Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 206

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 10
Chunk 206
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    F-22

Note
9 – Income Taxes

The
Company’s deferred tax assets are as follows at December 31, 2024 and 2023:

 Schedule
of Deferred Taxes Asset (Liability)

    December 31, 2024  
    December 31, 2023 
  
    Deferred tax asset 

    Start-up costs 
    $313,922  
    $162,267 
  
    Total deferred tax asset 
     313,922  
     162,267 

    Valuation Allowance 
     (313,922) 
     (162,267)

    Deferred tax asset, net of allowance 
    $—  
    $— 

The
income tax provision (benefit) consists of the following for the years ended December 31, 2024 and 2023:

 Schedule
of Income Tax Provision Benefit

    For the Year Ended  
    For the Year Ended 

    December 31, 2024  
    December 31, 2023 
  
    Federal 

    Current 
    $274,580  
    $979,344 
  
    Deferred 
     313,922  
     162,267 
  
    State and Local: 

    Current 
     —  
     — 
  
    Deferred 
     —  
     — 
  
    Change in valuation allowance 
     (313,922) 
     (162,267)
  
    Income tax provision 
    $274,580  
    $979,344 

In
assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion or all
of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of
future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible.
Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies
in making this assessment. After consideration of all of the information available, management believes that significant uncertainty
exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the
years ended December 31, 2024 and 2023, the change in the valuation allowance was $313,922 and $162,267, respectively.

 Schedule
of Effective Income Tax Rate Reconciliation