$FRLA
Fortune Rise Acquisition Corp Stock $frla

$frla Overview Financials Valuation SEC Filings Company Website

2023 Q4 Form 10-Q Financial Statement

#000168316823008348 Filed on November 20, 2023

Income Statement

Concept	2023 Q4	2023 Q3
Revenue	$0.00	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$27.65K	$38.00K
YoY Change	-49.32%	-21.81%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses	$734.7K	$431.4K
YoY Change	160.43%	57.13%
Operating Profit		-$431.4K
YoY Change		57.13%
Interest Expense	$0.00	$487.7K
YoY Change	-100.0%	8.19%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income	-$734.7K	$56.36K
YoY Change	-225.8%	-68.03%
Income Tax	$8.670K	$15.98K
% Of Pretax Income		28.35%
Net Earnings	-$743.4K	$40.38K
YoY Change	-424.71%	-77.09%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share	-$0.12	$0.01
COMMON SHARES
Basic Shares Outstanding	6.272M shares	6.724M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2023 Q4	2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments	$12.91K	$111.8K
YoY Change	-92.51%	-51.62%
Cash & Equivalents	$12.91K	$111.7K
Short-Term Investments
Other Short-Term Assets	$106.7K	$192.8K
YoY Change	267.79%	412.01%
Inventory
Prepaid Expenses	$106.7K	$192.8K
Receivables
Other Receivables
Total Short-Term Assets	$119.6K	$304.5K
YoY Change	-40.61%	13.36%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$34.85M	$39.54M
YoY Change	-65.81%	-60.59%
Other Assets
YoY Change
Total Long-Term Assets	$34.85M	$39.54M
YoY Change	-65.81%	-60.59%
TOTAL ASSETS
Total Short-Term Assets	$119.6K	$304.5K
Total Long-Term Assets	$34.85M	$39.54M
Total Assets	$34.97M	$39.84M
YoY Change	-65.76%	-60.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$293.2K	$218.1K
YoY Change	87.88%	2076.25%
Accrued Expenses	$703.9K	$654.3K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt	$4.767M	$4.010M
YoY Change	508.18%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$5.764M	$4.882M
YoY Change	308.51%	3045.36%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$3.421M	$3.421M
YoY Change	0.0%	0.0%
Total Long-Term Liabilities	$3.421M	$3.421M
YoY Change	0.0%	0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities	$5.764M	$4.882M
Total Long-Term Liabilities	$3.421M	$3.421M
Total Liabilities	$9.185M	$8.303M
YoY Change	86.84%	132.17%
SHAREHOLDERS EQUITY
Retained Earnings	-$9.097M	-$8.047M
YoY Change	109.99%	157.34%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$25.79M	-$8.047M
YoY Change
Total Liabilities & Shareholders Equity	$34.97M	$39.84M
YoY Change	-65.76%	-60.39%

