Company: FTII
Filing Date: 2025-04-09
Form Type: 10-K
Source: 0001641172-25-003384
Chunk: 1154

Company: FutureTech II Acquisition Corp.
Filing Date: 2025-04-09
Form: 10-K
Item: Item 5
Chunk 1154
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 converted upon consummation of a Business Combination into additional Placement
Units at a price of $10.00 per Unit. In the event that a Business Combination does not close, the Company may use a portion of proceeds
held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the
Working Capital Loans. As of December 31, 2024, there was $412,257 outstanding under the Working Capital Loans.

Results
of Operations

We
have neither engaged in any operations nor generated any revenues to date. Our only activities from inception to December 31, 2024 were
organizational activities, those necessary to prepare for the Initial Public Offering (“Initial Public Offering”), conducting
the Initial Public Offering and identifying a target company for a business combination. The Company will not generate any operating
revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income
in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial 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 year December 31, 2024, we had net loss of $746,953, which consisted of investment income of $1,342,491, partially offset by expenses
of $1,814,864 and tax expense of $274,580. Investment income was higher in 2024 compared to 2023 due to the decrease in trust assets.
Expenses were higher in 2024 compared to 2023 due to due diligence costs related to a potential business combination transaction.

For
the year ended December 31, 2023, we had net income of $2,911,502, which consisted of investment income of $4,809,102 and a gain on extinguishment
of notes payable of $144,443, partially offset by expenses of $1,062,699 and tax expense of $979,344. Investment income was higher in
2023 compared to 2022 due to the increase in interest rates. Expenses were higher in 2023 compared to 2022 due to due diligence costs
related to a potential business combination transaction.

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 (“AS