Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 577

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 577
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 3: Unobservable inputs for the asset or liability used to measure fair value to the extent 
 that observable inputs are not available.                                                  |

| F-57 |

longevity biomedical, inc.

notes to the financial statements

December 31, 2023 and 2022

The Company’s financial instruments include cash, accounts payable and short-term debt. On December 31, 2023 and 2022, the carrying amounts of cash, accounts payable and short-term debt approximate fair values due to the short-term nature of these instruments.

Property and Equipment, net

Property and equipment, net is comprised of office equipment and is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. When property and equipment is sold or otherwise disposed of, the asset accounts and related accumulated depreciation accounts are relieved, and any gain or loss is included in earnings. Maintenance and repairs are expensed as incurred. Major improvements, if any, are capitalized as additions to equipment.

Depreciation is recorded using the straight-line method over the following estimated useful lives as follows:

| Office    
 equipment | 3     
 years |

Segment Reporting

Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker in deciding how to allocate resources in assessing performance. The Company determined that it has one operating segment.

Income Taxes

Income taxes are accounted for under the liability method. Deferred tax assets and liabilities are recognized for the differences between the carrying values of assets and liabilities and their respective income tax bases and for operating losses and tax credit carry forwards. A valuation allowance is provided for the portion of deferred tax assets that is more likely than not to be unrealized. Deferred tax assets and liabilities are measured using the enacted tax rates and laws.

Recently Adopted Accounting Standards

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses(Topic 326): Measurement of Credit Losses on Financial Instruments. This standard amended guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For available-for-sale debt securities, credit losses will be presented as an allowance rather than as a write-down. This standard was adopted on January 1, 2023. There was no impact to the financial statements upon adoption.

In August 2020, the FASB issued ASU 2020-06 Debt–Debt with Conversion and Other Options(Subtopic 470-20)