Cashflow Statement

Concept	2023 Q4	2023 Q3
OPERATING ACTIVITIES
Net Income	-$743.4K	$40.38K
YoY Change	-424.71%	-77.09%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities	-$594.2K	-$424.8K
YoY Change	715.45%	169.54%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities	$4.685M	-$260.6K
YoY Change	-708.77%
Cash From Investing Activities	$4.685M	-$260.6K
YoY Change	-708.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-4.189M	610.0K
YoY Change	-634.53%
NET CHANGE
Cash From Operating Activities	-594.2K	-424.8K
Cash From Investing Activities	4.685M	-260.6K
Cash From Financing Activities	-4.189M	610.0K
Net Change In Cash	-98.84K	-75.46K
YoY Change	68.5%	-52.12%
FREE CASH FLOW
Cash From Operating Activities	-$594.2K	-$424.8K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	dei	Entity Central Index Key EntityCentralIndexKey	0001849294
	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2023
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q3
CY2023Q3	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		usd
CY2022Q4	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		usd
	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2023-09-30
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	001-40990
	dei	Entity Registrant Name EntityRegistrantName	FORTUNE RISE ACQUISITION CORPORATION
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	86-1850747
	dei	Entity Address Address Line1 EntityAddressAddressLine1	13575 58th Street North
	dei	Entity Address Address Line2 EntityAddressAddressLine2	Suite 200
	dei	Entity Address City Or Town EntityAddressCityOrTown	Clearwater
	dei	Entity Address State Or Province EntityAddressStateOrProvince	FL
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	33760
	dei	City Area Code CityAreaCode	(727)
	dei	Local Phone Number LocalPhoneNumber	440-4603
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	true
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	true
	dei	Entity Ex Transition Period EntityExTransitionPeriod	false
	dei	Entity Shell Company EntityShellCompany	true
CY2023Q4	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	6271798	shares
CY2023Q3	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	111745	usd
CY2022Q4	us-gaap	Cash And Cash Equivalents At Carrying Value CashAndCashEquivalentsAtCarryingValue	172314	usd
CY2023Q3	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	192772	usd
CY2022Q4	us-gaap	Prepaid Expense Current PrepaidExpenseCurrent	4000	usd
CY2023Q3	frla	Prepaid Expenses Related Party PrepaidExpensesRelatedParty	0	usd
CY2022Q4	frla	Prepaid Expenses Related Party PrepaidExpensesRelatedParty	25000	usd
CY2023Q3	us-gaap	Assets Current AssetsCurrent	304517	usd
CY2022Q4	us-gaap	Assets Current AssetsCurrent	201314	usd
CY2023Q3	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	39535883	usd
CY2022Q4	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	101942526	usd
CY2023Q3	us-gaap	Assets Assets	39840400	usd
CY2022Q4	us-gaap	Assets Assets	102143840	usd
CY2023Q3	us-gaap	Accounts Payable And Accrued Liabilities Current And Noncurrent AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	218056	usd
CY2022Q4	us-gaap	Accounts Payable And Accrued Liabilities Current And Noncurrent AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	156052	usd
CY2023Q3	frla	Due To Related Parties Current1 DueToRelatedPartiesCurrent1	15000	usd
CY2022Q4	frla	Due To Related Parties Current1 DueToRelatedPartiesCurrent1	50000	usd
CY2023Q3	frla	Promissory Notes Related Party PromissoryNotesRelatedParty	3994735	usd
CY2022Q4	frla	Promissory Notes Related Party PromissoryNotesRelatedParty	733750	usd
CY2023Q3	us-gaap	Taxes Payable Current TaxesPayableCurrent	0	usd
CY2022Q4	us-gaap	Taxes Payable Current TaxesPayableCurrent	271346	usd
CY2023Q3	frla	Franchise Taxes Payable Current FranchiseTaxesPayableCurrent	0	usd
CY2022Q4	frla	Franchise Taxes Payable Current FranchiseTaxesPayableCurrent	199759	usd
CY2023Q3	frla	Excise Taxes Payable Current ExciseTaxesPayableCurrent	654283	usd
CY2022Q4	frla	Excise Taxes Payable Current ExciseTaxesPayableCurrent	0	usd
CY2023Q3	us-gaap	Liabilities Current LiabilitiesCurrent	4882074	usd
CY2022Q4	us-gaap	Liabilities Current LiabilitiesCurrent	1410907	usd
CY2023Q3	us-gaap	Deferred Income Tax Liabilities DeferredIncomeTaxLiabilities	0	usd
CY2022Q4	us-gaap	Deferred Income Tax Liabilities DeferredIncomeTaxLiabilities	83724	usd
CY2023Q3	frla	Deferred Offering Costs Noncurrent DeferredOfferingCostsNoncurrent	3421250	usd
CY2022Q4	frla	Deferred Offering Costs Noncurrent DeferredOfferingCostsNoncurrent	3421250	usd
CY2023Q3	us-gaap	Liabilities Liabilities	8303324	usd
CY2022Q4	us-gaap	Liabilities Liabilities	4915881	usd
CY2023Q3	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	39583698	usd
CY2022Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	101559697	usd
CY2023Q3	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2022Q4	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2023Q3	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	2000000	shares
CY2022Q4	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	2000000	shares
CY2023Q3	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2023Q3	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2022Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2022Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2023Q3	us-gaap	Preferred Stock Value PreferredStockValue	0	usd
CY2022Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	usd
CY2023Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-8046932	usd
CY2022Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-4332048	usd
CY2023Q3	us-gaap	Stockholders Equity StockholdersEquity	-8046622	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	-4331738	usd
CY2023Q3	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	39840400	usd
CY2022Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	102143840	usd
CY2023Q3	us-gaap	Operating Costs And Expenses OperatingCostsAndExpenses	393380	usd
CY2022Q3	us-gaap	Operating Costs And Expenses OperatingCostsAndExpenses	225934	usd
	us-gaap	Operating Costs And Expenses OperatingCostsAndExpenses	1353037	usd
	us-gaap	Operating Costs And Expenses OperatingCostsAndExpenses	731906	usd
CY2023Q3	frla	Franchise Tax Expense FranchiseTaxExpense	38000	usd
CY2022Q3	frla	Franchise Tax Expense FranchiseTaxExpense	48600	usd
	frla	Franchise Tax Expense FranchiseTaxExpense	110400	usd
	frla	Franchise Tax Expense FranchiseTaxExpense	145200	usd
CY2023Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	-431380	usd
CY2022Q3	us-gaap	Operating Income Loss OperatingIncomeLoss	-274534	usd
	us-gaap	Operating Income Loss OperatingIncomeLoss	-1463437	usd
	us-gaap	Operating Income Loss OperatingIncomeLoss	-877106	usd
CY2023Q3	us-gaap	Investment Income Interest InvestmentIncomeInterest	487742	usd
CY2022Q3	us-gaap	Investment Income Interest InvestmentIncomeInterest	450819	usd
	us-gaap	Investment Income Interest InvestmentIncomeInterest	2342684	usd
	us-gaap	Investment Income Interest InvestmentIncomeInterest	600565	usd
CY2023Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	56362	usd
CY2022Q3	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	176285	usd
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	879247	usd
	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	-276541	usd
CY2023Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	15979	usd
CY2022Q3	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	-0	usd
