Company: FTII
Filing Date: 2025-08-22
Form Type: 10-Q
Source: 0001641172-25-025250
Chunk: 90

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-08-22
Form: 10-Q
Item: Item 2
Chunk 90
---
 would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into
any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities,
or purchased any non-financial assets.

Contractual
Obligations

We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities. Pursuant to the Underwriting
Agreement in relation to the IPO of the Company, upon the completion of an initial business combination, the Underwriter is entitled
to a deferred fee of three percent (3.00%) of the gross proceeds of the Offering upon closing of the Business Combination, or $3,450,000
(“Deferred Commission”). On February 6, 2025, the Company and Longevity executed a Satisfaction and Discharge of Indebtedness
Pursuant to Underwriting Agreement dated February 15, 2022 (the “Discharge Agreement”) the Underwriter. Under the Discharge
Agreement, instead of receiving the full Deferred Commission in cash at the closing of the business combination with Longevity and other
parties thereto, the Underwriter will accept (1) $500,000 in cash at the time of the closing; (2) a $1,475,000 promissory note executed
by the Company and Longevity (“D. Boral Note”) in which the Company (upon closing) is obligated to pay the Underwriter in
cash by the maturity date; and (3) 147,500 shares of the Company’s common stock, which when multiplied by the $10.00 per share
price agreed to between the parties equals $1,475,000 and which shall be issued and delivered to the Underwriter at the closing. The
Discharge Agreement and D. Boral Note have no effect unless the Longevity Business Combination is consummated. The Discharge Agreement
and D. Boral Note have been disclosed by the Company on the Company’s Current Report on Form 8-K filed with the SEC on February
11, 2025.

Critical
Accounting Policies

The
preparation of unaudited condensed financial statements and related disclosures in conformity with accounting principles generally accepted
in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and
liabilities, disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements, and income
and expenses