Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 582

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 582
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 the deductible temporary differences in future tax returns, the Company has recorded a valuation allowance for deferred tax assets of $2.3 million and $0.4 million to reduce the deferred tax asset to zero as of December 31, 2023 and 2022, respectively.

The Company recognizes interest and penalties accrued related to unrecognized tax benefits as additional income tax expense. During the periods ended December 31, 2023 and 2022, the Company recognized no interest and penalties related to uncertain tax positions. The Company does not have liabilities for any material uncertain tax positions recorded as of December 31, 2023 and 2022.

| F-62 |

longevity biomedical, inc.

notes to the financial statements

December 31, 2023 and 2022

The effective income tax rate for the period was zero and differed from the statutory rate of 21% due to the full valuation allowance recorded against the Company’s deferred tax asset.

The Company’s income tax jurisdiction is the United States for federal income taxes. The tax periods ending December 31, 2023 and 2022 and the period October 27, 2021 (inception) through December 31, 2021 are open to examination.

Note 6 – Related Party

On May 1, 2022, the Company entered into a management services agreement with Cerevast, a related party. Under the terms of the agreement, the Company receives management, business, operational, financial, strategic and advisory services for a fee of $65,000 per month beginning on May 1, 2022. Effective November 1, 2022, the agreement was amended to increase the management fee to $120,000 per month. The agreement has a term of six months, with automatic one-month renewal periods unless cancelled upon 30 days’ notice by either party. The Company recognized expense of $1.4 million and $630,000 under the management services agreement during the year ended December 31, 2023 and 2022, respectively, and is recorded in general and administrative expense in the statements of operations.

Note 7 – Shareholders’ Deficit

Common Stock

One share of common stock was issued to Bradford A. Zakes, Longevity CEO, on January 23, 2023 with a par value of $0.0001.

Note 8 – Contribution and Exchange Agreements and Merger Agreement

On August 7, 2022, the Company entered into Contribution and Exchange