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	487585	usd
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	-0	usd
CY2023Q3	us-gaap	Net Income Loss NetIncomeLoss	40383	usd
CY2022Q3	us-gaap	Net Income Loss NetIncomeLoss	176285	usd
	us-gaap	Net Income Loss NetIncomeLoss	391662	usd
	us-gaap	Net Income Loss NetIncomeLoss	-276541	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	-4331738	usd
CY2023Q1	frla	Accretion Of Carrying Value To Redemption Value AccretionOfCarryingValueToRedemptionValue	-1757925	usd
CY2023Q1	us-gaap	Net Income Loss NetIncomeLoss	356206	usd
CY2023Q1	us-gaap	Stockholders Equity StockholdersEquity	-5733457	usd
CY2023Q2	frla	Accretion Of Carrying Value To Redemption Value AccretionOfCarryingValueToRedemptionValue	960575	usd
CY2023Q2	frla	Excise Taxes Accrual On Redemption Of Class Common Stock ExciseTaxesAccrualOnRedemptionOfClassCommonStock	-654283	usd
CY2023Q2	us-gaap	Net Income Loss NetIncomeLoss	-4927	usd
CY2023Q2	us-gaap	Stockholders Equity StockholdersEquity	-7353242	usd
CY2023Q3	frla	Accretion Of Carrying Value To Redemption Value AccretionOfCarryingValueToRedemptionValue	733763	usd
CY2023Q3	us-gaap	Net Income Loss NetIncomeLoss	40383	usd
CY2023Q3	us-gaap	Stockholders Equity StockholdersEquity	-8046622	usd
CY2021Q4	us-gaap	Stockholders Equity StockholdersEquity	-2429432	usd
CY2022Q1	us-gaap	Net Income Loss NetIncomeLoss	-270622	usd
CY2022Q1	us-gaap	Stockholders Equity StockholdersEquity	-2700054	usd
CY2022Q2	us-gaap	Net Income Loss NetIncomeLoss	-182204	usd
CY2022Q2	us-gaap	Stockholders Equity StockholdersEquity	-2882258	usd
CY2022Q3	frla	Accretion Of Carrying Value To Redemption Value AccretionOfCarryingValueToRedemptionValue	420713	usd
CY2022Q3	us-gaap	Net Income Loss NetIncomeLoss	176285	usd
CY2022Q3	us-gaap	Stockholders Equity StockholdersEquity	-3126686	usd
	us-gaap	Net Income Loss NetIncomeLoss	391662	usd
	us-gaap	Net Income Loss NetIncomeLoss	-276541	usd
	us-gaap	Investment Income Interest InvestmentIncomeInterest	2342684	usd
	us-gaap	Investment Income Interest InvestmentIncomeInterest	600565	usd
	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	-83724	usd
	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	0	usd
	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	188772	usd
	us-gaap	Increase Decrease In Prepaid Expense IncreaseDecreaseInPrepaidExpense	-149852	usd
	frla	Increase Decrease Prepaid Expenses Related Party IncreaseDecreasePrepaidExpensesRelatedParty	-25000	usd
	frla	Increase Decrease Prepaid Expenses Related Party IncreaseDecreasePrepaidExpensesRelatedParty	-0	usd
	frla	Increase Decrease In Due To Related Party IncreaseDecreaseInDueToRelatedParty	15000	usd
	frla	Increase Decrease In Due To Related Party IncreaseDecreaseInDueToRelatedParty	0	usd
	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	62004	usd
	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	1813	usd
	us-gaap	Increase Decrease In Income Taxes IncreaseDecreaseInIncomeTaxes	-271346	usd
	us-gaap	Increase Decrease In Income Taxes IncreaseDecreaseInIncomeTaxes	0	usd
	frla	Increase Decrease Franchise Tax Payable IncreaseDecreaseFranchiseTaxPayable	-199759	usd
	frla	Increase Decrease Franchise Tax Payable IncreaseDecreaseFranchiseTaxPayable	109239	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-2592619	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-616202	usd
	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	1707565	usd
	us-gaap	Payments To Acquire Investments PaymentsToAcquireInvestments	-0	usd
	frla	Withdraw Of Investment Held In Trust Account WithdrawOfInvestmentHeldInTrustAccount	66456892	usd
	frla	Withdraw Of Investment Held In Trust Account WithdrawOfInvestmentHeldInTrustAccount	0	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	64749327	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	0	usd
	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	3210985	usd
	us-gaap	Proceeds From Issuance Of Debt ProceedsFromIssuanceOfDebt	0	usd
	frla	Class Common Stock Redemptions ClassCommonStockRedemptions	65428262	usd
	frla	Class Common Stock Redemptions ClassCommonStockRedemptions	-0	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-62217277	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	0	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-60569	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-616202	usd
CY2022Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	172314	usd
CY2021Q4	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	847171	usd
CY2023Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	111745	usd
CY2022Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	230969	usd
	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	865024	usd
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	us-gaap	Interest Paid Net InterestPaidNet	0	usd
	us-gaap	Interest Paid Net InterestPaidNet	0	usd
	frla	Accretions Of Carrying Value To Redemption Value AccretionsOfCarryingValueToRedemptionValue	3452263	usd
	frla	Accretions Of Carrying Value To Redemption Value AccretionsOfCarryingValueToRedemptionValue	420713	usd
	frla	Excise Taxes Accrual On Redemptions Of Class Common Stock ExciseTaxesAccrualOnRedemptionsOfClassCommonStock	654283	usd
	frla	Excise Taxes Accrual On Redemptions Of Class Common Stock ExciseTaxesAccrualOnRedemptionsOfClassCommonStock	0	usd
	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_80C_eus-gaap--NatureOfOperations_zl9dNYuNClP5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Note 1 — <span id="xdx_82F_zcY6X0SAJeYl">Organization and Business Operation</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fortune Rise Acquisition Corporation (the “Company”) is a blank check company incorporated as a Delaware corporation on February 1, 2021. The Company was 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 (a “Business Combination”). The Company has signed a non-binding Letter of Intent for the Proposed Business Combination as discussed below. The Company has selected December 31 as its fiscal year end.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2023 and December 31, 2022, the Company had not commenced any operations. For the period from February 1, 2021 (inception) through September 30, 2023, the Company’s efforts have been limited to organizational activities as well as activities related to the IPO (as defined below). The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company had generated non-operating income in the form of money market fund dividend income earned from the proceeds derived from the IPO up until September 2023 with all the money market fund were converted into cash.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statement for the Company’s initial public offering (“IPO”) became effective on November 2, 2021. On November 5, 2021, the Company consummated the IPO of <span id="xdx_901_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_iI_c20211105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zUeJqR6lsUSk" title="Number of units sold">9,775,000</span> units (including 1,275,000 units issued upon the full exercise of the over-allotment option, the “Public Units”). Each Public Unit consists of <span id="xdx_90E_ecustom--UnitDescription_c20211104__20211105_z80mIWCdyuVj" title="Unit description">one share of Class A common stock, $0.0001 par value per share (“Class A Common Stock”), and one-half of one redeemable warrant (“Warrant”)</span>, each whole Warrant entitling the holder thereof to purchase one share of Class A Common Stock at an exercise price of $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211105__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zVeuOaGOprbd" title="Exercise price">11.50</span> per share. The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds of $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211104__20211105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zwAVRBnrlrY" title="Proceeds from issuance initial public offering">97,750,000</span>. The shares of Class A Common Stock included in the Public Units are referred to as the “public shares.”