Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 423

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 423
---
 of 0.3 milion associated with the Business Combination with Denali Capital Acquisition Corp. that was terminated.

Comparison of the years ended December 31, 2023 and 2022

Operating Activities

During the year ended December 31, 2023, net cash used in operating activities consisted of $2.8 million in expenses incurred for the Target Acquisitions offset by accounts payable and accrued interest, related party.

During the year ended December 31, 2022, net cash used in operating activities consisted of $2.4 million in expenses incurred for the Target Acquisitions offset by accounts payable and accrued expenses.

Investing Activities

There were no investing activities during the year ended December 31, 2023. During the year ended December 31, 2022, net cash used in investing activities consisted of purchase of property and equipment.

Financing Activities

During the year ended December 31, 2023, net cash provided by financing activities consisted of net proceeds from promissory notes with FutureTech Partners LLC of $2.7 million offset by deferred financing costs that were paid in the amount of $0.3 million. During the year ended December 31, 2022, net cash provided by financing activities consisted of net proceeds to promissory notes with FutureTech Partners LLC of $2.2 million.

| 230 |

Going Concern

Since inception we have been engaged in organizational activities. We have not generated revenues and have not yet achieved profitable operations, nor have we ever generated positive cash flow from operations. We incurred a loss of $4.0 million during the nine months ended September 30, 2024 and $9.3 million for the year ended December 31, 2023 and had an accumulated deficit of $16.9 million at September 30, 2024.

There is no assurance that profitable operations, if achieved, could be sustained on a continuing basis. We are subject to those risks associated with any clinical stage biotech company that has substantial expenditures for research and development. There can be no assurance that our research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, we operate in an environment of rapid technological change and are largely dependent on the services of our employees and consultants. Further, our future operations are dependent on the success of the Company’s efforts to raise additional capital. These uncertainties raise substantial doubt about our ability to continue as a going concern for 12