Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 634

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 634
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 position for the years ended December 31, 2023 and 2022, basic net loss per share was the same as diluted net loss per share for the periods presented.

Recently Adopted Accounting Standards

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses(Topic 326): Measurement of Credit Losses on Financial Instruments. This standard amended guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For available-for-sale debt securities, credit losses will be presented as an allowance rather than as a write-down. This standard was adopted on January 1, 2023. There was no impact to the financial statements upon adoption.

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures(Topic 740). This standard requires consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The standard only modifies disclosure requirements; as such, there will be no impact on the results of operations, financial position or cash flows.

Note 3 – Property and Equipment

Property and equipment consisted of the following at:

|                                   |     | December 31, |    2023 |   |     |   |    2022 |   |
|:----------------------------------|:----|:-------------|--------:|:--|:----|:--|--------:|:--|
| Furniture, fixtures and equipment |     | $            |  52,976 |   |     | $ |  52,942 |   |
| Leasehold improvements            |     |              |   8,813 |   |     |   |   8,813 |   |
| Total                             |     | $            |  61,789 |   |     | $ |  61,755 |   |
| Less: accumulated depreciation    |     |              | (57,182 | ) |     |   | (55,170 | ) |
| Total Property and equipment, net |     | $            |   4,607 |   |     | $ |   6,585 |   |

Depreciation expense totaled $4,960 and $8,598 in the years ended December 31, 2023 and