretion of Class A Common Stock to redemption value due to extension payment

(542,100)

Temporary Equity, Ending Balance (Shares) at Mar. 31, 2024

5,421,000

Temporary Equity, Ending Balance at Mar. 31, 2024

58,601,167

$ 58,601,167

Ending Balance (Shares) at Mar. 31, 2024

54,210

1,355,250

Ending Balance at Mar. 31, 2024

$ (3,713,237)

$ 0

$ (3,713,378)

$ 5

$ 136

[1]	Includes up to 139,750 shares of Class B common stock subject to forfeiture if the over-allotment option is not exercised in full or in part by the underwriter (see Notes 5 and 7).

Condensed Statements of Changes in Common Stock Subject to Possible Redemption and Stockholders' Deficit (Parenthetical)	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Public Warrants [Member]
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs	$ 90,313
Common Class A [Member]
Issuance costs of stock	$ 3,928,774
Common Class B [Member] \| Over-Allotment Option [Member] \| Sponsor [Member] \| Founder Shares [Member]
Common stock , shares subject to forfeiture \| shares	139,750

Condensed Statements of Cash Flows - USD ($)	3 Months Ended		12 Months Ended
Condensed Statements of Cash Flows - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash Flows from Operating Activities:
Net income (loss)	$ 130,602	$ (42,784)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Dividend and interest income	(757,940)	(61,820)
Loss on change in fair value of overallotment option	0	39,181
Changes in current assets and liabilities
Prepaid expenses	(28,408)	0
Accounts payable and accrued expenses	125,447	46,436
Due to related party	30,000	0
Income taxes payable	174,921	7,039
Net cash used in operating activities	(325,378)	(11,948)
Cash Flows from Investing Activities
Investment of cash into Trust Account	(542,100)	(55,836,300)
Net cash used in investing activities	(542,100)	(55,836,300)
Cash Flows from Financing Activities:
Due from related party	0	(25,000)
Proceeds from convertible note – related party	862,100	0
Proceeds from promissory note – related party	0	84,000
Repayment of promissory note – related party	0	(395,500)
Gross proceeds from issuance of public units	0	54,210,000
Proceeds from issuance of Private Warrants	0	3,577,000
Payment of offering costs on Public Units	0	(1,318,212)
Net cash provided by financing activities	862,100	56,132,288
Net change in cash	(5,378)	284,040
Cash – beginning of the period	10,622	1,280	$ 1,280
Cash – end of the period	5,244	285,320	$ 10,622
Non-cash investing and financing activities:
Remeasurement of Class A shares subject to possible redemption	2,533,747	314,307
Deferred underwriting commissions	0	1,897,350
Issuance of Representative Shares for services	0	270,515
Offering costs included in accrued offering costs	$ 0	$ 214,412

