Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 14

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 2
Chunk 14
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 to mandatory redemption is classified as a liability instrument and is measured
at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the
control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s
Class A common stock features certain redemption rights that are considered by the Company to be outside of the Company’s control
and subject to the occurrence of uncertain future events. Accordingly, at September 30, 2024 and December 31, 2023, the Class A common
stock subject to possible redemption in the amount of $26,606,595 and $61,226,803, respectively, is presented as temporary equity, outside
of the stockholders’ equity section of the Company’s unaudited condensed balance sheets. The decrease of $34,620,208 during
the nine months ended September 30, 2024 in the Class A common stock subject to possible redemption is due to a redemption of $36,281,990
offset by accretion to the redemption value of $1,299,939 and amounts due from Sponsor of $361,843 during the nine months ended September
30, 2024.

As
of September 30, 2024 and December 31, 2023, the shares of common stock reflected on the unaudited condensed balance sheets are reconciled
in the following table.

    Ending Balance as of December 31, 2022 
    $118,466,326 
  
    Redemption of Class A common stock 
     (64,238,888)
  
    Remeasurement of carrying value to redemption value 
     6,552,136 
  
    Due from Sponsor 
     447,229 
  
    Ending Balance as of December 31, 2023 
     61,226,803 
  
    Redemption of Class A common stock 
     (36,281,990)
  
    Remeasurement of carrying value to redemption value 
     615,511 
  
    Due from Sponsor 
     361,843 
  
    Ending Balance as of March 31, 2024 
     25,922,167 
  
    Remeasurement of carrying value to redemption value 
     340,437 
  
    Ending Balance as of June 30, 2024