Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 635

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 635
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2022, respectively.

| F-112 |

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

NOTES TO FINANCIAL STATEMENTS</div>

Note 4 – Other Assets

Other assets as of December 31, 2023 and 2022 consisted of a rent deposit pursuant to the Company’s office and lab space facility lease.

Note 5 – Notes Payable

Individual Investor Secured Convertible Promissory Note

On October 29, 2019, 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 October 29, 2020, with interest at 8%. 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. On January 14, 2021, the Company entered into an amendment to the secured convertible promissory note with the investor. The amendment extended the maturity date to June 30, 2021 and increased the interest rate from 8% to 10% effective as of the original maturity date. The amendment was accounted for as a modification to the original note. The secured convertible note subsequently matured without repayment and interest is being accrued at the post maturity interest rate of 10%. The note holder has made no demand for repayment. The note principal plus accrued interest is $ 1,397,370 and $1,297,370 as of December 31, 2023, and 2022, respectively.

FutureTech Partners LLC, FutureTech Partners II LLC, and FutureTech II Acquisition Corp Promissory Notes (Related Parties – see Note 6)

On October 11, 2021, the Company issued a promissory note for up to $600,000 to FutureTech Partners LLC., a related party. The note has a stated interest rate of 5%. The Company had borrowed up to the full amount of the note during 2022.

On May 4, 2022, the Company entered into a Note Cancellation and Reissuance Agreement with FutureTech Partners LLC pursuant to which the original $600,000 note was reissued as three separate notes as follows:

FutureTech Partners LLC - $400,000

FutureTech Partners II LLC - $100,000

FutureTech II Acquisition Corp - $100,000

Each of