Organization and Description of Business	3 Months Ended
Organization and Description of Business	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Nature of Operations Four Leaf Acquisition Corporation (the “Company”) is a newly organized blank check company that was incorporated as a Delaware corporation on March 3, 2022 and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company has not selected any specific business combination target. While the Company may pursue an initial business combination target in any business or industry, the Company intends to focus its search on companies in the Internet of Things (“IoT”) space or adjacent spaces, that is, physical objects (or groups of objects) with sensors, processing ability, software, and other technologies that connect and exchange data with other devices and systems over the Internet or other communications networks, sometimes called “smart devices.” The Company intends to target companies in both developing markets (e.g., China and India) and the developed markets (e.g., United States and Europe). As of March 31, 2024, the Company had not commenced any operations. All activity for the period from March 3, 2022 (inception) through March 31, 2024, relates to the Company’s formation and the initial public offering (“IPO”), as well as activities necessary to identify a potential target and prepare for a business combination. The Company will not generate any operating revenues until after the completion of its initial business combination. The Company generates non-operating income in the form of dividend and interest income from the proceeds derived from the IPO. The Company has selected December 31 as its fiscal year end. The Company’s sponsor is ALWA Sponsor, LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s IPO was declared effective on March 16, 2023. On March 16, 2023, the Company consummated its IPO of 5,200,000 units (“Units”). On March 17, 2023, the underwriters partially exercised their over-allotment option and purchased 221,000 additional Units. Each Unit consists of one share of Class A common stock, $0.0001 par value per share (“Class A common stock”), and one redeemable warrant exercisable into one share of Class A common stock at an exercise price of $11.50 per share (“Public Warrant”). The Units were sold at an offering price of $10.00 per Unit and generated total gross proceeds of $54,210,000. Simultaneously with the consummation of the IPO and the sale of the Units, the Company consummated the private placement (“Private Placement”) of 3,576,900 warrants (each a “Private Placement Warrant” and collectively, the “Private Placement Warrants”) which were purchased by our Sponsor, at a price of $1.00 per Private Placement Warrant, generating total proceeds of $3,577,000, which is described in Note 4. Transaction costs amounted to $4,019,087 , consisting of $2,710,500 of underwriting commissions, $813,150 of which was paid out within three days of the IPO date, the Representative Shares (as defined below), and $1,038,067 of other offering costs. At the IPO date, cash of $974,028 was held outside of the Trust Account (as defined below) and was available for the payment of the Note (as defined below) when necessary (see Note 5), payment of accrued offering costs and for working capital purposes. In conjunction with the IPO, the Company issued to the underwriter 54,210 shares of Class A common stock for nominal consideration (the “Representative Shares”). The fair value of the Representative Shares accounted for as compensation under Accounting Standards Codification (“ASC”) 718, “Compensation—Stock Compensation” (“ASC 718”) is included in the offering costs. The estimated fair value of the Representative Shares as of the IPO date totaled $270,520. Following the closing of the IPO, an amount of $55,836,300 ($10.30 per Unit) from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement Warrants was placed in a trust account (the “Trust Account”) to be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company. Except with respect to interest earned on the funds held in the Trust Account that may be released to the Company to pay its tax obligations, the proceeds from the IPO will not be released from the Trust Account until the earlier of: (a) the completion of the Company’s initial business combination ; or (b) the redemption of the Company’s public shares if the Company is unable to complete its initial business combination in the prescribed time frame, as outlined below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a business combination. There is no assurance that the Company will be able to complete a business combination successfully. The Company must complete one or more initial business combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the taxes payable on interest earned and less any interest earned thereon that is released for taxes) at the time of the agreement to enter into the initial business combination. However, the Company will only complete a business combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires an interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act 1940. In connection with any proposed initial business combination, the Company will either: (1) seek stockholder approval of such initial business combination at a meeting called for such purpose at which stockholders may seek to convert their shares, regardless of whether they vote for or against the proposed business combination or do not vote at all, into their pro rata share of the aggregate amount then on deposit in the Trust Account (net of taxes payable ); or (2) provide its stockholders with the opportunity to sell their shares to the Company by means of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account (net of taxes payable), in each case subject to the limitations described herein. If the Company engages in a tender offer, such tender offer will be structured so that each stockholder may tender all of his, her or its shares rather than a pro rata portion of his, her or its shares. The decision as to whether the Company will seek stockholder approval of a proposed business combination or will allow stockholders to sell their shares to the Company in a tender offer will be made by the Company, solely in the Company’s discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek stockholder approval. If the Company determines to allow stockholders to sell their shares to the Company in a tender offer, it will file tender offer documents with the U.S. Securities and Exchange Commission (“SEC”) which will contain substantially the same financial and other information about the initial business combination as is required under the SEC’s proxy rules. The Company will proceed with a business combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a business combination and, if the Company seeks stockholder approval, a majority of the issued and outstanding shares voted are voted in favor of the business combination. If a stockholder vote is not required by law and the Company does not decide to hold a stockholder vote for business or other legal reasons, the Company will, pursuant to its second amended and restated certificate of incorporation (the “Certificate of Incorporation”), conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a business combination. If, however, stockholder approval of the transactions is required by law, or the Company decides to obtain stockholder approval for business or legal reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each public stockholder may elect to redeem their public shares irrespective of whether they vote for or against the proposed transaction. Notwithstanding the foregoing redemption rights, if the Company seeks stockholder approval of its initial business combination and the Company does not conduct redemptions in connection with its initial business combination pursuant to the tender offer rules, the Certificate of Incorporation will provide that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in the IPO (“Excess Shares”). However, the Company’s stockholders will not be restricted to vote all of their shares (including Excess shares) for or against the initial business combination. Additionally, such stockholders will not receive redemption distributions with respect to the Excess Shares if the Company completes the initial business combination. The Company’s Sponsor, officers and directors (collectively, the “Initial Stockholders”) have agreed not to propose any amendment to the Certificate of Incorporation that would affect the Company’s public stockholders’ ability to convert or sell their shares to the Company in connection with a business combination as described herein or affect the substance or timing of the Company’s obligation to redeem 100% of its public shares if the Company does not complete a business combination within 12 months (or if the Company decides to extend the period of time to complete the initial business combination up to two times by an additional three months each time, at $0.10 per unit per extension, for a total of $0.20 per unit in the aggregate in trust, within 18 months) from the closing of the IPO (the “Combination Period”) unless the Company provides its public stockholders with the opportunity to convert their shares of Class A common stock upon the approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest not previously released to the Company but net of franchise and income taxes payable up to the interest income from the Trust Account, divided by the number of then outstanding public shares. On March 19, 2024, the Company extended the period of which it is able to consummate an initial business combination by a period of three months, or until June 22, 2024 (the “Initial Extension”). In connection with the Initial Extension, the Company’s S ponsor deposited an aggregate of $542,100 into the Company’s Trust Account, in return for a non-convertible unsecured promissory note (the “Extension Note”). The Extension Note bears no interest and is repayable in full upon the consummation of an initial business combination. If the Company does not consummate a business combination, the Extension Note will not be repaid and all amounts owed under the Extension Note will be forgiven except to the extent that there are funds available to the Company outside of the Trust Account. The Initial Extension is the first of the two three-month Extensions permitted under the Company’s governing documents. If the Company is unable to complete an initial business combination by June 22, 2024 (or by September 22, 2024, if the Company decides to extend by an additional three months), the Company will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible, but not more than ten business days thereafter, redeem the shares of Class A common stock subject to possible redemption, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less any income or franchise tax obligations and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding shares of Class A common stock, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the remaining stockholders and the board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. The Company’s Initial Stockholders agreed to waive their rights to liquidating distributions from the Trust Account with respect to any Class B common stock held by them if the Company fails to complete its initial business combination within the Combination Period. However, if the Initial Stockholders acquire public shares in or after the IPO date, they will be entitled to liquidating distributions from the Trust Account with respect to such public shares if the Company fails to complete a business combination within the prescribed time frame. The underwriter has agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a business combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the public shares. In the event of such distribution, it is possible that the per share value of the assets remaining available for distribution will be less than the IPO price per Unit ($10.00). In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account to below (1) $10.30 per Public Share or (2) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account due to reductions in the value of the trust assets, in each case net of the interest which may be withdrawn to pay taxes. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriter of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Going Concern Consideration The $5,244 held outside of the Trust Account and a working capital deficit of $1,815,886 as of March 31, 2024 will not be sufficient to allow the Company to operate for at least the next 12 months from the issuance of these financial statements, assuming that a b usiness c ombination is not consummated during that time. Additionally, the Company has until June 22, 2024, to consummate an initial business combination (or September 22, 2024, if the Company decides to extend by an additional three months). It is uncertain whether the Company will be able to consummate the proposed b usiness c ombination by this date. If a b usiness c ombination is not consummated by this date, then, unless that time is extended (as provided above, or pursuant to a stockholder vote), there will be a mandatory liquidation and subsequent dissolution of the Company. The Company believes that the proceeds raised in the initial public offering and the funds potentially available from loans from the Sponsor or any of their affiliates will be sufficient to allow the Company to meet the expenditures required for operating its business. However, if the estimate of the costs of identifying a target business, undertaking in-depth due diligence and negotiating a business combination are less than the actual amount necessary to do so, the Company may have insufficient funds available to operate its business prior to the initial business combination. Moreover, the Company may need to obtain additional financing either to complete the business combination or because the Company becomes obligated to redeem a significant number of public shares upon completion of the business combination, in which case the Company may issue additional securities or incur debt in connection with such business combination. Management has determined that the liquidity condition, potential mandatory liquidation and subsequent dissolution raises substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. Risks and Uncertainties Results of operations and the Company’s ability to complete an initial business combination may be adversely affected by various factors that could cause economic uncertainty and volatility in the financial markets, many of which are beyond its control. The business could be impacted by, among other things, downturns in the financial markets or in economic conditions, inflation, increases in interest rates, and geopolitical instability, including the current military conflicts in Ukraine and Israel. The Company cannot at this time fully predict the likelihood of one or more of the above events, their duration or magnitude or the extent to which they may negatively impact the Company’s business and ability to complete an initial business combination. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. Inflation Reduction Act of 2022 On August 16, 2022, the Inflation Reduction Act of 2022 (the “IRA”) was signed into federal law. The IRA provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly traded foreign corporations occurring on or after January 1, 2023. The excise tax is imposed on the repurchasing corporation itself, not its shareholders from which shares are repurchased. The amount of the excise tax is generally 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the excise tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value of stock repurchases during the same taxable year. In addition, certain exceptions apply to the excise tax. The U.S. Department of the Treasury (the “Treasury”) has been given authority to provide regulations and other guidance to carry out and prevent the abuse or avoidance of the excise tax. On December 27, 2022, the U.S. Department of the Treasury issued Notice 2023-2 (the “Notice”) as interim guidance until publication of forthcoming proposed regulations on the excise tax. Although the guidance in the Notice does not constitute proposed or final Treasury regulations, taxpayers may generally rely upon the guidance provided in the Notice until the issuance of the forthcoming proposed regulations. Certain of the forthcoming proposed regulations (if issued) could, however, apply retroactively. The Notice generally provides that if a covered corporation completely liquidates and dissolves, distributions in such complete liquidation and other distributions by such covered corporation in the same taxable year in which the final distribution in complete liquidation and dissolution is made are not subject to the excise tax. Because any redemptions of our stock in connection with a business combination, extension vote or otherwise will occur after December 31, 2022, such redemptions may be subject to the excise tax. Whether and to what extent we would be subject to the excise tax in connection with any such redemptions would depend on a number of factors, including (i) the fair market value of the such redemptions, together with any other redemptions or repurchases we consummate in the same taxable year, (ii) the structure of any business combination and the taxable year in which it occurs (including redemptions in connection with the business combination ), (iii) the nature and amount of any equity issuances, in connection with a business combination or otherwise, issued within the same taxable year, (iv) whether we completely liquidate and dissolve within the taxable year of such redemptions, and (v) legal uncertainties regarding how the excise tax applies to transactions like the b usiness c ombination (and, if applicable, a complete liquidation and dissolution of the Company) and the content of final and proposed regulations and further guidance from the Treasury. The foregoing could cause a reduction in the cash available on hand to complete a b usiness c ombination and in our ability to complete a b usiness c ombination. The proceeds placed in the trust account and the interest earned thereon will not be used to pay for the excise tax that may be levied on the Company in connection with such redemptions. The Company further confirms that it will not utilize any funds from the trust account to pay any such excise tax.

