Company: FTII
Filing Date: 2025-01-14
Form Type: 10-Q/A
Source: 0001493152-25-002175
Chunk: 38

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-14
Form: 10-Q/A
Chunk 38
---
 equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at March 31, 2024 and December 31, 2023, the Class A common stock subject to possible redemption in the amount of $25,922,167 and $61,226,803, respectively, is presented as temporary equity, outside of the stockholders’ equity section of the Company’s unaudited condensed balance sheets. The decrease of $35,304,636 during the three months ended March 31, 2024 in the Class A common stock subject to possible redemption is due to a redemption of $36,281,990 offset by accretion to the redemption value of $615,511 and $361,843 in funds due from the Sponsor during the three months ended March 31, 2024.

As of March 31, 2024 and December 31, 2023, the shares of common stock reflected on the condensed balance sheets are reconciled in the following table.

| Ending Balance as of December 31,             
 2022                                          |     | $ | 118,466,326 |   |
| Redemption of Class A common stock            |     |   | (64,238,888 | ) |
| Remeasurement of carrying value to redemption 
 value                                         |     |   |   6,552,136 |   |
| Due from Sponsor                              |     |   |     447,229 |   |
| Ending Balance as of December 31, 2023        |     |   |  61,226,803 |   |
| Redemption of Class A common stock            |     |   | (36,281,990 | ) |
| Remeasurement of carrying value to redemption 
 value                                         |     |   |     615,511 |   |
| Due from Sponsor                              |     |   |     361,843 |   |
| Ending Balance as of March                    
 31, 2024                                      |     | $ |  25,922,167 |   |

Net Income (Loss) Per Share

Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. The Company applies the two-class method in calculating earnings per share.