FutureTech II Acquisition Corp. Files Q1 2024 10-Q

TL;DR

**FTII Q1 10-Q filed. Details on financials and operations for the blank check company.**

AI Summary

FutureTech II Acquisition Corp. filed its 10-Q for the period ending March 31, 2024. The company, a blank check company, reported its financial status and operational details. Specific financial figures and business activities for the first quarter of 2024 are detailed within the filing.

Why It Matters

This filing provides investors with an update on FutureTech II Acquisition Corp.'s financial health and strategic direction as it continues its search for a business combination.

Risk Assessment

Risk Level: medium — As a special purpose acquisition company (SPAC), FutureTech II Acquisition Corp. faces inherent risks related to its ability to identify and complete a business combination within its specified timeframe.

Key Numbers

• 1231 — Fiscal Year End (Indicates the end of the company's annual accounting period.)
• 0001493152-24-020090 — Accession Number (Unique identifier for this SEC filing.)

Key Players & Entities

• FutureTech II Acquisition Corp. (company) — Filer of the 10-Q
• 20240331 (date) — End of reporting period
• 20240516 (date) — Filing date
• 128 GAIL DRIVE, NEW ROCHELLE, NY 10805 (address) — Company's business and mailing address
• 9143164805 (phone_number) — Company's business phone number

FAQ

Key Financial Figures

• $0.0001 — tock Market LLC Class A Common stock, $0.0001 par value per share FTII The Nasdaq
• $11.50 — A Common Stock at an exercise price of $11.50 per share FTIIW The Nasdaq Stock Ma

Filing Documents

• form10-q.htm (10-Q) — 559KB
• ex31-1.htm (EX-31.1) — 14KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-24-020090.txt ( ) — 3233KB
• ftii-20240331.xsd (EX-101.SCH) — 28KB
• ftii-20240331_cal.xml (EX-101.CAL) — 32KB
• ftii-20240331_def.xml (EX-101.DEF) — 167KB
• ftii-20240331_lab.xml (EX-101.LAB) — 213KB
• ftii-20240331_pre.xml (EX-101.PRE) — 189KB
• form10-q_htm.xml (XML) — 374KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION F-1 Item 1.

Financial Statements

Financial Statements: F-1 Condensed Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 (Audited) F-1 Condensed F-2 Condensed F- 3 Condensed F-4 Notes to Condensed Financial Statements (Unaudited) F-5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 3 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 8 Item 4.

Controls and Procedures

Controls and Procedures 8

– OTHER INFORMATION

PART II – OTHER INFORMATION: 8 Item 1.

Legal Proceedings

Legal Proceedings 8 Item 1A.

Risk Factors

Risk Factors 8 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 8 Item 3. Defaults Upon Senior Securities 8 Item 4. Mine Safety Disclosures 8 Item 5. Other Information 8 Item 6. Exhibits 9 2 FUTURETECH II ACQUISITION CORP. CONDENSED BALANCE SHEETs March 31, December 31, 2024 2023 (unaudited) ASSETS Current Assets: Cash $ 413 $ 17,578 Prepaid expenses 22,500 64,043 Extension fee receivable - 125,000 Due from Sponsor 731,912 731,912 Total Current Assets 754,825 938,533 Marketable Securities held in Trust Account 26,227,267 61,839,164 Total Assets $ 26,982,092 $ 62,777,697 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 448,697 $ 295,138 Excise tax payable 1,005,209 642,389 Franchise tax payable 144,364 94,364 Income tax payable 967,185 1,087,603 Accrued offering costs 2,708 2,708 Total Current Liabilities 2,568,163 2,122,202 Deferred underwriting commission 3,450,000 3,450,000 Total Liabilities 6,018,163 5,572,202 COMMITMENTS AND CONTINGENCIES (Note 6) - Class A common stock, $ 0.0001 par value; 100,000,000 shares authorized; 2,319,435 and 5,556,350 shares subject to possible redemption issued and outstanding shares at redemption value of $ 10.72 and $ 10.90 per share as of March 31, 2024 and December 31, 2023 , respectively 24,865,718 60,532,197 Stockholders' deficit: Preferred shares, $ 0.0001 par value; 1,000,000 shares authorized; none issued and outstanding - - Class A common stock, $ 0.0001 par value, 100,000,000 shares authorized, 635,075 issued and outstanding (excluding 2,319,435 and 5,556,350 shares subject to possible redemption and including 115,000 representative shares as of March 31, 2024 and December 31, 2023, respectively) 64 64 Class B common stock, $ 0.0001 par value, 10,000,000 shares authorized, 2,875,0

financial statements do not include any adjustments that might result from the outcome of this uncertainty

financial statements do not include any adjustments that might result from the outcome of this uncertainty. Additionally, as a result of the military action commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related economic sanctions, the Company's ability to consummate a Business Combination or the operations of a target business with which the Company ultimately consummates a Business Combination may be materially and adversely affected. Further, the Company's ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and related sanctions on the world economy and the specific impact on the Company's financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. Note 2 - Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the "SEC"). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of opera

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View this 10-Q filing on SEC EDGAR