Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 568

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 568
---
 |               |

Pursuant to the Convertible Note Agreement, FutureTech Capital agreed that until the earlier of the date the promissory notes are converted or the date the Business Combination is terminated, they will not exercise their rights in an event of default as a result of a lack of payment on the applicable maturity date of the promissory notes and no payment in satisfaction of the outstanding promissory notes may be demanded except for the shares issued upon conversion.

| F-46 |

longevity biomedical, inc.

notes to the financial statements (unaudited)

Note 4 – Related Party

On May 1, 2022, the Company entered into a management services agreement with Cerevast, a related party. Under the terms of the agreement, the Company receives management, business, operational, financial, strategic and advisory services for a fee of $65,000 per month beginning on May 1, 2022. Effective November 1, 2022, the agreement was amended to increase the management fee to $120,000 per month. The agreement has a term of six months, with automatic one-month renewal periods unless cancelled upon 30 days’ notice by either party. The Company recognized expense of $360,000 and under the management services agreement during the three months ended September 30, 2024 and 2023, and is recorded in general and administrative expense in the statement of operations. The Company recognized expense of $1.2 million and $1.1 million under the management services agreement during the nine months ended September 30, 2024 and 2023, respectively, and is recorded in general and administrative expense in the statement of operations. As of September 30, 2024, the Company has an outstanding accounts payable to Cerevast under the management services agreement of $277,500.

Note 5 – Shareholders’ Deficit

Common Stock

One share of common stock was issued to Bradford A. Zakes, Longevity CEO, on January 23, 2023 with a par value of $0.0001.

| F-47 |

longevity biomedical, inc.

notes to the financial statements (unaudited)

Note 6 – Commitments and Contingencies

The Company may, from time to time, be party to litigation and subject to claims incident to the ordinary course of business. The outcome of litigation and claims cannot be predicted with certainty, and the resolution of any future matters could materially affect the Company’s future financial position,