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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from ______to______
Commission
File Number: 001-41289
FutureTech
II Acquisition Corp.
(Exact
name of registrant as specified in its charter)
Delaware |
|
87-2551539 |
(State
or other jurisdiction of
incorporation
or organization) |
|
(I.R.S.
Employer
Identification
Number) |
128
Gail Drive, New Rochelle, NY |
|
10805
|
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (914) 316-4805
Not
applicable
(Former
name or former address, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which
registered |
Units,
each consisting of one share of Class A Common Stock and one Redeemable Warrant |
|
FTIIU |
|
The
Nasdaq Stock Market LLC |
Class
A Common Stock, $0.0001 par value per share |
|
FTII |
|
The
Nasdaq Stock Market LLC |
Redeemable
Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share |
|
FTIIW |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically, if any, every Interactive Date File required to be submitted pursuant
to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐
As
of August 14, 2023, there were 12,135,075 shares of the Company’s Class A Common Stock, $0.0001 par value per share, and
2,875,000 shares of the Company’s Class B Common Stock, $0.0001 par value per share, issued and outstanding.
FUTURETECH
II ACQUISITION CORP.
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
Item
1. Financial Statements
FUTURETECH
II ACQUISITION CORP.
BALANCE
SHEETs
| |
June 30, | | |
December 31, | |
| |
2023
| | |
2022 | |
| |
(unaudited) | | |
| |
ASSETS | |
| | | |
| | |
Current Assets: | |
| | | |
| | |
Cash | |
$ | 48,778 | | |
$ | 262,756 | |
Prepaid expenses | |
| 198,767 | | |
| 157,614 | |
Advances to related parties | |
| 440,100 | | |
| - | |
Total Current Assets | |
| 687,645 | | |
| 420,370 | |
| |
| | | |
| | |
Marketable Securities held in Trust Account | |
| 123,525,832 | | |
| 118,976,585 | |
| |
| | | |
| | |
Prepaid expenses, non-current | |
| - | | |
| 77,654 | |
Total Assets | |
$ | 124,213,477 | | |
$ | 119,474,609 | |
| |
| | | |
| | |
LIABILITIES STOCKHOLDERS’ DEFICIT | |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 304,291 | | |
$ | 130,225 | |
Franchise tax payable | |
| - | | |
| 200,000 | |
Income tax payable | |
| 659,904 | | |
| 310,259 | |
Accrued offering costs | |
| 2,708 | | |
| 2,708 | |
Note payable - Sponsor | |
| 2,915,928 | | |
| 144,443 | |
Total Current Liabilities | |
| 3,882,831 | | |
| 787,635 | |
| |
| | | |
| | |
Deferred underwriting commission | |
| 3,450,000 | | |
| 3,450,000 | |
| |
| | | |
| | |
Total Liabilities | |
| 7,332,831 | | |
| 4,237,635 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES (Note 6) | |
| - | | |
| - | |
| |
| | | |
| | |
Redeemable Class A common stock subject to possible redemption,11,500,000 shares at redemption value of $10.49 and $10.30 per share as of June 30, 2023 and December 31, 2022 | |
| 121,721,564 | | |
| 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 paid-in capital | |
| - | | |
| - | |
Accumulated deficit | |
| (4,841,270 | ) | |
| (3,229,704 | ) |
Total Stockholders’ Deficit | |
| (4,840,918 | ) | |
| (3,229,352 | ) |
Total Liabilities and Stockholders’ Deficit | |
$ | 124,213,477 | | |
$ | 119,474,609 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements
FUTURETECH
II ACQUISITION CORP.
STATEMENTS
OF OPERATIONS
(unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended | | |
For the Six Months Ended | |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
EXPENSES | |
| | | |
| | | |
| | | |
| | |
Administrative fee - related party | |
$ | 30,000 | | |
$ | 30,000 | | |
$ | 60,000 | | |
$ | 40,000 | |
Franchise tax | |
| 50,000 | | |
| 50,000 | | |
| 100,000 | | |
| 98,767 | |
General and administrative | |
| 260,441 | | |
| 141,592 | | |
| 401,566 | | |
| 176,139 | |
TOTAL EXPENSES | |
| 340,441 | | |
| 221,592 | | |
| 561,566 | | |
| 314,906 | |
| |
| | | |
| | | |
| | | |
| | |
OTHER INCOME | |
| | | |
| | | |
| | | |
| | |
Interest earned on marketable securities held in Trust Account | |
| 1,468,385 | | |
| 95,487 | | |
| 2,756,883 | | |
| 117,290 | |
TOTAL OTHER INCOME | |
| 1,468,385 | | |
| 95,487 | | |
| 2,756,883 | | |
| 117,290 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Income tax | |
| (291,561 | ) | |
| - | | |
| (551,645 | ) | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 836,383 | | |
$ | (126,106 | ) | |
$ | 1,643,672 | | |
$ | (197,616 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares of Class A common stock outstanding, basic and diluted | |
| 11,500,000 | | |
| 11,500,000 | | |
| 11,500,000 | | |
| 8,688,889 | |
Basic and diluted net income (loss) per share of Class A common stock | |
$ | 0.06 | | |
$ | (0.01 | ) | |
$ | 0.11 | | |
$ | (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average number of shares of Class B common stock outstanding, basic and diluted | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,875,000 | | |
| 2,783,333 | |
Basic and diluted net income (loss) per share of Class B common stock | |
$ | 0.06 | | |
$ | (0.01 | ) | |
$ | 0.11 | | |
$ | (0.02 | ) |
The
accompanying notes are an integral part of these unaudited condensed financial statements.
