Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 579

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 579
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 sole board member of Longevity and also its CEO. The FutureTech Partners promissory notes are non-interest bearing. Imputed interest of $302,904 has been recorded to interest expense in the year ended December 31, 2023.

On January 25, 2023, the Company entered into an Assignment, Assumption and Note Conversion Agreement (“Convertible Note Agreement”) with FutureTech Partners and FutureTech Capital, LLC (“FutureTech Capital”) whereby FutureTech Partners agreed to assign to FutureTech Capital all promissory notes then outstanding, which had an aggregate principal balance of $2,450,000 as of the date of the Convertible Note Agreement, as well as any future promissory notes to be issued. In addition, the parties to the Convertible Note Agreement agreed that the promissory notes that were outstanding as of January 25, 2023, and any promissory notes that would be issued subsequently, will convert into shares of the Company’s common stock upon written notice from the Company but in any event immediately prior to closing of the Acquisition Transactions and Business Combination (see Note 8). The conversion will be calculated as follows:

| F-59 |

longevity biomedical, inc.

notes to the financial statements

December 31, 2023 and 2022

| (i) | in                                                                                               
 exchange for the first $2.0 million of principal amount of promissory notes outstanding,         
 that number of shares of Company Common Stock equal to 11% of the total number of shares         
 of Company Common Stock to be outstanding immediately prior to the merger, plus (ii) in exchange 
 for each additional $1.28 million of principal amount of promissory notes outstanding, that      
 number of shares of Company Common Stock equal to an additional 1% of Company common stock       
 outstanding.                                                                                     |

The modification to the promissory notes was evaluated in accordance with FASB Accounting Standards Codification (“ASC”) 470-50, Debt – Modifications and Extinguishmentsand was determined to be recognized as an extinguishment as the modification in the Convertible Note Agreement added a substantive conversion feature to the promissory notes. The Company calculated the fair value of the debt on the date of modification to be $8,651,403 and recognized a loss on extinguishment of $6,201,403. The Company analyzed the modified promissory notes in accordance with ASC 470-20, Debt – Debt with Conversion and Other Options, and determined that the