Company: FTII
Filing Date: 2025-02-14
Form Type: S-4
Source: 0001493152-25-006997
Chunk: 565

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-02-14
Form: S-4
Chunk 565
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 2023 that have had a material impact on the Company’s unaudited condensed financial statements and related notes.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance prioritizes the inputs used in measuring fair value into the following hierarchy:

Level 1 – Observable inputs, such as unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 – Observable inputs other than quoted prices included in Level 1, such as assets or liabilities whose values are based on quoted market prices in markets where trading occurs infrequently or whose values are based on quoted prices of instruments with similar attributes in active markets.

Level 3 – Unobservable inputs that are supported by little or no market activity and significant to the overall fair value measurement of the assets or liabilities; therefore, requiring the company to develop its own valuation techniques and assumptions.

The fair value of the convertible notes was determined using Level 3 inputs due to no market activity or other observable inputs. The Company did not have any Level 1 or Level 2 financial liabilities as of September 30, 2024 and December 31, 2023.

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.

| F-44 |

longevity biomedical, inc.

notes to the financial statements (unaudited)

Note 3 - Note Payable-Related Party

The Company has promissory notes with FutureTech Capital to fund legal, audit and advisory costs related to identified target acquisition companies. FutureTech Capital is an investment fund. FutureTech Capital 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 7). The CEO of Cerevast is the sole board member of Longevity and also its CEO. The FutureTech Capital promissory notes are non-interest bearing. Imputed interest of $129,497 and $356,905