FutureTech II Acquisition Corp. Files Q3 2023 10-Q Amendment
Ticker: FTII · Form: 10-Q/A · Filed: Dec 18, 2024 · CIK: 1889450
Sentiment: neutral
Topics: 10-Q/A, amendment, financials, spac
TL;DR
FTII amended its Q3 2023 10-Q. Updated financials are in.
AI Summary
FutureTech II Acquisition Corp. filed an amended 10-Q for the period ending September 30, 2023. The filing, dated December 18, 2024, provides updated financial information for the third quarter and year-to-date. The company is a blank check company focused on real estate and construction, with common stock and redeemable warrants as key financial instruments.
Why It Matters
This amended filing provides updated financial details for FutureTech II Acquisition Corp., crucial for investors tracking the company's performance and financial health as it pursues its acquisition strategy.
Risk Assessment
Risk Level: low — This is a routine amendment to a quarterly report, not indicating new or elevated risks.
Key Numbers
- 001-41289 — SEC File Number (Identifies the company's filing history with the SEC.)
- 20230930 — Reporting Period End Date (Indicates the end of the fiscal quarter for which the report is filed.)
Key Players & Entities
- FutureTech II Acquisition Corp. (company) — Filer of the 10-Q/A
- 2023-09-30 (date) — Conformed period of report
- 20241218 (date) — Filed as of date
- 128 GAIL DRIVE, NEW ROCHELLE, NY 10805 (address) — Business and mail address
FAQ
What is the primary purpose of this 10-Q/A filing?
This filing is an amendment to the 10-Q for the period ending September 30, 2023, indicating updated financial information or disclosures.
What is the filing date of this amended report?
The filing date of this amended report is December 18, 2024.
What type of company is FutureTech II Acquisition Corp.?
FutureTech II Acquisition Corp. is identified as a blank check company with a Standard Industrial Classification of 'BLANK CHECKS [6770]' and a focus on Real Estate & Construction.
What are the key financial instruments mentioned for FutureTech II Acquisition Corp.?
The key financial instruments mentioned are FTII:UnitsEachConsistingOfOneShareOfClassCommonStockAndOneRedeemableWarrantMember, FTII:ClassCommonStock0.0001ParValuePerShareMember, and FTII:RedeemableWarrantsEachWarrantExercisableForOneShareOfClassCommonStockAtExercisePriceOf11.50PerShareMember.
What was the previous fiscal year-end for FutureTech II Acquisition Corp.?
The previous fiscal year-end for FutureTech II Acquisition Corp. was December 31, 2022.
Filing Stats: 4,650 words · 19 min read · ~16 pages · Grade level 18 · Accepted 2024-12-18 17:29:06
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-qa.htm (10-Q/A) — 708KB
- ex31-1.htm (EX-31.1) — 14KB
- ex32-1.htm (EX-32.1) — 8KB
- 0001493152-24-050657.txt ( ) — 3783KB
- ftii-20230930.xsd (EX-101.SCH) — 27KB
- ftii-20230930_cal.xml (EX-101.CAL) — 34KB
- ftii-20230930_def.xml (EX-101.DEF) — 176KB
- ftii-20230930_lab.xml (EX-101.LAB) — 216KB
- ftii-20230930_pre.xml (EX-101.PRE) — 198KB
- form10-qa_htm.xml (XML) — 510KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION: 3 Item 1.
Financial Statements
Financial Statements: 3 Condensed Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022 (Audited) 3 Condensed 4 Condensed (Unaudited) 5 Condensed 6 Notes to Condensed Financial Statements (Unaudited) 7 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 19 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.
Controls and Procedures
Controls and Procedures 23
- OTHER INFORMATION
PART II - OTHER INFORMATION: 24 Item 1.
Legal Proceedings
Legal Proceedings 24 Item 1A.
Risk Factors
Risk Factors 24 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 25 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements FUTURETECH II ACQUISITION CORP. CONDENSED BALANCE SHEETs September 30, December 31, 2023 2022 (unaudited) ASSETS (restated) Current Assets: Cash $ 5,496 $ 262,756 Prepaid expenses 131,405 157,614 Advances to related parties 565,100 - Due from Sponsor 455,962 - Total Current Assets 1,157,963 420,370 Marketable Securities held in Trust Account 60,644,452 118,976,585 Prepaid expenses, non-current - 77,654 Total Assets $ 61,802,415 $ 119,474,609 LIABILITIES A ND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 308,538 $ 130,225 Franchise tax payable 44,364 200,000 Income tax payable 901,931 310,259 Accrued offering costs 2,708 2,708 Note payable - Sponsor 3,335,928 144,443 Total Current Liabilities 4,593,469 787,635 Deferred underwriting commission 3,450,000 3,450,000 Total Liabilities 8,043,469 4,237,635 COMMITMENTS AND CONTINGENCIES (Note 6) - - Class A common stock subject to possible redemption, 5,556,350 and 11,500,000 shares at redemption value of $ 10.80 and $ 10.30 per share as of September 30, 2023 and December 31, 2022, respectively 60,020,387 118,466,326 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 (including 115,000 representative shares) 64 64 Class B common stock, $ 0.0001 par value, 10,000,000 shares authorized, 2,875,000 shares issued and outstanding 288 288 Common stock, value - - Additional pai
financial statements should be restated
financial statements should be restated. The following tables summarize the effect of the restatement on each financial statement line items as of the dates, and for the period, indicated: September 30, 2023 Schedule of Effect of the Restatement As Previously Reported Adjustments As Restated Balance Sheet Due from Sponsor $ 8,733 $ 447,229 $ 455,962 Total current assets $ 710,734 $ 447,229 $ 1,157,963 Total Assets $ 61,355,186 $ 447,229 $ 61,802,415 Accounts payable and accrued expenses $ 52,902 $