Summary Of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary Of Significant Accounting Policies

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

10-Q

and Article 8 of Regulation

S-X

10-K

Use of Estimates

Emerging Growth Company

non-binding

advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

non-emerging

Net Income (Loss) Per Share

The Company’s

unaudited condensed

statements of operations include a presentation of net income (loss) per share subject to redemption in a manner similar to the

two-class

method of income (loss) per share. With respect to the accretion of the Class A common stock subject to possible redemption and consistent with ASC

480-10-S99-3A,

A reconciliation of net income per share is as follows for the three months ended March 31, 2024:


	Class A subject to possible redemption		Class A Perm		Class B
Allocation of undistributable income	$	103,652	$	1,037	$	25,913

Weighted average shares outstanding, basic and diluted		5,421,000		54,210		1,355,250

Basic and diluted net income per share	$	0.02	$	0.02	$	0.02

A reconciliation of net loss per share is as follows for the three months ended March 31, 2023:


	Class A subject to possible redemption			Class A Perm			Class B
Allocation of undistributable loss	$	(34,186	)	$	(342	)	$	(8,256	)

Weighted average shares outstanding, basic and diluted		5,421,000			54,210			1,309,208

Basic and diluted net loss per share	$	(0.01	)	$	(0.01	)	$	(0.01	)

Marketable Securities Held in Trust Account

Through March 31, 2024, the Company did not withdraw any investment income from the Trust Account to pay its tax obligations.

Deferred Credit

During the year ended December 31, 2023, the Company received a $191,250 unconditional and

non-refundable

reimbursement for certain general and administrative expenses incurred by the Company from a potential

de-SPAC

target company, as part of a

non-binding

letter of intent. This amount was recorded as a deferred credit associated with a potential business combination in the accompanying

condensed

balance sheets as of March 31, 2024 (unaudited) and December 31, 2023.

Fair Value of Financial Instruments

Concentration of Credit Risk

Share-Based Payment Arrangements

Common Stock Subject to Possible Redemption

The reconciliation of Class A common stock subject to possible redemption as of March 31, 2024 is as follows:


Gross proceeds from sale of Public Units	$	54,210,000
Less: Proceeds allocated to Public Warrants		(1,218,153	)
Less: Proceeds allocated to underwriters’ over-allotment option		(134,584	)
Less: Issuance costs allocated to Class A common stock subject to possible Redemption		(3,928,774	)
Accretion to redemption value		9,672,678

Class A common stock subject to possible redemption	$	58,601,167

The reconciliation of Class A common stock subject to possible redemption as of December 31, 2023 is as follows:


Gross proceeds from sale of Public Units	$	54,210,000
Less: Proceeds allocated to Public Warrants		(1,218,153	)
Less: Proceeds allocated to underwriters’ over-allotment option		(134,584	)
Less: Issuance costs allocated to Class A common stock subject to possible Redemption		(3,928,774	)
Accretion to redemption value		7,138,931

Class A common stock subject to possible redemption	$	56,067,420

Derivative Financial Instruments

Fair Value Measurements

•

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

•

As of March 31, 2024 and December 31, 2023, the Company held Level 1 financial instruments, which are the Company’s marketable securities held in the Trust Account.

The over-allotment option expired on April 30, 2023. As such, the fair value of the over-allotment option was $134,583 and zero at the IPO date and April 30, 2023, respectively. The

change

in the

over-allotment

option was $0 and ($134,583) for the three months ended March 31, 2024 and March 31, 2023, respectively, which is included in change in fair value of over-allotment liability in the accompanying

unaudited condensed

statements of operations.

non-recurring

Level 3 fair value measurements.

Working Capital Loans

Income Taxes

Recent Accounting Standards

In August 2020, the FASB issued ASU

2020-06,

Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic

815-40):

2020-06

on January 1, 2024 which did not have a material impact on its financial statements.

In December 2023, the FASB issued ASU

2023-09

Initial Public Offering	3 Months Ended
Initial Public Offering	Mar. 31, 2024
Equity [Abstract]
Initial Public Offering	NOTE 3 – INITIAL PUBLIC OFFERING On March 16, 2023, the Company sold 5,200,000 Units at a price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one Public Warrant. Each Public Warrant entitles the holder to purchase one share of Class A common stock at a price of $11.50 per share. Each Public Warrant will become exercisable 30 days after the completion of the initial business combination and will expire five years after the completion of the initial business combination, or earlier upon redemption or liquidation (see Note 7). In connection with the IPO, the Company also granted the underwriters a 45-day option to purchase an additional 780,000 Units at the IPO price. On March 17, 2023, the underwriters exercised their option to purchase 221,000 additional Units for the total amount of $2,210,000. The remaining over-allotment option for 559,000 Units expired on April 30, 2023.

