Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 578

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 578
---
 and Derivatives and Hedging-Contracts in Entity’s Own Equity(Subtopic 815-40). The ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, reduced the number of accounting models for convertible debt and convertible preferred stock instruments, and made certain disclosure amendments to improve the information provided to users. The guidance is effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. For all other entities, this guidance is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020. This standard was early adopted on January 1, 2023. There was no impact to the financial statements upon adoption.

| F-58 |

longevity biomedical, inc.

notes to the financial statements

December 31, 2023 and 2022

Recently Issued Accounting Standards

In December 2023, the FASB issued an accounting standards update to improve income tax disclosures primarily related to the rate reconciliation and income taxes paid. The 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, net

As of December 31, 2023 and 2022, property and equipment consisted of office equipment. The equipment was recorded at a cost of $3,371 and determined to have a useful life of three years. Accumulated depreciation as of December 31, 2023 and 2022 was $1,405 and $281, respectively and depreciation expense for the years ended December 31, 2023 and 2022 was $1,124 and $281, respectively.

Note 4 - Note Payable-Related Party

The Company has promissory notes with FutureTech Partners to fund legal, audit and advisory costs related to identified target acquisition companies. FutureTech Partners is an investment fund. The FutureTech Partners investment fund is managed by the same manager of the Haiyin Capital investment fund, who is a majority owner in Cerevast, one of the Target Companies (see Note 8). The CEO of Cerevast is the