Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 241

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 11
Chunk 241
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 registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period, which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company,
which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period
difficult or impossible because of the potential differences in accounting standards used.

Use
of Estimates

The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the reporting period.

Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered
in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results
could differ significantly from those estimates.

Concentration
of Credit Risk

Financial
instruments that potentially subject to concentration of credit risk consist of cash and cash held in trust. Cash is comprised of cash
balances with banks and bank deposits, which are insured by the Federal Deposit Insurance Company (“FDIC”), up to $250,000.
The Company did not have cash exceed FDIC limits at December 31, 2024 and December 31, 2023. Cash held in trust is held in an interest-bearing
demand deposit account at a bank insured by FDIC up to $250,000. The Company had $26,197,350 and $61,589,164 of securities in excess
of FDIC limits as of December 31, 2024 and December 31, 2023, respectively

Derivative

The
Company evaluates its financial instruments