Private Placement	3 Months Ended
Private Placement	Mar. 31, 2024
Disclosure of Private Placement [Abstract]
Private Placement	NOTE 4 – PRIVATE PLACEMENT On March 16, 2023, in the P rivate P lacement that occurred simultaneously with the IPO, the Sponsor purchased an aggregate of 3,449,500 Private Placement Warrant s at a price of $1.00 per warrant, for an aggregate purchase price of $3,449,500. On March 17, 2023, the underwriters partially exercised their over-allotment option resulting in the Company issuing 127,400 Private Placement Warrants, generating an additional $127,500 in gross proceeds. Each Private Placement Warrant entitles the holder to purchase one share of Class A common stock, subject to adjustment. The proceeds from the Private Placement of the Private Placement Warrants funded the Trust Account, IPO issuance costs and will fund the future operations prior to the business combination. If the Company does not complete an initial business combination within the Combination Period, the remaining proceeds, after payments from the sale of the Private Placement Warrants, will be included in the liquidating distribution to the public stockholders and the Private Placement Warrants will be worthless (see Note 7).

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	NOTE 5 – RELATED PARTY TRANSACTIONS Founder Shares In May 2022, the Sponsor paid $25,000, or approximately $0.011 per share, to cover certain offering costs in consideration for 2,156,250 shares of Class B common stock, par value $0.0001 (the “Founder Shares” or “Class B common stock”). On May 10, 2022, the Sponsor surrendered 287,500 Founder Shares, for no consideration, resulting in the Sponsor and directors continuing to hold 1,868,750 Founder Shares. On August 26, 2022, the Sponsor transferred 25,000 Founder Shares to each of Rahul Mewawalla and Stephen Markscheid, each of which are members of the Company’s Board of Directors (Note 8). The awards will vest simultaneously with the closing of an initial business combination, provided the director has continuously served on the Company’s Board of Directors through the closing of such initial business combination. On March 16, 2023, the Sponsor forfeited an aggregate of 373,750 Founder Shares for no consideration, resulting in the Sponsor and directors holding an aggregate of 1,495,000 Founder Shares. Up to 195,000 of the Founder Shares were subject to forfeiture to the extent the over-allotment option (see Note 6) was not exercised in full by the underwriter prior to its expiration date on April 30, 2023. On March 17, 2023, upon the partial exercise their over-allotment option by the underwriters, the forfeiture lapsed for 55,250 Founder Shares. Following the expiration of the underwriters’ remaining over-allotment option on April 30, 2023, the remaining 139,750 Founder Shares were forfeited, resulting in the Sponsor and directors holding an aggregate of 1,355,250 Founder Shares. Private Placement On March 16, 2023, in the P rivate P lacement that occurred simultaneously with the IPO, the Sponsor purchased an aggregate of 3,449,500 Private Placement Warrant s at a price of $1.00 per warrant, for an aggregate purchase price of $3,449,500. On March 17, 2023, the underwriters partially exercised their over-allotment option resulting in the Company issuing 127,400 Private Placement Warrants, generating an additional $127,500 in gross proceeds. Each Private Placement Warrant entitles the holder to purchase one share of Class A common stock, subject to adjustment. The proceeds from the Private Placement of the Private Placement Warrants funded the trust account, IPO issuance costs and will fund the future operations prior to the business combination. If the Company does not complete an initial business combination within the Combination Period, the remaining proceeds, after payments from the sale of the Private Placement Warrants, will be included in the liquidating distribution to the public stockholders and the Private Placement Warrants will be worthless (see Note 7). Working Capital Loans In order to finance transaction costs in connection with a business combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required, up to $2,000,000 (“Working Capital Loans”). If the Company completes a business combination, the Company will repay the Working Capital Loans. Up to $2,000,000 of such loans may be converted into warrants, at a price of $1.00 per warrant at the option of the lender, upon consummation of the Company’s initial business combination. In the event that a business combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. During the three months ended March 31, 2024, the Company received from the Sponsor $862,100 in Working Capital Loans, of which $542,100 to fund the Initial Extension. The Working Capital Loans are to be repaid upon the consummation of a business combination, without interest, or, at the lender’s option, up to $2,000,000 of the outstanding Working Capital Loans are convertible into Private Placement Warrants at a price of $1.00 per warrant. As of March 31, 2024 and December 31, 2023, the Company had $1,134,100 and $272,000, respectively, of outstanding Working Capital Loans from the Sponsor, included in Convertible note – related party in the accompanying unaudited condensed balance sheets. Administrative Support Agreement On March 22, 2023, the Company entered into an administrative support agreement under which it will pay the Sponsor a total of $10,000 per month, up until the completion of the Company’s initial business combination or liquidation, for secretarial and administrative services. The Company’s expenses related to the administrative support agreement were $30,000 for the three months ended March 31, 2024. For the three months ended March 31, 2023, the Company’s expenses related to the administrative support agreement were immaterial. Upon completion of the initial business combination or the Company’s liquidation, the Company will cease paying these monthly fees. As of March 31, 2024 (unaudited) and December 31, 2023, $92,180 and $62,180, respectively, of amounts due to the Sponsor under the Administrative Support Agreement remain unpaid, and are included in Due to Related Party on the condensed balance sheets.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 6 - COMMITMENTS AND CONTINGENCIES Registration Rights The holders of the Founder Shares, Private Placement Warrants, warrants that may be issued upon conversion of Working Capital Loans (see Note 5), any shares of Class A common stock issuable upon the exercise of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans and Class A issuable upon conversion of the Founder Shares, are entitled to registration rights pursuant to a registration rights agreement signed at the effective date of the IPO, requiring the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A common stock). The holders of the majority of these securities are entitled to make up to three demands, excluding short form demands, that the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial business combination and rights to require us to register for resale such securities pursuant to Rule 415 under the Securities Act. The registration rights agreement does not contain liquidated damages or other cash settlement provisions resulting from delays in registering securities. Underwriting Agreement The underwriter received a fee of $0.15 per unit, or $813,150 in the aggregate at the closing of the IPO. In addition, $0.35 per share, or $1,897,350 in the aggregate will be payable to the underwriter for deferred underwriting commissions solely in the event that the Company completes a business combination, subject to the terms of the underwriting agreement. In addition, in conjunction with the IPO, the Company issued to the underwriter 54,210 Representative Shares. The holders of the Representative Shares agreed (a) that they will not transfer, assign or sell any such shares without the Company’s prior consent until the completion of the initial business combination, (ii) to waive their redemption rights (or right to participate in any tender offer) with respect to such shares in connection with the completion of the initial business combination and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to such shares if the Company fails to complete the initial business combination within the Combination Period. The representative shares are deemed to be underwriters’ compensation by FINRA pursuant to FINRA Rule 5110.

Stockholders' Deficit

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Deficit

NOTE 7 - STOCKHOLDERS’

DEFICIT

Preferred Stock

Class

A common stock

Class

B common stock

as-converted

one-to-one.

Warrants

The Warrants will expire five years after the completion of a business combination or earlier upon redemption or liquidation.

Once the Warrants become exercisable, the Company may redeem the outstanding Warrants:

•

in whole and not in part;

•

at a price of $0.01 per warrant;

•

upon not less than 30 days’ prior written notice of redemption given after the warrants become exercisable (the

“

-day

redemption period”) to each warrant holder; and

•

30-trading

day period commencing once the warrants become exercisable and ending three days before the Company sends the notice of redemption to the warrant holders.

