Company: FTII
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011790
Chunk: 27

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 8
Chunk 27
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 approximately $11.21 per share (the “Second Redemption Payment”). It was later determined
that the Company did not withdraw all of the interest from the Trust Account that it was allowed to withdraw to cover income and franchise
taxes and, therefore, the Second Redemption Payment should have been approximately $11.10 per share. This meant that the Second Extension
Redeeming Stockholders were overpaid in the amount of approximately $0.11 per share (the “Second Extension Overpayment Amount”).

On or about March 6,
2025, the Trustee of the Trust Account commenced the claw-back process in connection with the First Extension Overpayment Amount and
Second Extension Overpayment Amount. As of March 31, 2025, approximately $409,036
in aggregate have been received in connection with the First Extension Overpayment Amount, and $285,989
in aggregate have been received in connection with the Second Extension Overpayment Amount. The $695,024 recovered in aggregate for the First and Second Extension Overpayments as of March 31, 2025 is included in Due from the Transfer Agent on the Company’s condensed
balance sheets.

Administrative Support Agreement

Commencing on the date the
Units are first listed on Nasdaq, the Company has agreed to pay the Sponsor a total of $10,000 per month for office space, utilities and
secretarial and administrative support for up to 18 months. Upon completion of the initial Business Combination or the Company’s
liquidation, the Company will cease paying these monthly fees. During the three months ended March 31, 2025 and 2024, the Company recorded
$30,000 of administrative expenses. As of March 31, 2025 and December 31, 2024, the Company had $370,000 and $340,000, respectively, in
administrative expenses included in accounts payable and accrued expenses on the Company’s condensed balance sheets.

Other Payable

As of March 31, 2025
and December 31, 2024, the Company had a payable amount of $299,104
and $17,744,312. In 2025,
this amount is associated with funds withdrawn from the trust for taxes, while in 2024 the amount was associated with the November
2024 redemption. This amount is included in the Other Payable on the Company’s condensed balance sheets.

Due from Related Party

As of March 31, 2025 and December