FutureTech II Acquisition Corp. Files 10-Q/A for Q2 2024

TL;DR

FTII filed an amended Q2 10-Q, check financials and related party deals.

AI Summary

FutureTech II Acquisition Corp. filed a 10-Q/A on January 21, 2025, for the period ending June 30, 2024. The filing details financial information related to its common stock and redeemable warrants. It also includes information on related party transactions for the quarter ended June 30, 2024.

Why It Matters

This filing provides updated financial disclosures for FutureTech II Acquisition Corp., which is crucial for investors to assess the company's financial health and any potential impact of related party transactions.

Risk Assessment

Risk Level: low — This is a routine amended filing (10-Q/A) providing updated financial information and does not appear to contain significant new negative developments.

Key Numbers

• 20240630 — Period End Date (The end date of the reporting period for the 10-Q/A.)
• 20250121 — Filing Date (The date the amended 10-Q filing was submitted to the SEC.)

Key Players & Entities

• FutureTech II Acquisition Corp. (company) — Filer of the 10-Q/A
• 0001493152-25-003104 (filing_id) — Accession number for the filing
• 20250121 (date) — Filing date of the 10-Q/A
• 20240630 (date) — Period of report for the 10-Q/A
• FTII (ticker) — Ticker symbol for FutureTech II Acquisition Corp.

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-qa.htm (10-Q/A) — 700KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-32.1) — 8KB
• 0001493152-25-003104.txt ( ) — 3923KB
• ftii-20240630.xsd (EX-101.SCH) — 29KB
• ftii-20240630_cal.xml (EX-101.CAL) — 37KB
• ftii-20240630_def.xml (EX-101.DEF) — 182KB
• ftii-20240630_lab.xml (EX-101.LAB) — 222KB
• ftii-20240630_pre.xml (EX-101.PRE) — 205KB
• form10-qa_htm.xml (XML) — 533KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION F-1 Item 1.

Financial Statements

Financial Statements: F-1 Condensed Balance Sheets as of June 30, 2024 (Unaudited) (Restated) and December 31, 2023 (Audited) F-1 Condensed Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 (Unaudited) F-2 Condensed (Unaudited) 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 9 Item 4.

Controls and Procedures

Controls and Procedures 9

– 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 June 30, December 31, 2024 2023 (unaudited) (restated) ASSETS Current Assets: Cash $ 476 $ 17,578 Prepaid expenses 63,000 64,043 Extension fee receivable - 125,000 Due from Sponsor 1,540,984 1,179,141 Total Current Assets 1,604,460 1,385,762 Marketable Securities held in Trust Account 26,660,351 61,839,164 Total Assets $ 28,264,811 $ 63,224,926 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities: Accounts payable and accrued expenses $ 414,761 $ 295,137 Excise tax payable 1,005,209 642,389 Franchise tax payable 194,364 94,364 Income tax payable 1,009,833 1,087,603 Accrued offering costs 2,708 2,708 Note payable - Sponsor 3,300,000 2,925,000 Total Current Liabilities 5,926,875 5,047,201 Deferred underwriting commission 3,450,000 3,450,000 Total Liabilities 9,376,875 8,497,201 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 $ 11.32 and $ 11.02 per share as of June 30, 2024 and December 31, 2023 , respectively 26,262,604 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 June 30, 2024 and December 31, 2023, respectively) 64 64 Class B common stock

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: Schedule of Effect of the Restatement As Previously Reported Adjustments As Restated June 30, 2024 As Previously Reported Adjustments As Restated Balance Sheet Due from Sponsor $ 731,912 $ 809,072 $ 1,540,984 Total Current Assets $ 795,388 $ 809,072 $ 1,604,460 Total Assets $ 27,455,739 $ 809,072 $ 28,264,811 Note Payable - Sponsor $ - $ 3,300,000 $ 3,300,000 Total Current Liabilities $ 2,626,875 $ 3,300,000 $ 5,926,875 Total Liabilities $ 6,076,875 $ 3,300,000 $ 9,376,875 Class A Common Stock Subject to Possible Redemption $ 25,206,155 $ 1,056,449 $ 26,262,604 Accumulated deficit $ ( 3,827,643 ) $ ( 3,547,377 ) $ ( 7,375,020 ) Total Stockholder's Equity $ ( 3,827,291 ) $ ( 3,547,377 ) $ ( 7,374,668 ) Total Liabilities and Stockholder's Equity $ 27,455,739 $ 809,072 $ 28,264,811 Capital Contribution from Sponsor $ 733,058 $ ( 375,000 ) $ 358,058 Proceeds from Sponsor Note $ - $ 375,000 $ 375,000 Redemption price $ 10.87 $ 0.45 $ 11.32 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.

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View this 10-Q/A filing on SEC EDGAR