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 8 - STOCK-BASED COMPENSATION Class B Common Stock Share Transfers In August 2022, the Sponsor transferred 25,000 shares of Class B common stock to each of the two independent directors as compensation for their service on the Company’s Board of Directors. If the director was no longer serving as a director of the Company at the time of the IPO, is removed from office as director, or voluntarily resigns his position with the Company before a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company (“the Triggering Event”), all of such director’s shares shall be returned to Sponsor. Further, considering that in case the business combination does not occur these awards will be forfeited, it was deemed that the above terms result in the vesting provision whereby the share awards would vest only upon the consummation of a business combination or change of control event. As a result, any compensation expense in relation to these grants will be recognized at the Triggering Event. Therefore, the Company recorded no compensation expense for the period from March 3, 2022 (inception) through March 31, 2024. The fair value of the Founder Shares on the grant date was approximately $0.81 per share. The valuation performed by the Company determined the fair value of the shares on the date of grant by applying a discount based upon (a) the probability of a successful IPO, (b) the probability of a successful business combination, and (c) the lack of marketability of the Founder Shares. The aggregate grant date fair value of the awards amounted to approximately $40,500. Total unrecognized compensation expense related to unvested Founder Shares at March 31, 2024 amounted to approximately $40,500 and is expected to be recognized upon the Triggering Event. Representative Shares On March 16, 2023, in conjunction with the IPO, the Company issued to the underwriter 52,000 Representative Shares. On March 17, 2023, the underwriters partially exercised their over-allotment option. As a result of the partial over-allotment, the underwriter received an additional 2,210 Representative Shares, bringing the total Representative Shares to 54,210. The fair value of the Representative Shares was accounted for as compensation under ASC 718 and was included in the offering costs. The fair value of the 54,210 Representative Shares at the date of issuance was determined to be $270,520.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9 - INCOME TAXES The Company’s effective tax rate (“ETR”) is calculated quarterly based upon current assumptions relating to the Company’s known and estimable operating results and various tax-related items. The Company’s ETR was 57.3% and (19.7)% for the three months ended March 31, 2024 and 2023, respectively. The Company’s general and administrative expenses are generally considered start-up costs and are not currently deductible for federal income tax purposes. The difference between the effective tax rate of 57.3% and the U.S. federal statutory rate of 21% for the three months ended March 31, 2024 was primarily due to the change in the valuation allowance (as a result of dividend and interest income earned on the Company’s Trust Account), and the permanent differences arising from interest and penalties on income taxes. The difference between the effective tax rate of (19.7)% and the U.S. federal statutory rate of 21% for the three months ended March 31, 2023 was primarily due to the change in the valuation allowance (as a result of dividend and interest income earned on the Company’s Trust Account), the permanent difference arising from the loss on change in fair value of the over-allotment liability and ETR adjustments. The Company has no uncertain tax positions related to federal and state income taxes. The federal tax returns for the Company since inception remains open for examination. When the Company is assessed interest or penalties it will be classified in the financial statements as tax expense. For the three months ended March 31, 2024, the Company incurred $22,012 of interest and penalties on the unremitted income tax obligations. No interest or penalties were incurred during the three months ended March 31, 2023.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	NOTE 10 - SUBSEQUENT EVENTS The Company did not identify any subsequent events that require adjustment or disclosure in the unaudited condensed financial statements, other than below: On April 22, 2024, the Company withdrew $566,000 from the Trust in order to satisfy income tax obligations incurred during the year ended December 31, 2023 as well as the estimated taxes for the three-month period ended March 31, 2024.

Summary Of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

10-Q

and Article 8 of Regulation

S-X

10-K

Use of Estimates

Emerging Growth Company

non-binding

advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

non-emerging

Net Income (Loss) Per Share

The Company’s

unaudited condensed

statements of operations include a presentation of net income (loss) per share subject to redemption in a manner similar to the

two-class

method of income (loss) per share. With respect to the accretion of the Class A common stock subject to possible redemption and consistent with ASC

480-10-S99-3A,

A reconciliation of net income per share is as follows for the three months ended March 31, 2024:


	Class A subject to possible redemption		Class A Perm		Class B
Allocation of undistributable income	$	103,652	$	1,037	$	25,913

Weighted average shares outstanding, basic and diluted		5,421,000		54,210		1,355,250

Basic and diluted net income per share	$	0.02	$	0.02	$	0.02

A reconciliation of net loss per share is as follows for the three months ended March 31, 2023:


	Class A subject to possible redemption			Class A Perm			Class B
Allocation of undistributable loss	$	(34,186	)	$	(342	)	$	(8,256	)

Weighted average shares outstanding, basic and diluted		5,421,000			54,210			1,309,208

Basic and diluted net loss per share	$	(0.01	)	$	(0.01	)	$	(0.01	)

Marketable Securities Held in Trust Account

Through March 31, 2024, the Company did not withdraw any investment income from the Trust Account to pay its tax obligations.

Deferred Credit

During the year ended December 31, 2023, the Company received a $191,250 unconditional and

non-refundable

reimbursement for certain general and administrative expenses incurred by the Company from a potential

de-SPAC

target company, as part of a

non-binding

letter of intent. This amount was recorded as a deferred credit associated with a potential business combination in the accompanying

condensed

balance sheets as of March 31, 2024 (unaudited) and December 31, 2023.

Fair Value of Financial Instruments

Concentration of Credit Risk

Share-Based Payment Arrangements

Common Stock Subject to Possible Redemption

The reconciliation of Class A common stock subject to possible redemption as of March 31, 2024 is as follows:


Gross proceeds from sale of Public Units	$	54,210,000
Less: Proceeds allocated to Public Warrants		(1,218,153	)
Less: Proceeds allocated to underwriters’ over-allotment option		(134,584	)
Less: Issuance costs allocated to Class A common stock subject to possible Redemption		(3,928,774	)
Accretion to redemption value		9,672,678

Class A common stock subject to possible redemption	$	58,601,167

The reconciliation of Class A common stock subject to possible redemption as of December 31, 2023 is as follows:


Gross proceeds from sale of Public Units	$	54,210,000
Less: Proceeds allocated to Public Warrants		(1,218,153	)
Less: Proceeds allocated to underwriters’ over-allotment option		(134,584	)
Less: Issuance costs allocated to Class A common stock subject to possible Redemption		(3,928,774	)
Accretion to redemption value		7,138,931

Class A common stock subject to possible redemption	$	56,067,420

Derivative Financial Instruments

Fair Value Measurements

•

Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets;

•

As of March 31, 2024 and December 31, 2023, the Company held Level 1 financial instruments, which are the Company’s marketable securities held in the Trust Account.