</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Substantially concurrently with the closing of the IPO, the Company completed the private sale of <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211104__20211105__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zCWfInTNUYgk" title="Number of shares issued">545,500</span> shares of Class A Common Stock (the “Private Placement Shares”), comprised of <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211104__20211105__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--CounterpartyNameAxis__custom--SponsorMember_zICZzM9oyEy4" title="Number of shares issued">505,500</span> shares sold to the Company’s sponsor, Fortune Rise Sponsor LLC (the “Sponsor”) and <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211104__20211105__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--UnitedStatesTigerSecuritiesAndEfHuttonMember_z3LQRgUJx3h6" title="Number of shares issued">40,000</span> shares sold to US Tiger Securities, Inc. (“US Tiger Securities”), and EF Hutton, a division of Benchmark Investment LLC, the representatives of the several underwriters (each, a “Representative”), at a purchase price of $10.00 per Private Placement Share, generating gross proceeds to the Company of $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20211104__20211105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zJmpkM0E1IEd" title="Proceeds from Issuance of private placement">5,455,000</span>. The Private Placement Shares are identical to the public shares, except that the holders have agreed not to transfer, assign or sell any of the Private Placement Shares (except to certain permitted transferees) until 30 days after the completion of the Company’s initial Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Transaction costs for the IPO amounted to $<span id="xdx_902_eus-gaap--PaymentsOfStockIssuanceCosts_pp0p0_c20211104__20211105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zOUTXYCPXVs7" title="Transaction costs">5,822,268</span>, consisting of $<span id="xdx_909_eus-gaap--PaymentsOfStockIssuanceCosts_pp0p0_c20211104__20211105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--TransactionTypeAxis__custom--UnderwritingFeesMember_znrAe3FK4bwa" title="Underwriting fees">5,376,250</span> of underwriting fees (including $3,421,250 of deferred underwriting fees) and $<span id="xdx_90C_eus-gaap--PaymentsOfStockIssuanceCosts_pp0p0_c20211104__20211105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--TransactionTypeAxis__custom--OtherOfferingCostsMember_zTYkX470K131" title="Other offering costs">446,018</span> of other offering costs.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20211104__20211105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--CounterpartyNameAxis__custom--RepresentativeSharesMember_zTWBcohy26Ma" title="Number of shares issued to representatives as compensation">120,000</span> shares of Class A Common Stock (the “Representative Shares”) to the Representatives as part of their underwriting compensation. The Representative Shares are identical to the public shares except that the Representatives have agreed not to transfer, assign or sell any such Representative Shares until the completion of the Company’s initial Business Combination. The Representative Shares are deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of the commencement of sales in the IPO pursuant to FINRA Rule 5110(e)(1). In addition, the Representatives have agreed (i) to waive their redemption rights with respect to such shares in connection with the completion of the Company’s initial Business Combination and (ii) to waive their rights to liquidating distributions from the Trust Account (as defined below) with respect to such shares if the Company fails to complete its initial Business Combination by December 5, 2023 (or up to November 5, 2024, if the Company extends the time to complete a Business Combination).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the closing of the IPO and the issuance and the sale of Private Placement Shares on November 5, 2021, $99,705,000 ($10.20 per Public Unit) from the net proceeds of the sale of the Public Units in the IPO and the sale of Private Placement Shares was placed in a trust account (the “Trust Account”) maintained by Wilmington Trust, National Association as a trustee and invested the proceeds in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, with a maturity of 180 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 of 1940, as amended (the “Investment Company Act”), as determined by the Company, until the earlier of: (a) the completion of the initial Business Combination, (b) the redemption of any public shares properly submitted in connection with a stockholder vote to amend the Company’s amended and restated certificate of incorporation (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s public shares if it does not complete the initial Business Combination by December 5, 2023 (or up to November 5, 2024, if the Company extends the time to complete a Business Combination) or (ii) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity and (c) the redemption of the Company’s public shares if it is unable to complete the Business Combination by December 5, 2023 (or up to November 5, 2024, if the Company extends the time to complete a Business Combination), subject to applicable law. The proceeds deposited in the Trust Account could become subject to the claims of the Company’s creditors, if any, which could have priority over the claims of the Company’s public stockholders.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s initial Business Combination must occur with one or more target businesses that together have an aggregate fair market value of at least 80% of the assets held in the Trust Account (excluding the deferred underwriting fee and taxes payable and interest previously released for working capital purposes on the income earned on the Trust Account) 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 the post-transaction company not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to complete a Business Combination successfully.