Item 2.03    Creation of a Direct Financial Obligation or an Obligation under an
              Off-Balance Sheet Arrangement of a Registrant

On May 5, 2023, $330,064.50 (the "Extension Payment") was deposited into the trust account of Fortune Rise Acquisition Corporation, a Delaware corporation (the "Company"), for the public shareholders, representing $0.0625 per public share, which enables the Company to extend the period of time it has to consummate its initial business combination by one month from May 5, 2023 to June 5, 2023 (the "Extension"). The Extension is the first of the six one-month extensions permitted under the Company's governing documents.

In connection with the Extension Payment, the Company issued an unsecured promissory note (the "Note") to Water On Demand, Inc., a Nevada corporation and the entity which controls the Company's sponsor.

The Note is non-interest bearing and payable (subject to the waiver against trust provisions) on the earlier of (i) consummation of the Company's initial business combination and (ii) the date of the liquidation of the Company. The principal balance may be prepaid at any time, at the election of the Company. The holder of the Note has the right, but not the obligation, to convert its Note, in whole or in part, into private shares of the Class A common stock (the "Conversion Shares") of the Company, as described in the prospectus of the Company (File Number 333-256511). The number of Conversion Shares to be received by the holders in connection with such conversion shall be an amount determined by dividing (x) the sum of the outstanding principal amount payable to such holders by (y) $10.00.

A copy of the Note is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The disclosures set forth in this Item 2.03 are intended to be summaries only and are qualified in their entirety by reference to the Note.

Item 3.02 Unregistered Sales of Equity Securties.

The disclosure contained in Item 2.03 in this Current Report on Form 8-K is incorporated by reference into this Item 3.02.

The issuance of the Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. No commissions were paid in connection with the issuance of the Note.

Item 7.01 Regulation FD Dislcosure.

On May 8, 2023, the Company filed a press release announcing that the Extension Payment had been made.

The furnishing of the press release is not an admission as to the materiality of any information therein. The information contained in the press release is summary information that is intended to be considered in the context of more complete information included in the Company's filings with the U.S. Securities and Exchange Commission (the "SEC") and other public announcements that the Company has made and may make from time to time by press release or otherwise. The Company undertakes no duty or obligation to update or revise the information contained in this report, although it may do so from time to time as its management believes is appropriate. Any such updating may be made through the filing of other reports or documents with the SEC, through press releases or through other public disclosures.

The information in this Item 7.01 of this Current Report on Form 8-K and the press release shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 7.01 and in the press release shall not be incorporated by reference into any filing with the SEC made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01. Financial Statements and Exhibits






(d) Exhibits.



Exhibit No.      Description
99.1               Promissory Note, dated May 5, 2023, issued by Fortune Rise
                 Acquisition Corporation to Water On Demand, Inc.
99.2               Press Release dated May 8, 2023
104              Cover Page Interactive Data File (embedded within the Inline XBRL
                 document)






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