The over-allotment option expired on April 30, 2023. As such, the fair value of the over-allotment option was $134,583 and zero at the IPO date and April 30, 2023, respectively. The

change

in the

over-allotment

option was $0 and ($134,583) for the three months ended March 31, 2024 and March 31, 2023, respectively, which is included in change in fair value of over-allotment liability in the accompanying

unaudited condensed

statements of operations.

non-recurring

Level 3 fair value measurements.

Working Capital Loans

Income Taxes

Recent Accounting Standards

In August 2020, the FASB issued ASU

2020-06,

Debt—Debt with Conversion and Other Options (Subtopic

470-20)

and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic

815-40):

2020-06

on January 1, 2024 which did not have a material impact on its financial statements.

In December 2023, the FASB issued ASU

2023-09

Summary Of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule Of Stock By Class

A reconciliation of net income per share is as follows for the three months ended March 31, 2024:


	Class A subject to possible redemption		Class A Perm		Class B
Allocation of undistributable income	$	103,652	$	1,037	$	25,913

Weighted average shares outstanding, basic and diluted		5,421,000		54,210		1,355,250

Basic and diluted net income per share	$	0.02	$	0.02	$	0.02

A reconciliation of net loss per share is as follows for the three months ended March 31, 2023:


	Class A subject to possible redemption			Class A Perm			Class B
Allocation of undistributable loss	$	(34,186	)	$	(342	)	$	(8,256	)

Weighted average shares outstanding, basic and diluted		5,421,000			54,210			1,309,208

Basic and diluted net loss per share	$	(0.01	)	$	(0.01	)	$	(0.01	)

Schedule of Temporary Equity By Class Of Stock

The reconciliation of Class A common stock subject to possible redemption as of March 31, 2024 is as follows:


Gross proceeds from sale of Public Units	$	54,210,000
Less: Proceeds allocated to Public Warrants		(1,218,153	)
Less: Proceeds allocated to underwriters’ over-allotment option		(134,584	)
Less: Issuance costs allocated to Class A common stock subject to possible Redemption		(3,928,774	)
Accretion to redemption value		9,672,678

Class A common stock subject to possible redemption	$	58,601,167

The reconciliation of Class A common stock subject to possible redemption as of December 31, 2023 is as follows:


Gross proceeds from sale of Public Units	$	54,210,000
Less: Proceeds allocated to Public Warrants		(1,218,153	)
Less: Proceeds allocated to underwriters’ over-allotment option		(134,584	)
Less: Issuance costs allocated to Class A common stock subject to possible Redemption		(3,928,774	)
Accretion to redemption value		7,138,931

Class A common stock subject to possible redemption	$	56,067,420

Organization and Description of Business - Additional Information (Detail) - USD ($)					3 Months Ended		12 Months Ended
	Mar. 19, 2024	Mar. 17, 2023	Mar. 17, 2023	Mar. 16, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Organization And Description Of Business [Line Items]
Proceeds from issuance of common stock			$ 54,210,000		$ 0	$ 54,210,000
Deferred underwriting fees payable noncurrent				$ 2,710,500
Payments to acquire restricted investments	$ 542,100				542,100	$ 55,836,300
Transaction costs				4,019,087
Payment of deferred underwriting fees				813,150
Other offering costs				1,038,067
Cash				$ 974,028	5,244		$ 10,622
Term of restricted investments				185 days
Minimum net worth to consummate business combination					$ 5,000,001
Percentage of shares that can be transferred without restriction					15.00%
Percentage of public shares to be redeemed on non completion of business combination					100.00%
Combination Period					12 months
Per share value of restricted assets per extension					$ 0.1
Per share value of restricted assets					$ 0.2
Extended business combination period					18 months
Expenses payable on dissolution					$ 100,000
Per share amount to be maintained in the trust account					$ 10.3
Share price					$ 0.81
Working capital deficit					$ 1,815,886
Inflation Reduction Act of Two Thousand And Twenty Two [Member]
Organization And Description Of Business [Line Items]
Percentage of excise tax rate on certain share repurchases					1.00%
Percentage of excise tax rate of fair market value of share repurchases					1.00%
Minimum [Member]
Organization And Description Of Business [Line Items]
Prospective assets of acquire as a percentage of fair value of assets in the trust account					80.00%
Percentage of voting securities acquired					50.00%
IPO [Member]
Organization And Description Of Business [Line Items]
Stock issued during period shares				5,200,000
Common stock, par or stated value per share				$ 0.0001
Sale of stock, price per share				10
Payments to acquire restricted investments			$ 55,836,300
Shares issued price per share				10	$ 10
Share price				$ 10.3
Over-Allotment Option [Member] \| Underwriting Agreement [Member]
Organization And Description Of Business [Line Items]
Stock issued during period shares		221,000
Over-Allotment Option [Member] \| Representative Shares [Member] \| Underwriting Agreement [Member]
Organization And Description Of Business [Line Items]
Stock issued during period shares				52,000
Public Warrants [Member] \| IPO [Member]
Organization And Description Of Business [Line Items]
Number of warrants issued per unit				1
Class of warrant or right, number of securities called by each warrant or right				1
Class of warrants or rights exercise price per share				$ 11.5
Public Warrants [Member] \| Over-Allotment Option [Member]
Organization And Description Of Business [Line Items]
Stock issued during period shares				780,000
Private Placement Warrants [Member]
Organization And Description Of Business [Line Items]
Class of warrant or right, number of securities called by each warrant or right				1
Private Placement Warrants [Member] \| Sponsor [Member]
Organization And Description Of Business [Line Items]
Class of warrants or rights exercise price per share				$ 1
Class of warrants or rights issue of warrants during the period				3,576,900
Private Placement Warrants [Member] \| Private Placement [Member] \| Sponsor [Member]
Organization And Description Of Business [Line Items]
Proceeds from sale of private placement warrants				$ 3,577,000
Common Class A [Member]
Organization And Description Of Business [Line Items]
Common stock, par or stated value per share					$ 0.0001		$ 0.0001
Proceeds from issuance of common stock					$ 54,210,000		$ 54,210,000
Common Class A [Member] \| IPO [Member]
Organization And Description Of Business [Line Items]
Stock issued during period shares				5,200,000
Number of shares issued per unit				1
Class of warrant or right, number of securities called by each warrant or right				1	1
Class of warrants or rights exercise price per share				$ 11.5	$ 11.5
Common Class A [Member] \| IPO [Member] \| Representative Shares [Member] \| Underwriting Agreement [Member]
Organization And Description Of Business [Line Items]
Stock issued during period shares				54,210
Common Class A [Member] \| Over-Allotment Option [Member] \| Representative Shares [Member] \| Underwriting Agreement [Member]
Organization And Description Of Business [Line Items]
Equity, fair value disclosure				$ 270,520

Summary Of Significant Accounting Policies - Schedule Of Stock By Class (Detail) - USD ($)