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares of Class A Common Stock subject to redemption were recorded at a redemption value and classified as temporary equity upon the completion of the IPO, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” The Company will proceed with a Business Combination (if the Company seeks stockholder approval), if a majority of the issued and outstanding shares voted are voted in favor of the Business Combination. The Company will have until December 5, 2023 (or up to November 5, 2024, if the Company extends the time to complete a Business Combination and payment of the extension by the Sponsor, or its affiliates), to complete the initial Business Combination (the “Combination Period”). If the Company is unable to complete the initial Business Combination within the Combination Period, 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 public shares, 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 and not previously released to the Company for working capital purposes or to pay the Company’s taxes (less up to $50,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and its board of directors, dissolve and liquidate, 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. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless if the Company fails to complete the Business Combination within the Combination Period. The founders have entered into a letter agreement with the Company, pursuant to which they have agreed (i) to waive their redemption rights with respect to any Founder Shares (defined below), Private Placement Shares, and any public shares held by them in connection with the completion of the initial Business Combination, (ii) waive their redemption rights with respect to their Founder Shares, Private Placement Shares and public shares in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the initial Business Combination or to redeem 100% of the Company’s public shares if the Company does not complete its initial Business Combination by December 5, 2023 (or up to November 5, 2024, if the Company extends the time to complete a Business Combination) and payment of the extension by our Sponsor, or its affiliates), or (B) with respect to any other provision relating to stockholders’ rights or pre-initial Business Combination activity and (iii) to waive their rights to liquidating distributions from the Trust Account with respect to any Founder Shares held by them if the Company fails to complete the initial Business Combination by December 5, 2023 (or up to November 5, 2024, if the Company extends the time to complete a Business Combination and payment of the extension by our Sponsor, or its affiliates), although they will be entitled to liquidating distributions from the Trust Account with respect to any public shares they hold if the Company fails to complete the initial Business Combination within the prescribed time frame. If the Company submits its initial Business Combination to its stockholders for a vote, the Company will complete its initial Business Combination only if a majority of the outstanding shares of common stock voted are voted in favor of the initial Business Combination. In no event will the Company redeem its public shares of Class A Common Stock in an amount that would cause its net tangible assets to be less than $5,000,001. In such case, the Company would not proceed with the redemption of public shares of Class A Common Stock and the related Business Combination, and instead may search for an alternate Business Combination. <span style="background-color: white">As approved by its stockholders at the Special Meeting on October 25, 2023, the Company deleted the limitations that the Company shall not consummate a business combination or redeem shares if such actions would cause the Company’s net tangible assets to be less than $5,000,001 and filed an amendment to its amended and restated certificate of incorporation with the Delaware Secretary of State on October 25, 2023</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor has agreed that it will 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 by 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 (i) $10.20 per public share or (ii) such lesser 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 underwriters 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, then the Company’s Sponsor will not be responsible to the extent of any liability for such third party claims.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Termination of Prior Proposed Business Combination</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 26, 2022, the Company entered into an agreement and plan of merger (the “Merger Agreement”) by and among Sigma Merger Sub Inc., a Delaware corporation and its direct, wholly owned subsidiary (“Sigma Merger Sub”), Gamma Merger Sub Inc., a Delaware corporation and its direct, wholly owned subsidiary (“Gamma Merger Sub”), VCV Power Sigma, Inc., a Delaware corporation (“Sigma”), VCV Power Gamma, Inc., a Delaware corporation (“Gamma,” and, together with Sigma, “VCV Digital Technology”), and Jerry Tang, in his capacity as the representative for stockholders of VCV Digital Technology and for certain limited purposes under Section 5.13 thereunder. Pursuant to the Merger Agreement, among other things, (i) in accordance with the General Corporation Law of the State of Delaware, as amended (the “DGCL”), Sigma Merger Sub would merge with and into Sigma, with Sigma surviving the Sigma Merger as the Company’s wholly owned subsidiary, and (ii) in accordance with the DGCL, Gamma Merger Sub will merge with and into Gamma, with Gamma surviving the Gamma Merger as its wholly owned subsidiary.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 19, 2022, pursuant to Section 11.01(a) of the Merger Agreement, the Company and VCV Digital Technology entered into a termination agreement and mutually agreed to terminate the Merger Agreement and the transaction contemplated thereby was abandoned.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Change of Sponsor</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 22, 2022, Water On Demand, Inc., a Nevada corporation (“WODI”), entered into a Membership Interest Purchase and Transfer Agreement with Ka Wai Cheung, Koon Lin Chan, and Koon Keung Chan (each a “Seller,” and collectively, the “Sellers”) and the Sponsor, pursuant to which WODI purchased 100 membership interests in the Sponsor from the Sellers, which constitutes 100% of the membership interests in the Sponsor. The Sponsor holds <span id="xdx_90F_ecustom--CommonStockSharesHeld_iI_c20230930__srt--CounterpartyNameAxis__custom--TheSponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zzjPqAh7rkm" title="Common stock, shares held">2,343,750</span> shares out of <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_c20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z0CaOoI9aVmc"><span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_c20230930__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zE4AaWKmTvCa">2,443,750</span></span> shares of the issued and outstanding shares of Class B Common Stock of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>The Proposed Business Combination</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 5, 2023, the Company filed a press release which announced the signing of a non-binding Letter of Intent (“LOI”) with WODI under which the Company proposes to acquire all the outstanding securities of WODI, based on certain material financial and business terms and conditions being met. On September 28, 2023, the Company announced that the LOI was amended and assigned to Water On Demand, Inc. (f/k/a Progressive Water Treatment Inc.), a Texas corporation (“WODI-PWT”). WODI-PWT recently merged with WODI. Accordingly, the LOI executed January 5, 2023 with WODI has been amended to designate WODI-PWT as the new target of the acquisition. Under the revised/amended LOI, the Company proposes to acquire all the outstanding securities of WODI-PWT, based on certain material financial and business terms and conditions being met. The LOI is not binding on the parties and is intended solely to guide good-faith negotiations toward definitive agreements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="background-color: white">On October 24, 2023, the Company entered into a Business Combination Agreement (as it may be amended, supplemented or otherwise modified from time to time, the “BCA”) with FRLA Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”), and WODI-PWT.