Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 94

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 1
Chunk 94
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30, 2024 were
organizational activities, those necessary to prepare for the Initial Public Offering (“Initial Public Offering”), conducting
the Initial Public Offering and identifying a target company for a business combination. The Company will not generate any operating
revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income
in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering We 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.

For
the three months ended September 30, 2024, we had net loss of $123,127, which consisted of investment income of $287,584, partially offset
by expenses of $367,118 and tax expense of $43,593. Investment income was higher in 2023 compared to 2024 due to higher trust assets
in 2023. Expenses were higher in 2024 compared to 2023 due to due diligence costs related to a potential business combination transaction.

For
the three months September 30, 2023, we had net income of $661,226, which consisted of investment income of $1,232,507, partially offset
by expenses of $329,255 and tax expense of $242,027. Investment income was higher in 2023 compared to 2022 due to the increase in interest
rates. Expenses were higher in 2023 compared to 2022 due to due diligence costs related to a potential business combination transaction.

For
the nine months September 30, 2024, we had net loss of $38,005, which consisted of investment income of $1,107,012, partially offset
by expenses of $962,945 and tax expense of $182,072. Investment income was higher in 2023 compared to 2022 due to the increase in interest
rates. Expenses were higher in 2023 compared to 2022 due to due diligence costs related to a potential business combination transaction.

For
the nine months September 30, 2023, we had net income of $2,304,899, which consisted of investment income of $3,989,390, partially offset
by expenses of $890,821 and tax expense of $793,671. Investment income was higher in 2023 compared to 2022 due to the increase in interest
rates