Company: FTII
Filing Date: 2025-01-28
Form Type: 10-Q
Source: 0001493152-25-004006
Chunk: 149

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-01-28
Form: 10-Q
Item: Part I, Item 8
Chunk 149
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549 shares were tendered for redemption
following the special meeting on November 18, 2024, the Company no longer complies with the minimum 1,100,000 publicly held shares requirement
set forth in Listing Rule 5450(b)(2)(B) (the “Publicly Held Shares Rule”).

On
December 4, 2024, the Company timely submitted a letter requesting a stay of suspension. On December 9, 2024, the Company submitted an
updated information regarding the total number of listed securities and the total number of public shares and related information via
Nasdaq Listing Center. The Hearing was held on December 17, 2024.

On
January 15, 2024, the Company received a decision letter from the Panel stating that it grants the Company’s request for continued
listing on Nasdaq, provided that the demonstrates compliance with the Periodic Filing Rule on or before January 31, 2025.

Results
of Operations

We
have neither engaged in any operations nor generated any revenues to date. Our only activities from inception to September 30, 2024 were
organizational activities, those necessary to prepare for the Initial Public Offering (“Initial Public Offering”), conducting
the Initial Public Offering and identifying a target company for a business combination. The Company will not generate any operating
revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income
in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering We incur expenses
as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence
expenses.

For
the three months ended September 30, 2024, we had net loss of $123,127, which consisted of investment income of $287,584, partially offset
by expenses of $367,118 and tax expense of $43,593. Investment income was higher in 2023 compared to 2024 due to higher trust assets
in 2023. Expenses were higher in 2024 compared to 2023 due to due diligence costs related to a potential business combination transaction.

For
the three months September 30, 2023, we had net income of $661,226, which consisted of investment income of $1,232,507, partially offset
by expenses of $329,255 and tax expense of $242,027.