Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 642

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 642
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 |            |   |     | 2022 |            |   |
|:------------------------------------------------------|:----|:-------------------|-----------:|:--|:----|:-----|-----------:|:--|
| Non-capital loss carryforwards                        |     | $                  |  3,485,429 |   |     | $    |  3,541,208 |   |
| Credit for increasing research activities             |     |                    |    461,742 |   |     |      |    444,361 |   |
| Capitalized research and development                  |     |                    |    176,911 |   |     |      |    120,483 |   |
| Other                                                 |     |                    |     95,838 |   |     |      |    108,775 |   |
| Gross deferred tax assets                             |     |                    |  4,219,920 |   |     |      |  4,214,827 |   |
| Valuation allowance                                   |     |                    | (4,219,920 | ) |     |      | (4,214,827 | ) |
| Total deferred tax assets, net of valuation allowance |     |                    |          - |   |     |      |          - |   |
| Deferred tax liabilities                              |     |                    |          - |   |     |      |          - |   |
| Net deferred tax assets and liabilities               |     | $                  |          - |   |     | $    |          - |   |

The Company has total net operating loss carryforwards for federal tax purposes of $16,597,283 and research and experimentation tax credit carryforwards of $461,742 as of December 31, 2023.

The Company recognizes interest and penalties accrued related to unrecognized tax benefits as additional income tax expense. During the period ended December 31, 2023, 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.

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 period January 1, 2020 through December 31, 2023 is open to examination.

| F-