<SEC-DOCUMENT>0001213900-25-007710.txt : 20250307
<SEC-HEADER>0001213900-25-007710.hdr.sgml : 20250307
<ACCEPTANCE-DATETIME>20250129093434
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001213900-25-007710
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Falcon's Beyond Global, Inc.
		CENTRAL INDEX KEY:			0001937987
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990]
		ORGANIZATION NAME:           	07 Trade & Services
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1768 PARK CENTER DRIVE
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835
		BUSINESS PHONE:		407-909-9350

	MAIL ADDRESS:	
		STREET 1:		1768 PARK CENTER DRIVE
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32835

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Falcons Beyond Global, Inc.
		DATE OF NAME CHANGE:	20220713
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">January 29, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>VIA EDGAR</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United States Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 0.75in"><FONT STYLE="font-size: 10pt">Attention:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Tony Watson</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Adam Phippen</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Office of Trade &amp; Services</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.75in"><FONT STYLE="font-size: 10pt"><B>Re:</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt"><B>Falcon&rsquo;s Beyond Global, Inc. </B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Form 10-K for the Fiscal Year Ended December 31, 2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Filed April 29, 2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt"><B>File No. 001-41833</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Watson and Mr. Phippen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter responds to comments
received in a letter from the Staff (the &quot;Staff&quot;) of the Securities and Exchange Commission (the &ldquo;Commission&rdquo;),
dated December 30, 2024 (the &ldquo;Comment Letter&rdquo;) to Falcon&rsquo;s Beyond Global, Inc. (the &quot;Company&quot;) related to
the Form 10-K for the fiscal year ended December 31, 2023 (the &ldquo;Annual Report&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For your convenience, we have
set forth below the Staff&rsquo;s comments followed by the Company&rsquo;s responses thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Form 10-K for the Fiscal Year Ended December 31, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Item 7. Management's Discussion and Analysis
of Financial Condition and Results of Operations</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Non-GAAP Financial Measures, page 74</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><B><I>1.</I></B></TD><TD STYLE="text-align: justify"><B><I>We note your adjustment for credit loss exposure in
your calculation of Adjusted EBITDA. Please tell us how you determined that excluding these expenses does not substitute an individually
tailored recognition and measurement method for those of GAAP. Refer to Question 100.04 of the Non-GAAP Financial Measures Compliance
and Disclosure Interpretations.</I></B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company acknowledges the Staff&rsquo;s
comment and respectfully advises the Staff that the adjustment for credit loss exposure specifically relates to an increase in the credit
loss reserve on accounts receivable from the Sierra Parima joint venture. As disclosed in Note 8. Investments and advances to equity method
investments on page F-24 and Note 11. Related party transactions on page F-33 of the Annual Report, in 2023 Sierra Parima began to wind
down operations at Katmandu Park which resulted in a full impairment of the equity method investment, an impairment of the Katmandu Park
fixed assets and a full credit loss reserve adjustment on account receivable balances related to Sierra Parima. The Company considered
Question 100.04 of the Non-GAAP Financial Measures Compliance and Disclosure Interpretations (&ldquo;C&amp;DI&rdquo;) and does not believe
that it is tailoring the recognition or measurement principles required to be applied in accordance with GAAP in our Adjusted EBITDA calculation,
but rather excluding the impacts of the impairment of our Sierra Parima joint venture to provide an understanding of our ongoing core
performance. The Company further considered C&amp;DI Question 100.01 to assess whether these adjustments would reflect normal, recurring
operating expenses. In considering C&amp;DI Question 100.01, we considered that the impairment of Sierra Parima resulted from the closure
of Katmandu Park due to various financial, operational, and infrastructure challenges, which we do not believe are normal or recurring
nor reflective of future operations. Further, we have not previously experienced similar material impairments or write-offs of balances
relating to our investments and we did not have any further impairments or write-offs in the current year. Therefore, we believe that
the adjustment is not misleading under the guidance in C&amp;DI Question 100.01 or 100.4. The Company will clarify in its December 31,
2024 Form 10-K that the credit loss exposure adjustment relates to the closure of Sierra Parima&rsquo;s Katmandu Park.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Consolidated Statements of Operations and
Comprehensive Loss, page F-4</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>2.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please tell us your consideration of the guidance in ASC 805-40-45-3 through 805-40-45-5</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company acknowledges the Staff&rsquo;s
comment and respectfully advises the Staff that the Company considered the accounting for the merger of Falcon&rsquo;s Beyond Global,
LLC (&ldquo;Predecessor&rdquo;) with FAST Acquisition Corp. II (&ldquo;FAST II&rdquo;) and the Company (&ldquo;PubCo&rdquo;) on October
5, 2023, including the scope of ASC 805-40 and the appropriate financial statement presentation for the transaction. This merger was accounted
for as a reverse recapitalization because FAST II did not qualify as a business under Accounting Standards Codification (&ldquo;ASC&rdquo;)
805-10-55-3A and its assets were primarily comprised of cash and investments, while PubCo was a newly formed entity with no assets or
operations. As a result, the merger was treated as the equivalent of the Predecessor issuing stock for the net assets of FAST II, accompanied
by a recapitalization with PubCo. ASC 805-40-15-2 states that the &ldquo;guidance in this Subtopic applies to <I>business combinations
