Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 323

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 323
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 months September 30, 2023, we had net income of $2,304,899, which consisted of investment income of $3,989,390, partially offset
by expenses of $890,821 and tax expense of $793,671. Investment income was higher in 2023 compared to 2022 due to the increase in interest
rates. Expenses were higher in 2023 compared to 2022 due to due diligence costs related to a potential business combination transaction.

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Liquidity and Capital Resources

In
connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s
Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue
as a Going Concern,” the Company has until August 18, 2025 to complete a Business Combination. It is uncertain that the Company
will be able to consummate an initial Business Combination by this time. If an initial Business Combination is not consummated by this
date and the Company has not exercised its option to extend the deadline, there will be a mandatory liquidation and subsequent dissolution
of the Company. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.
The financial statements do not include any adjustments that might result from the Company’s inability to continue as a going concern.

The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $1,883 in cash and no cash equivalents as of September
30, 2024.

For
the nine months ended September 30, 2024, cash used in operating activities was $834,803. The net loss of $38,005 was affected by interest
earned on investments held in the trust account of $1,107,012, and changes in operating assets and liabilities provided $310,214 of cash
for operating activities.

For
the nine months ended September 30, 2023, cash used in operating activities was $966,279. The net income of $2,304,899 was affected by
interest earned on investments held in the trust account of $3,989,390, and changes in operating assets and liabilities provided $718,212
of cash for operating activities.

For
the nine months ended September 30, 202