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Class A Common Stock Subject To Possible Redemption [Member]

Class of Stock [Line Items]

Allocation of undistributable income (loss)

$ 103,652

$ (34,186)

Weighted average shares outstanding, basic

5,421,000

Weighted average shares outstanding, diluted

5,421,000

Basic net income (loss) per share

$ 0.02

$ (0.01)

Diluted net income (loss) per share

$ 0.02

$ (0.01)

Common Class A [Member]

Class of Stock [Line Items]

Allocation of undistributable income (loss)

$ 1,037

$ (342)

Weighted average shares outstanding, basic

54,210

Weighted average shares outstanding, diluted

54,210

Basic net income (loss) per share

$ 0.02

$ (0.01)

Diluted net income (loss) per share

$ 0.02

$ (0.01)

Common Class B [Member]

Class of Stock [Line Items]

Allocation of undistributable income (loss)

$ 25,913

$ (8,256)

Weighted average shares outstanding, basic

^[1]

1,355,250

1,309,208

Weighted average shares outstanding, diluted

^[1]

1,355,250

1,309,208

Basic net income (loss) per share

$ 0.02

$ (0.01)

Diluted net income (loss) per share

$ 0.02

$ (0.01)

[1]	Excludes an aggregate of up to 139,750 common stock shares subject to forfeiture depending on the extent to which the underwriters’ over-allotment option is exercised (see Notes 5 and 7).

Summary Of Significant Accounting Policies - Schedule Of Temporary Equity By Class Of Stock (Detail) - USD ($)		3 Months Ended		12 Months Ended
	Mar. 17, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Temporary Equity [Line Items]
Gross proceeds from sale of Public Units	$ 54,210,000	$ 0	$ 54,210,000
Less: Proceeds allocated to Public Warrants		0	(3,577,000)
Accretion to redemption value		(1,439,127)	$ (314,307)
Class A common stock subject to possible redemption		58,601,167		$ 56,067,420
Common Class A [Member]
Temporary Equity [Line Items]
Gross proceeds from sale of Public Units		54,210,000		54,210,000
Less: Proceeds allocated to Public Warrants		(1,218,153)		(1,218,153)
Less: Proceeds allocated to underwriters' over-allotment option		(134,584)		(134,584)
Less: Issuance costs allocated to Class A common stock subject to possible Redemption		(3,928,774)		(3,928,774)
Accretion to redemption value		9,672,678		7,138,931
Class A common stock subject to possible redemption		$ 58,601,167		$ 56,067,420

Summary Of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Apr. 30, 2023 USD ($)	Mar. 16, 2023 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Proceeds from trust account to pay tax obligations	$ 0
FDIC limit	250,000
Liquidation basis of accounting, accrued costs to dispose of assets and liabilities	$ 100,000
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Change In Fair Value Of Overallotment Option Liability		Change In Fair Value Of Overallotment Option Liability
Other Income [Member]
Summary Of Significant Accounting Policies [Line Items]
General and administrative expense reimbursements			$ 191,250
Public Warrants [Member] \| Measurement Input, Probability Of Completing A Successful Business Combination [Member]
Summary Of Significant Accounting Policies [Line Items]
Warrants and Rights Outstanding, Measurement Input	50
Representative Shares [Member] \| Measurement Input, Probability Of Consummation Of The Business Combination And A Discount For Lack Of Marketability [Member]
Summary Of Significant Accounting Policies [Line Items]
Derivative Liability, Measurement Input	50
Sponsor [Member] \| Working Capital Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Debt instrument, convertible, conversion price \| $ / shares	$ 1
Over-Allotment Option [Member]
Summary Of Significant Accounting Policies [Line Items]
Fair value of overallotment liability				$ 0	$ 134,583
Change in fair value of overallotment option	$ 0	$ 134,583
Class A Common Stock Subject To Possible Redemption [Member]
Summary Of Significant Accounting Policies [Line Items]
Liquidation basis of accounting, accrued costs to dispose of assets and liabilities	100,000		$ 100,000
Maximum net interests to pay dissolution expenses	$ 100,000

Initial Public Offering - Additional Information (Detail) - USD ($)				3 Months Ended
	Mar. 17, 2023	Mar. 17, 2023	Mar. 16, 2023	Mar. 31, 2024	Mar. 31, 2023
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock		$ 54,210,000		$ 0	$ 54,210,000
IPO [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			5,200,000
Shares issued price per share			$ 10	$ 10
IPO [Member] \| Public Warrants [Member]
Class of Stock [Line Items]
Number of securities called by each warrant or right			1
Class of warrants or rights exercise price per share			$ 11.5
Over-Allotment Option [Member] \| Underwriters Agreement [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	221,000
Proceeds from Issuance of Common Stock	$ 2,210,000
Share Based Compensation Overallotment Options Expiration	559,000
Over-Allotment Option [Member] \| Public Warrants [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			780,000

Private Placement - Additional Information (Detail) - USD ($)			3 Months Ended
	Mar. 17, 2023	Mar. 16, 2023	Mar. 31, 2024	Mar. 31, 2023
Disclosure of Private Placement [Line Items]
Proceeds from sale of Warrants			$ 0	$ 3,577,000
Sponsor [Member] \| Private Placement Warrants [Member]
Disclosure of Private Placement [Line Items]
Class of warrant or right issued during the period		3,449,500
Price of warrant		$ 1
Proceeds from sale of Warrants		$ 3,449,500
Over-Allotment Option [Member] \| Private Placement Warrants [Member]
Disclosure of Private Placement [Line Items]
Class of warrant or right issued during the period	127,400	127,400
Proceeds from sale of Warrants	$ 127,500

