Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 11

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 2
Chunk 11
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 combination transaction.

For
the three months September 30, 2023, we had net income of $661,226, which consisted of investment income of $1,232,507, partially offset
by expenses of $329,255 and tax expense of $242,027. Investment income was higher in 2023 compared to 2022 due to the increase in interest
rates. Expenses were higher in 2023 compared to 2022 due to due diligence costs related to a potential business combination transaction.

For
the nine months September 30, 2024, we had net loss of $38,005, which consisted of investment income of $1,107,012, partially offset
by expenses of $962,945 and tax expense of $182,072. Investment income was higher in 2023 compared to 2022 due to the increase in interest
rates. Expenses were higher in 2023 compared to 2022 due to due diligence costs related to a potential business combination transaction.

For
the nine months September 30, 2023, we had net income of $2,304,899, which consisted of investment income of $3,989,390, partially offset
by expenses of $890,821 and tax expense of $793,671. Investment income was higher in 2023 compared to 2022 due to the increase in interest
rates. Expenses were higher in 2023 compared to 2022 due to due diligence costs related to a potential business combination transaction.

7

Liquidity
and Capital Resources

In
connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s
Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue
as a Going Concern,” the Company has until August 18, 2025 to complete a Business Combination. It is uncertain that the Company
will be able to consummate an initial Business Combination by this time. If an initial Business Combination is not consummated by this
date and the Company has not exercised its option to extend the deadline, there will be a mandatory liquidation and subsequent dissolution
of the Company. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.
The financial statements do not include any adjustments that might result from the Company’s inability to continue as a going concern.

The
Company considers all highly liquid investments purchased with an original