Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 603

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 603
---
 limited liability company. Taxable income or losses are reported on the tax return of the individual Company’s members. Therefore, no provision has been made for income taxes in the accompanying financial statements.

Note 3 - Note Payable – Member Loans

During 2020, the Company issued promissory notes to six individual investor members, raising proceeds of $125,000 with a stated interest rate of 2%. The loans became due on March 31, 2023 and have not been repaid. The note holders have made no demand for repayment. As of December 31, 2023 and 2022, principal and interest on the loans totaled $133,119 and $130,619, respectively.

Note 4 - Related Party Transactions

Aegeria was formed in 2010 to pursue technology developed by JHU. In April 2011, Aegeria entered into an exclusive license agreement with JHU for rights to certain biomatrix technology (the “JHU License”). The license agreement also included anti-dilution provisions and in December 2012, the Company issued an additional 62,059 common units to JHU.

In November 2018, the Company issued an additional 156,676 common units in exchange for the forgiveness of amounts due JHU totaling $470,029 representing unpaid minimum annual royalties and patent maintenance reimbursements costs.

In December 2022, the Company and JHU entered into an amendment to the exclusive license agreement. The amendment modified certain terms of the exclusive license agreement including, among other things, cancellation of the balance due for minimum annual royalties and deferring future minimum annual royalty obligations until 2029. As a result of the cancellation of the balance due for minimum annual royalties, the Company recorded a reversal of $186,027 against research and development expense during the year ended December 31, 2022, of which $136,027 related to prior years.

| F-84 |

aegeria soft tissue llc

notes to the financial statements

December 31, 2023 and 2022

The Company is obligated to reimburse JHU for patent maintenance costs incurred for the licensed intellectual property. In addition, the Company is obligated to pay certain milestone fees upon commercial approval of any product developed from the licensed technology as well as payments upon reaching agreed upon sales milestones. The license agreement also includes a royalty on net sales of licensed products and services as well as minimum annual royalty payments of $100,000 if the royalty payments fail to meet this amount. The