Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 591

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 591
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 in the United States of America (“generally accepted accounting principles” or “GAAP”) for interim financial information and the instructions to Form 10-Q and Regulation S-X promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the interim unaudited condensed financial statements include all adjustments, including normal recurring adjustments, necessary for a fair presentation of the financial condition, results of operations and cash flows for such periods. Results of operations for any interim period are not necessarily indicative of results for any other interim period or for the full year. These unaudited condensed financial statements should be read in conjunction with the Company's 2023 audited financial statements and notes included elsewhere in this proxy statement/prospectus.

| F-72 |

aegeria soft tissue llc

notes to the financial statements (UNAUDITED)

Note 2 – Summary of Significant Accounting Policies

Significant Accounting Policies

There have been no changes to the Company’s significant accounting policies described in the Company’s 2023 audited financial statements that have had a material impact on the Company’s unaudited condensed financial statements and related notes.

Note 3 - Note Payable – Member Loans

During 2020, the Company issued promissory notes to six individual investor members, raising proceeds of $125,000 with a stated interest rate of 2%. The loans became due on March 31, 2023 and have not been repaid. The note holders have made no demand for repayment. As of September 30, 2024 and December 31, 2023, principal and interest on the loans totaled $134,989 and $133,119, respectively.

Note 4 - Related Party Transactions

The Company has an exclusive worldwide license of a biomatrix technology developed at JHU, as amended. The Company is obligated to reimburse JHU for patent maintenance costs incurred for the licensed intellectual property. In addition, the Company is obligated to pay certain milestone fees upon commercial approval of any product developed from the licensed technology as well as payments upon reaching agreed upon sales milestones. The license agreement also includes a royalty on net sales of licensed products and services as well as minimum annual royalty payments of $100,000 if the royalty payments fail to meet this amount. The minimum annual royalty commences in 2029 and continues until the termination of