Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 616

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 616
---
ificant Accounting Policies

There have been no changes to the Company’s significant accounting policies described in the Company’s 2023 audited financial statements that have had a material impact on the Company’s Unaudited Condensed Financial Statements and related notes.

Note 3 – Notes Payable

Individual Investor #1 Secured Convertible Promissory Note

The Company issued a secured convertible promissory note in the amount of $1,000,000 to an individual investor. The note is secured by the Company’s intellectual property and other assets and had a maturity date of June 30, 2021. Interest initially accrued at 8% through October 29, 2020 and has increased to 10% annually thereafter. The note is convertible into shares of the Company’s common stock at a conversion rate of $22.87 per share at the election of the note holder. The secured convertible note matured on June 30, 2021 without repayment. The note holder has made no demand for repayment. The note principal plus accrued interest is $1,472,164 and $1,397,370 as of September 30, 2024 and December 31, 2023, respectively.

FutureTech Partners LLC (Related Party – see Note 4)

The Company has a note payable with FutureTech Partners, LLC, a related party. The note has a stated interest rate of 5%. The note matured on October 11, 2022 without repayment. No demand for repayment has been made. The note principal plus accrued interest is $112,617 and $108,877 as of September 30, 2024 and December 31, 2023, respectively.

Note 4 – Related Party Transactions

Cerevast has several related parties, primarily as a result of its relationship with Haiyin Capital, a Beijing China based venture capital firm. Haiyin Capital, through investment funds under management, owns approximately 72% of Cerevast’s issued and outstanding shares of stock as of September 30, 2024 and December 31, 2023. Representatives of Haiyin Capital hold 2 of Cerevast’s 3 board of directors positions.

Haiyin Capital, through FutureTech Partners LLC, has loaned us money through various promissory notes as further described in Note 3.

| F-96 |

<div align='center'>CEREVAST MEDICAL, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUD