Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 604

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 604
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 minimum annual royalty commences in 2029 and continues until the termination of the license.

Summary of development milestones:

| Milestone                                           |     | Amount |         |
|:----------------------------------------------------|:----|:-------|--------:|
| Commercial approval by US FDA or foreign equivalent |     | $      | 100,000 |
| First commercial sale                               |     |        | 100,000 |
| Aggregate net sales of $3.0 million                 |     |        | 100,000 |
| Aggregate net sales of $10.0 million                |     |        | 100,000 |
| Aggregate net sales of $25.0 million                |     |        | 100,000 |

The following tables summarizes the Company’s related party balances with JHU outstanding as of December 31, 2023 and 2022:

|                                             | Nature of Transaction |                                   | Balance Sheet Classification |   |   2023 |     |   |   2022 |
|:--------------------------------------------|:----------------------|:----------------------------------|:-----------------------------|:--|-------:|:----|:--|-------:|
| Patent maintenance reimbursement obligation |                       | Accounts payable-related party    |                              | $ | 51,891 |     | $ | 43,408 |
| Patent maintenance reimbursement obligation |                       | Accrued liabilities-related party |                              | $ |  6,147 |     | $ |      - |

Note 5 – Members’ Deficit

The Company has two classes of authorized units; common units and Series A Preferred units.

Common Units

The Company has 20,000,000 authorized common units, no par value. As of December 31, 2023 and 2022 there were 8,924,201 common units issued and outstanding.

Series A Preferred Units

The Company has 1,350,000 authorized Series A Preferred units, no par value. In February 2022, the Company issued 20,000 Series A Preferred units at a per unit price of $2.50. As of December 31, 2023 and 2022, there were 1,199,013 Series A Preferred units issued and outstanding.

Dividends

Dividends on Series A Preferred units are senior to all other classes of preferred units and common units. No dividends may be paid to the common units or other classes of preferred units unless all accrued and unpaid dividends on Series A Preferred units. From inception to December 31