[added for emphasis]</I> that are reverse acquisitions.&rdquo; Accordingly, we determined that ASC 805-40 does not apply to this transaction
as it is not accounted for as a business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In considering the presentation in the
statement of operations, including the presentation of earnings per share, we also considered whether the guidance in ASC 260-10-55-12,
which requires retroactive application of a stock split or stock dividend in calculating earnings per share, would be applicable. However,
in connection with the transaction, the Company effectuated an &ldquo;UP-C&rdquo; structure whereby the legacy members&rsquo; equity of
the Predecessor is not directly exchanged for the legal capital of the Company, but rather remains outstanding as Non-Controlling Interest.
The Predecessor&rsquo;s legacy equity holders received Class B common stock, which provided voting rights but no direct economic rights
in the Company. As the merger does not result in an exchange of interests in the Predecessor for similar economic interests in the Company,
we concluded that this transaction is not akin to a stock split nor would it be relevant to retroactively reflect the Predecessor&rsquo;s
historical equity as legal capital of PubCo. Instead, the Company reclassified the Predecessor&rsquo;s members&rsquo; equity, along with
the acquired net assets of FAST II, to Non-Controlling Interest and other equity accounts at the time of the merger and only presented
Net Loss per Share on a prospective basis. The Company is not presenting Net Loss per share prior to the merger because it does not believe
such disclosure is required nor meaningful. ASC 260-10-15-2 requires earnings per share to be presented by all entities that have issued
common stock or potential common stock if those securities trade in a public market. However, both before and after the merger, the common
units held by the Predecessor are not traded in a public market and as described above, were not exchanged for economic interests in the
Company. Due to the significant changes in the equity structure at the time of the merger, any earnings per share calculation prior to
the merger would not be meaningful to investors given the legacy equity of the Predecessor represents Non-Controlling Interests in the
Company and therefore does not result in income attributable to the Company in the numerator of Net Loss per share following the merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B><U>Consolidated
Statements of Stockholders&rsquo; Equity (Deficit)/Members&rsquo; Equity, page F-6</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>3.</I></B></TD><TD STYLE="text-align: justify"><B><I>Please tell us your consideration of the guidance in ASC 805-40-45-1 and ASC 805-40-45-2.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company acknowledges the Staff&rsquo;s
comment and as explained in further detail in the response to comment #2, the Company concluded that the guidance in ASC 805-40-45-1 and
45-2 is not applicable because the merger is not a reverse business combination. The Company also considered the guidance in ASC 505-10-S99-4
for which changes in capital structure due to stock splits are given retroactive effect in the balance sheet. However, consistent with
our analysis in comment #2, the reverse recapitalization transaction is not akin to a stock split because the legal equity of the Predecessor
is not exchanged for similar economic interests in the Company and remains outstanding as Non-Controlling Interests. Accordingly, the
Company did not identify any guidance requiring retroactive treatment in the balance. Therefore, the Company has accounted for the changes
in capitalization prospectively whereby the Predecessor&rsquo;s members&rsquo; equity is reclassified to Non-Controlling Interests, and
new legal capital issued by the Company to FAST Act II shareholders is reflected at the time of issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="background-color: white"><B><U>Note
21. Share-Based Compensation, page F-42</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B><I>4.</I></B></TD><TD STYLE="text-align: justify"><B><I>As of the latest balance sheet date presented, please disclose the total compensation cost related
to nonvested awards not yet recognized. Refer to ASC 718-10-50-2i.</I></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Company acknowledges the Staff&rsquo;s
comments and will disclose the total compensation cost related to nonvested awards not yet recognized in the financial statements included
in the December 31, 2024 Form 10-K and thereafter. As of December 31, 2023 the amount not yet recognized relating to nonvested awards
was $11.4 million, of which $4.5 million relates to compensation cost for RSU&rsquo;s granted to Falcon&rsquo;s Creative Group, LLC (&ldquo;FCG&rdquo;)
employees. The Company respectfully advises the staff that the disclosure in the consolidated financial statements included the material
information needed to determine this amount including the number of awards granted and not yet vested (939,330), the grant date of the
awards (December 21, 2023), the fair value of the awards granted on the date of grant (the closing price of the Company&rsquo;s stock
as of the grant date), and the stock-based compensation expense recognized for the year ended December 31, 2023 (less than $0.1 million).
As a result, the Company believes that all material information relating to the awards granted but not vested as of December 31, 2023,
was included in the disclosure within the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="background-color: white">Please
call Joel Rubinstein of White&nbsp;&amp; Case LLP at&nbsp;(212)&nbsp;819-2505&nbsp;or Marie Elena Angulo of White&nbsp;&amp; Case LLP
at&nbsp;(305)&nbsp;995-5263&nbsp;i</FONT>f you have any questions regarding the responses contained in this letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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    <TD STYLE="vertical-align: bottom; width: 67%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 33%"><FONT STYLE="font-size: 10pt">Sincerely,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Cecil D. Magpuri</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Cecil D. Magpuri, Chief Executive Officer </FONT></TD></TR>
</TABLE>

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    <TD STYLE="vertical-align: top; width: 0.25in"><FONT STYLE="font-size: 10pt">cc: </FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Joel Rubinstein, White &amp; Case LLP</FONT></TD>
    </TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Marie Elena Angulo, White &amp; Case LLP</FONT></TD>
    </TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">3</P>

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