Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 617

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 617
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The Chief Executive Officer (“CEO”) of Cerevast is also the sole board member and CEO of a company called Longevity Biomedical, Inc. (“Longevity”). Longevity was formed in October 2021 to pursue possible acquisitions of target companies in the medical technology and life sciences industries. Cerevast is one of the acquisition targets. Cerevast and Longevity are parties to a management services agreement, pursuant to which Cerevast provides management, business, operational, financial, strategic and advisory services for a fee of $120,000 per month. The agreement may be cancelled by either party upon 30 days’ notice by the other party. In February 2024, the board of directors of Cerevast approved a $100,000 one-time bonus to its CEO. Cerevast and Longevity entered into an addendum to the management services agreement pursuant to which Longevity agreed to provide $100,000 of additional funding under the agreement in order for Cerevast to pay the bonus. The Company has a receivable from Longevity under the management services agreement totaling $277,500 as of September 30, 2024. There was no receivable balance as of December 31, 2023. Other income of $1,180,000 and $1,080,000 was recognized under the management services agreement during the nine-month periods ended September 30, 2024 and 2023, respectively.

The following tables summarizes Cerevast’s related party balances outstanding as of September 30, 2024 and December 31, 2023:

| Related Party              |     | Nature of Transaction |     | Balance Sheet Classification             |     | 2024 | September 30, |     | 2023 | December 31, |
|:---------------------------|:----|:----------------------|:----|:-----------------------------------------|:----|:-----|--------------:|:----|:-----|-------------:|
| Longevity Biomedical, Inc. |     | Management services   |     | Other receivables - related party        |     | $    |       277,500 |     | $    |            - |
| FutureTech Partners LLC    |     | Promissory note       |     | Notes payable - related party            |     | $    |       100,000 |     | $    |      100,000 |
| FutureTech Partners LLC    |     | Acc