Related Party Transactions - Additional Information (Detail) - USD ($)									3 Months Ended
	Mar. 19, 2024	Apr. 30, 2023	Mar. 22, 2023	Mar. 17, 2023	Mar. 16, 2023	Aug. 26, 2022	May 10, 2022	May 01, 2022	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Share price									$ 0.81
Proceeds from sale of Warrants									$ 0	$ 3,577,000
Proceeds from related party debt									862,100	0
Payments to acquire restricted investments	$ 542,100								$ 542,100	$ 55,836,300
Private Placement Warrants [Member]
Related Party Transaction [Line Items]
Number of securities called by each warrant or right					1
Over-Allotment Option [Member] \| Private Placement Warrants [Member]
Related Party Transaction [Line Items]
Class of warrant or right issued during the period				127,400	127,400
Proceeds from sale of Warrants				$ 127,500
Common Class B [Member]
Related Party Transaction [Line Items]
Common stock, par value									$ 0.0001		$ 0.0001
Common stock, shares outstanding									1,355,250		1,355,250
Sponsor [Member] \| Convertible Notes Payable [Member]
Related Party Transaction [Line Items]
Proceeds from related party debt									$ 862,100
Payments to acquire restricted investments									542,100
Sponsor [Member] \| Private Placement Warrants [Member]
Related Party Transaction [Line Items]
Class of warrant or right issued during the period					3,449,500
Price of warrant					$ 1
Proceeds from sale of Warrants					$ 3,449,500
Sponsor [Member] \| Administration and Support Services [Member]
Related Party Transaction [Line Items]
Related party transaction fees payable per month			$ 10,000
Other accrued liabilities									92,180		$ 62,180
Sponsor [Member] \| Working Capital Loans [Member]
Related Party Transaction [Line Items]
Maximum borrowing capacity under the credit facility									2,000,000
Working capital loans convertible into equity warrants									$ 2,000,000
Debt instrument conversion price per share									$ 1
Long-term debt, gross									$ 2,000,000
Sponsor [Member] \| Working Capital Loans [Member] \| Convertible Notes Payable [Member]
Related Party Transaction [Line Items]
Bank overdrafts									1,134,100		$ 272,000
Sponsor [Member] \| Common Class B [Member]
Related Party Transaction [Line Items]
Stock shares issued during the period for services value								$ 25,000
Share price								$ 0.011
Stock shares issued during the period for services shares								2,156,250
Common stock, par value								$ 0.0001
Stock Surrendered During Period, Shares							287,500
Stock Surrendered During Period, Value							$ 0
Common stock, shares outstanding					1,495,000		1,868,750
Number of shares forfeited during the period		1,355,250		55,250	373,750
Value of forfeited shares issued under share-based payment arrangement					$ 0
Common stock subject to forfeiture				139,750	195,000
Sponsor [Member] \| Common Class B [Member] \| Rahul Mewawalla [Member]
Related Party Transaction [Line Items]
Number of shares issued by sponsor						25,000
Sponsor [Member] \| Common Class B [Member] \| Stephen Markscheid [Member]
Related Party Transaction [Line Items]
Number of shares issued by sponsor						25,000
Related Party [Member] \| Administration and Support Services [Member]
Related Party Transaction [Line Items]
Selling, General and Administrative Expense									$ 30,000

Commitments and Contingencies - Additional Information (Detail) - Underwriting Agreement [Member] - USD ($)	Mar. 16, 2023	Mar. 31, 2024
Representative Shares [Member]
Other Commitments [Line Items]
Shares issued under share-based payment arrangement	54,210
Business Combination Event [Member]
Other Commitments [Line Items]
Deferred underwriting commission per share		$ 0.35
Deferred underwriting commission		$ 1,897,350
IPO [Member]
Other Commitments [Line Items]
Deferred underwriting commission per share		$ 0.15
Deferred underwriting commission		$ 813,150

Stockholders' Deficit - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 16, 2023
Stockholders equity [Line Items]
Preferred Stock, Par or Stated Value Per Share	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Percentage of common stock on conversion of shares	20.00%
Share price	$ 0.81
IPO [Member]
Stockholders equity [Line Items]
Common stock par or stated value per share			$ 0.0001
Share price			$ 10.3
Public Warrants [Member]
Stockholders equity [Line Items]
Warrants and rights outstanding	$ 5,421,000	$ 5,421,000
Warrants and rights outstanding term	5 years
Class Of Warrants Or Rights Redemption Price Per Unit	$ 0.01
Notice period to be given prior to redemption	30 days
Public Warrants [Member] \| From The Completion Of Business Combination [Member]
Stockholders equity [Line Items]
Class of warrants or rights period after which the warrants are exercisable	30 days
Public Warrants [Member] \| IPO [Member]
Stockholders equity [Line Items]
Number of securities called by each warrant or right			1
Class of warrants or rights exercise price per share			$ 11.5
Private Placement Warrants [Member]
Stockholders equity [Line Items]
Warrants and rights outstanding	$ 3,576,900	$ 3,576,900
Number of securities called by each warrant or right			1
Common Class A [Member]
Stockholders equity [Line Items]
Common stock, shares authorized	26,000,000	26,000,000
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock, voting rights	one vote for each share
Common stock, shares, issued	5,475,210
Common stock, shares, outstanding	5,475,210
Number of trading days for determining the average reported last sale price	10 days
Temporary equity, shares outstanding	5,421,000	5,421,000
Common Class A [Member] \| IPO [Member]
Stockholders equity [Line Items]
Number of securities called by each warrant or right	1		1
Class of warrants or rights exercise price per share	$ 11.5		$ 11.5
Common Class A [Member] \| Public Warrants [Member]
Stockholders equity [Line Items]
Exercise Price Of Warrants Percentage	115.00%
Common Class A [Member] \| Public Warrants [Member] \| Share Price Equal Or Less Nine Point Two Rupees Per Dollar [Member]
Stockholders equity [Line Items]
Share price	$ 9.2
Proceeds used for business combination as a percentage of total equity proceeds	60.00%
Volume weighted average price of shares	$ 9.2
Common Class A [Member] \| Public Warrants [Member] \| Share Price Equal Or Exceeds Eighteen Rupees Per Dollar [Member]
Stockholders equity [Line Items]
Share price	$ 18
Exercise Price Of Warrants Percentage	180.00%
Share Redemption Trigger Price	$ 18
Number Of trading days for determining the share price	20 days
Number of consecutive trading days for determining the share price	30 days
Common Class B [Member]
Stockholders equity [Line Items]
Common stock, shares authorized	4,000,000	4,000,000
Common stock par or stated value per share	$ 0.0001	$ 0.0001
Common stock, voting rights	one vote for each share
Common stock, shares, issued	1,355,250	1,355,250
Common stock, shares, outstanding	1,355,250	1,355,250
Stock conversion basis	one-to-one

Stock-Based Compensation - Additional Information (Detail) - USD ($)				1 Months Ended	25 Months Ended
	Mar. 17, 2023	Mar. 17, 2023	Mar. 16, 2023	Aug. 31, 2022	Mar. 31, 2024	May 01, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation expense					$ 0
Share price					$ 0.81
Aggregate grant date fair value of the awards					$ 40,500
Unrecognized compensation expense					$ 40,500
Over-Allotment Option [Member] \| Underwriting Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued during the period shares	221,000
Representative Shares [Member] \| Underwriting Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued under share-based payment arrangement		54,210
Fair value of shares issued under share-based payment arrangement		$ 270,520
Representative Shares [Member] \| Over-Allotment Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares Issued	2,210	2,210
Total Shares	54,210	54,210
Representative Shares [Member] \| Over-Allotment Option [Member] \| Underwriting Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock issued during the period shares			52,000
Common Class B [Member] \| Sponsor [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share price						$ 0.011
Common Class B [Member] \| Director [Member] \| Sponsor [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sponsor transferred share				25,000

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Loss Carryforwards [Line Items]
Effective tax rate	57.30%	(19.70%)
Statutory rate	21.00%	21.00%
Income tax penalties and interest expenses	$ 22,012	$ 0