FutureTech II Acquisition Corp. Files Q1 2024 10-Q Amendment

TL;DR

FTII amended its Q1 2024 10-Q, updating financials on common stock & warrants.

AI Summary

FutureTech II Acquisition Corp. filed an amended 10-Q for the period ending March 31, 2024. The filing details financial information related to its common stock and redeemable warrants. Specifically, it reports on Class A and Class B common stock, as well as redeemable warrants exercisable at $11.50 per share.

Why It Matters

This amended filing provides updated financial disclosures for FutureTech II Acquisition Corp., which is crucial for investors to assess the company's financial health and the value of its outstanding securities.

Risk Assessment

Risk Level: low — This filing is an amendment to a quarterly report, primarily containing financial statement updates and disclosures, rather than significant new business developments or strategic shifts.

Key Numbers

• 20240331 — Period End Date (The end of the fiscal quarter for which the report is filed.)
• 20250114 — Filing Date (The date the amended filing was submitted to the SEC.)
• $11.50 — Warrant Exercise Price (The price at which redeemable warrants can be exercised.)

Key Players & Entities

• FutureTech II Acquisition Corp. (company) — Filer of the 10-Q/A
• 0001493152-25-002175 (accession_number) — Unique identifier for the SEC filing
• 20240331 (date) — Conformed period of report
• 20250114 (date) — Filed as of date
• 11.50 (dollar_amount) — Exercise price for redeemable warrants

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 M

Filing Documents

• form10-qa.htm (10-Q/A) — 786KB
• ex31-1.htm (EX-31.1) — 14KB
• ex32-1.htm (EX-32.1) — 8KB
• 0001493152-25-002175.txt ( ) — 4045KB
• ftii-20240331.xsd (EX-101.SCH) — 31KB
• ftii-20240331_cal.xml (EX-101.CAL) — 35KB
• ftii-20240331_def.xml (EX-101.DEF) — 178KB
• ftii-20240331_lab.xml (EX-101.LAB) — 227KB
• ftii-20240331_pre.xml (EX-101.PRE) — 202KB
• form10-qa_htm.xml (XML) — 554KB

Controls and Procedures

Controls and Procedures 8

– OTHER INFORMATION

PART II – OTHER INFORMATION: 9 Item 1.

Legal Proceedings

Legal Proceedings 9 Item 1A.

Risk Factors

Risk Factors 9 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 9 Item 3. Defaults Upon Senior Securities 9 Item 4. Mine Safety Disclosures 9 Item 5. Other Information 9 Item 6. Exhibits 10 2 FUTURETECH II ACQUISITION CORP. CONDENSED BALANCE SHEETs March 31, December 31, 2024 2023 (unaudited) (restated) ASSETS Current Assets: Cash $ 413 $ 17,578 Prepaid expenses 22,500 64,043 Extension fee receivable - 125,000 Due from Sponsor 1,540,984 1,179,141 Total Current Assets 1,563,897 1,385,762 Marketable Securities held in Trust Account 26,227,267 61,839,164 Total Assets $ 27,791,164 $ 63,224,926 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 448,697 $ 295,137 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 Note payable - Sponsor 3,150,000 2,925,000 Total Current Liabilities 5,718,163 5,047,201 Deferred underwriting commission 3,450,000 3,450,000 Total Liabilities 9,168,163 8,497,201 COMMITMENTS AND CONTINGENCIES (Note 7) - 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 $ 11.18 and $ 11.02 per share as of March 31, 2024 and December 31, 2023 , respectively 25,922,167 61,226,803 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

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: March 31, 2024 Schedule of Effect of the Restatement As Previously Reported Adjustments As Restated Balance Sheet Due from Sponsor $ 731,912 $ 809,072 $ 1,540,984 Total Current Assets $ 754,825 $ 809,072 $ 1,563,897 Total Assets $ 26,982,092 $ 809,072 $ 27,791,164 Note Payable - Sponsor $ - $ 3,150,000 $ 3,150,000 Total Current Liabilities $ 2,568,163 $ 3,150,000 $ 5,718,163 Total Liabilities $ 6,018,163 $ 3,150,000 $ 9,168,163 Class A Common Stock Subject to Possible Redemption $ 24,865,718 $ 1,056,449 $ 25,922,167 Accumulated deficit $ ( 3,902,141 ) $ ( 3,397,377 ) $ ( 7,299,518 ) Total Stockholder's Equity $ ( 3,901,789 ) $ ( 3,397,377 ) $ ( 7,299,166 ) Total Liabilities and Stockholder's Equity $ 26,982,092 $ 809,072 $ 27,791,164 Capital Contribution from Sponsor $ 273,667 $ ( 225,000 ) $ 48,667 Proceeds from Sponsor Note $ - $ 225,000 $ 225,000 Redemption price $ 10.72 $ 0.46 $ 11.18 Overpayment of redemption amount included in Due from Sponsor $ - $ 361,843 $ 361,843 Note 3 - 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 informati

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