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The BCA provides, among other things, that Merger Sub will merge with and into WODI-PWT, with WODI-PWT as the surviving company in the merger and, after giving effect to such merger, WODI-PWT shall be a wholly-owned subsidiary of the Company (the “Merger”). The Company will change its name to “Water on Demand, Inc.” The Merger and the other transactions contemplated by the BCA are hereinafter referred to as the “Business Combination.” In accordance with the terms and subject to the conditions of the BCA, at the effective time of the Merger (the “Effective Time”), among other things: (i) each share of Class A Common Stock and each share of Class B Common Stock (except for Class B Common Stock held by the Sponsor which are subject to forfeiture pursuant to the Sponsor Letter Agreement) that is issued and outstanding immediately prior to the Merger will become one share of common stock, par value $0.0001 per share, of the Company, and (ii) each share of common stock of WODI-PWT (subject to limited exceptions) issued and outstanding as of immediately prior to the Effective Time shall be automatically canceled and extinguished and converted into the right to receive that number of shares of the Company’s common stock equal to an exchange ratio, calculated as (a) the aggregate equity value of WODI-PWT of $32.0 million, divided by the aggregate number of shares of WODI-PWT common stock outstanding immediately prior to the Effective Time, divided by (b) the FRLA Share Value, where “FRLA Share Value” means (i) the aggregate amount of cash on deposit in the Trust Account (without giving effect to stockholder redemptions) as of two business days prior to the closing date of the Merger, including interest not previously released to the Company to pay taxes of the Company divided by (ii) the total number of then issued and outstanding shares of Class A Common Stock (without giving effect to stockholder redemptions).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Extension Amendment on Business Combination</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On April 11, 2023, the Company filed with the Secretary of State of the State of Delaware an amendment (the “Extension Amendment”) to the Company’s amended and restated certificate of incorporation to extend the date by which the Company must consummate a Business Combination up to six times, each by an additional month, for an aggregate of six additional months (i.e., from May 5, 2023 to up to November 5, 2023) or such earlier date as determined by the board of directors. The Company’s stockholders approved the Extension Amendment at a special meeting of stockholders of the Company on April 10, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the June 2, 2023 special meeting of stockholders of the Company, the Company filed with the Secretary of State of the State of Delaware an amendment to the Company’s amended and restated certificate of incorporation to amend the monthly extension amounts to be paid by the Sponsor (or its affiliates), to extend the period of time for the Company to consummate a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination involving the Company to be made upon the request of the Sponsor, and approval by the Company’s board of directors, from an amended price per unredeemed share of Class A common stock of $0.0625 to the lower of $100,000 or $0.05 per unredeemed share of Class A Common Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As approved by its stockholders at the special meeting of stockholders held on October 25, 2023 (the “Special Meeting”), the Company entered into an amendment to the Investment Management Trust Agreement, dated as of November 2, 2021 (the “Trust Agreement”), by and between the Company and Wilmington Trust, National Association (“Wilmington Trust”), on October 25, 2023 (the “Trust Amendment”). The Trust Amendment extended the initial date on which Wilmington Trust must commence liquidation of the Trust Account to up to November 5, 2024, or such earlier date as determined by the Company’s board of directors (the “Board”), unless the closing of the Company’s initial business combination shall have occurred, provided that the Sponsor (or its affiliates or permitted designees) will deposit into the Trust Account the lesser of: (i) $100,000 and (ii) an aggregate amount equal to $0.05 multiplied by the number of public shares of the Company that are not redeemed, for each such one-month extension unless the closing of the Company’s initial business combination shall have occurred, in exchange for a non-interest bearing, unsecured promissory note payable upon consummation of a business combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From November 2022 to November 2023, a total of $<span id="xdx_909_eus-gaap--OtherPaymentsToAcquireBusinesses_c20221101__20231130__us-gaap--BusinessAcquisitionAxis__custom--WilmingtonTrustMember__us-gaap--TransactionTypeAxis__custom--TrustAgreementMember_zbmJV7DH1use" title="Cash deposited in Trust">2,885,064</span>.50 was deposited into the Trust Account for the public stockholders, which enabled the Company to extend the period of time it had to consummate its initial Business Combination from November 5, 2022 to December 5, 2023 (the “Extension”).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Liquidity and Going Concern</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2023, the Company had $<span id="xdx_908_eus-gaap--Cash_iI_pp0p0_c20230930_zTuTVl0XRqUk" title="Cash">111,745</span> in cash held outside the Trust Account available for the Company’s payment of expenses related to working capital purposes and a working capital deficit of $<span id="xdx_90D_ecustom--WorkingCapital_iNI_di_c20230930_zl2wcSqfyCG1" title="Working capital">4,577,557</span>. The Company has incurred and expects to continue to incur significant professional costs to remain as a publicly traded company and to incur significant transaction costs in pursuit of the consummation of a Business Combination. Accordingly, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (ASU) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” management has determined that these conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plan to address this uncertainty is through the Promissory Notes – related parties and the Working Capital Loans, as defined below (see Note 6). In addition, if the Company is unable to complete a Business Combination within the Combination Period by December 5, 2023 (or up to November 5, 2024, if the Company extends the time to complete a Business Combination), the Company’s board of directors would commence a winding up, dissolution and liquidation pursuant to the terms of the amended and restated certificate of incorporation and thereby a formal dissolution of the Company. There is no assurance that the Company’s plans to consummate a Business Combination will be successful within the Combination Period. As a result, management has determined that such additional condition also raises substantial doubt about the Company’s ability to continue as a going concern. