Company: FTII
Filing Date: 2025-05-20
Form Type: 10-Q
Source: 0001641172-25-011790
Chunk: 81

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-05-20
Form: 10-Q
Item: Item 2
Chunk 81
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 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
March 31, 2025, we had net loss of $289,673, which consisted of investment income of $199,826, offset by expenses of $453,835 and tax
expense of $35,664. Investment income was lower in 2025 compared to 2024 due to the decrease in trust assets. Expenses were higher in
2025 compared to 2024 due to due diligence costs related to a potential business combination transaction.

For the three months ended
March 31, 2024, we had net income of $129,577, which consisted of investment income of $536,343, partially offset by expenses of $310,934
and tax expense of $95,832.

Liquidity and Capital Resources

In connection with the
Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting
Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a
Going Concern,” the Company has until August 18, 2025 to complete a Business Combination. It is uncertain that the Company
will be able to consummate an initial Business Combination by this time. If an initial Business Combination is not consummated by
this date and the Company has not exercised its option to extend the deadline, there will be a mandatory liquidation and subsequent
dissolution of the Company. These factors, among others, raise substantial doubt about the Company’s ability to continue as a
going concern. The unaudited condensed financial statements do not include any adjustments that might result from the
Company’s inability to continue as a going concern.

 9 

The Company considers all
highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried
at cost, which approximates fair value. The Company had $130,580 in cash and no cash equivalents as of March 31, 2025.

For the three months ended
March 31, 2025, cash used in operating activities was $453,155. The net loss of $289,673 was affected by interest earned on investments
held in the Trust account of $199,826, and changes in operating assets and liabilities provided $36,344 of cash for