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Inflation Reduction Act of 2022</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On August 16, 2022, the Inflation Reduction Act of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise tax on certain repurchases (including redemptions) 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 stockholders 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. Any redemption or other repurchase that occurs after December 31, 2022, in connection with a Business Combination, extension vote or otherwise, may be subject to the excise tax. Whether and to what extent the Company would be subject to the excise tax in connection with a Business Combination, extension vote or otherwise would depend on a number of factors, including (i) the fair market value of the redemptions and repurchases in connection with the Business Combination, extension or otherwise, (ii) the structure of a Business Combination, (iii) the nature and amount of any “PIPE” or other equity issuances issued within the same taxable year of a Business Combination and (iv) the content of regulations and other guidance from the Treasury. In addition, because the excise tax would be payable by the Company and not by the redeeming holder, the mechanics of any required payment of the excise tax have not been determined. The foregoing could cause a reduction in the cash available on hand to complete a Business Combination and in the Company’s ability to complete a Business Combination.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the <span id="xdx_90B_eus-gaap--StockRedeemedOrCalledDuringPeriodShares_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--InflationReductionActMember_zp0pHSfWe0yk" title="Number of shares redeemed, shares">6,160,048</span> shares of Class A common stock redeemed in April 2023 and June 2023, the Company accrued the 1% excise tax in the amount of $<span id="xdx_909_eus-gaap--StockRedeemedOrCalledDuringPeriodValue_c20230401__20230630__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__dei--LegalEntityAxis__custom--InflationReductionActMember_zk3NmTolcQak" title="Number of shares redeemed, value">654,283</span> as a reduction of equity, as the Company is uncertain about the structure of any Business Combination and whether additional shares will be issued within the same taxable year.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2021Q4	frla	Unit Description UnitDescription	one share of Class A common stock, $0.0001 par value per share (“Class A Common Stock”), and one-half of one redeemable warrant (“Warrant”)
CY2023Q3	us-gaap	Cash Cash	111745	usd
CY2023Q3	frla	Working Capital WorkingCapital	-4577557	usd
	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_840_eus-gaap--UseOfEstimates_zvYUI01JaHz7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_86C_zkdQL0yeUJug">Use of Estimates</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of 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 statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. The accompanying unaudited condensed financial statements include all adjustments management considers necessary for a fair presentation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023Q3	us-gaap	Cash Equivalents At Carrying Value CashEquivalentsAtCarryingValue	0	usd
CY2022Q4	us-gaap	Cash Equivalents At Carrying Value CashEquivalentsAtCarryingValue	0	usd
CY2023Q3	us-gaap	Assets Held In Trust AssetsHeldInTrust	39535883	usd
CY2022Q4	us-gaap	Assets Held In Trust AssetsHeldInTrust	101942526	usd
CY2023Q3	us-gaap	Dividend Income Operating DividendIncomeOperating	487742	usd
CY2022Q3	us-gaap	Dividend Income Operating DividendIncomeOperating	450819	usd
	us-gaap	Dividend Income Operating DividendIncomeOperating	2342684	usd
	us-gaap	Dividend Income Operating DividendIncomeOperating	600565	usd
	us-gaap	Concentration Risk Credit Risk ConcentrationRiskCreditRisk	<p id="xdx_841_eus-gaap--ConcentrationRiskCreditRisk_zjs88t5NbUq7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span id="xdx_865_zAiNQAgtCTY5">Concentration of Credit Risk</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2023Q3	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	usd
CY2022Q4	us-gaap	Unrecognized Tax Benefits UnrecognizedTaxBenefits	0	usd
CY2023Q3	us-gaap	Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued	0	usd
CY2022Q4	us-gaap	Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued	0	usd
CY2023Q3	us-gaap	Income Tax Examination Penalties And Interest Expense IncomeTaxExaminationPenaltiesAndInterestExpense	23285	usd
	us-gaap	Income Tax Examination Penalties And Interest Expense IncomeTaxExaminationPenaltiesAndInterestExpense	23285	usd
CY2023Q3	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	4887500	shares
CY2022Q3	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	4887500	shares
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	4887500	shares
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	4887500	shares
CY2023Q3	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	39535883	usd
CY2022Q4	us-gaap	Assets Held In Trust Noncurrent AssetsHeldInTrustNoncurrent	101942526	usd
CY2021Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	99705000	usd
CY2022	us-gaap	Temporary Equity Accretion To Redemption Value TemporaryEquityAccretionToRedemptionValue	1854697	usd
CY2022Q4	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	101559697	usd
	us-gaap	Temporary Equity Accretion To Redemption Value Adjustment TemporaryEquityAccretionToRedemptionValueAdjustment	-65428262	usd
	us-gaap	Temporary Equity Accretion To Redemption Value TemporaryEquityAccretionToRedemptionValue	3452263	usd
CY2023Q3	us-gaap	Temporary Equity Carrying Amount Attributable To Parent TemporaryEquityCarryingAmountAttributableToParent	39583698	usd
CY2023Q3	frla	Related Party Working Capital Loans RelatedPartyWorkingCapitalLoans	3994735	usd
CY2022Q4	frla	Related Party Working Capital Loans RelatedPartyWorkingCapitalLoans	733750	usd
CY2023Q3	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	2000000	shares
CY2023Q3	us-gaap	Preferred Stock Par Or Stated Value Per Share PreferredStockParOrStatedValuePerShare	0.0001
CY2023Q3	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2023Q3	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2022Q4	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2022Q4	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2023Q3	us-gaap	Class Of Warrant Or Right Outstanding ClassOfWarrantOrRightOutstanding	4887500	shares
CY2022Q4	us-gaap	Class Of Warrant Or Right Outstanding ClassOfWarrantOrRightOutstanding	4887500	shares
CY2023Q3	us-gaap	Warrants And Rights Outstanding WarrantsAndRightsOutstanding	4400000	usd
CY2023Q3	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.284	pure
CY2022Q3	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.000	pure
	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.555	pure
	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.000	pure
CY2023Q3	frla	True Up Income Taxes TrueUpIncomeTaxes	42091	usd

Files In Submission

Name	View Source	Status
frla-20230930_lab.xml	Edgar Link	unprocessable
FilingSummary.xml	Edgar Link	unprocessable
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0001683168-23-008348.txt	Edgar Link	pending
0001683168-23-008348-xbrl.zip	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
fortune_ex1002.htm	Edgar Link	pending
fortune_ex1004.htm	Edgar Link	pending
fortune_ex1006.htm	Edgar Link	pending
fortune_ex1008.htm	Edgar Link	pending
fortune_ex1009.htm	Edgar Link	pending
fortune_ex1014.htm	Edgar Link	pending
fortune_ex3101.htm	Edgar Link	pending
fortune_ex3102.htm	Edgar Link	pending
fortune_ex3201.htm	Edgar Link	pending
fortune_i10q-093023.htm	Edgar Link	pending
frla-20230930.xsd	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
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R35.htm	Edgar Link	pending
frla-20230930_cal.xml	Edgar Link	unprocessable
frla-20230930_pre.xml	Edgar Link	unprocessable
frla-20230930_def.xml	Edgar Link	unprocessable
fortune_i10q-093023_htm.xml	Edgar Link	completed
R4.htm	Edgar Link	pending
R5.htm	Edgar Link	pending
R6.htm	Edgar Link	pending
R7.htm	Edgar Link	pending
R8.htm	Edgar Link	pending
R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending

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$FRLA
Fortune Rise Acquisition Corp Stock $frla

2023 Q4 Form 10-Q Financial Statement

#000168316823008348 Filed on November 20, 2023

Income Statement

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$FRLA Fortune Rise Acquisition Corp Stock $frla

2023 Q4 Form 10-Q Financial Statement

#000168316823008348 Filed on November 20, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$FRLA
Fortune Rise Acquisition Corp Stock $frla