FUTURETECH
II ACQUISITION CORP.
STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR
THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022
(unaudited)
| |
Shares | | |
Amounts | | |
Shares | | |
Amounts | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Class A | | |
Class B | | |
Additional | | |
| | |
Total | |
| |
Common Stock | | |
Common Stock | | |
Paid in | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Amounts | | |
Shares | | |
Amounts | | |
Capital | | |
Deficit | | |
Deficit | |
Balance - December 31, 2022 | |
| 635,075 | | |
$ | 64 | | |
| 2,875,000 | | |
$ | 288 | | |
| - | | |
| (3,229,704 | ) | |
| (3,229,352 | ) |
Remeasurement adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,128,414 | ) | |
| (2,128,414 | |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 807,289 | | |
| 807,289 | |
Balance March 31, 2023 | |
| 635,075 | | |
| 64 | | |
| 2,875,000 | | |
| 288 | | |
$ | - | | |
| (4,550,829 | ) | |
| (4,550,477 | |
Remeasurement adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (1,126,824 | ) | |
| (1,126,824 | ) |
Net income | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 836,383 | | |
| 836,383 | |
Balance June 30, 2023 | |
| 635,075 | | |
$ | 64 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (4,841,270 | ) | |
$ | (4,840,918 | ) |
| |
Class A | | |
Class B | | |
Additional | | |
| | |
Total Stockholders’ | |
| |
Common Stock | | |
Common Stock | | |
Paid in | | |
Accumulated | | |
Equity | |
| |
Shares | | |
Amounts | | |
Shares | | |
Amounts | | |
Capital | | |
Deficit | | |
(Deficit) | |
Balance - December 31, 2021 | |
| - | | |
| - | | |
| 2,875,000 | | |
| 288 | | |
| 24,712 | | |
| (438 | ) | |
| 24,562 | |
Sale of units in Initial Public Offering, net of Offering costs | |
| 11,500,000 | | |
| 1,150 | | |
| - | | |
| - | | |
| 112,760,498 | | |
| - | | |
| 112,760,498 | |
Sale of Private Placement Units | |
| 520,075 | | |
| 52 | | |
| - | | |
| - | | |
| 5,200,968 | | |
| - | | |
| 5,200,750 | |
Shares issued to representative | |
| 115,000 | | |
| 12 | | |
| - | | |
| - | | |
| (12 | ) | |
| - | | |
| - | |
Deferred underwriting commission | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,450,000 | ) | |
| - | | |
| (3,450,000 | ) |
Class A Common Stock subject to possible redemption | |
| (11,500,000 | ) | |
| (1,150 | ) | |
| - | | |
| - | | |
| (117,298,850 | ) | |
| - | | |
| (117,300,000 | ) |
Remeasurement adjustment | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,762,954 | | |
| (3,929,281 | ) | |
| (1,166,327 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (71,510 | ) | |
| (71,510 | ) |
Balance March 31, 2022 | |
| 635,075 | | |
| 64 | | |
| 2,875,000 | | |
| 288 | | |
| - | | |
| (2,834,902 | ) | |
| (2,834,550 | ) |
Balance | |
| 635,075 | | |
| 64 | | |
| 2,875,000 | | |
| 288 | | |
| - | | |
| (2,834,902 | ) | |
| (2,834,550 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (126,106 | ) | |
| (126,106 | ) |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (126,106 | ) | |
| (126,106 | ) |
Balance June 30, 2022 | |
| 635,075 | | |
$ | 64 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (2,961,008 | ) | |
$ | (2,960,656 | ) |
Balance | |
| 635,075 | | |
$ | 64 | | |
| 2,875,000 | | |
$ | 288 | | |
$ | - | | |
$ | (2,961,008 | ) | |
$ | (2,960,656 | ) |
The
accompanying notes are an integral part of these unaudited condensed financial statements
FUTURETECH
II ACQUISITION CORP.
STATEMENTS
OF CASH FLOWS
(unaudited)
| |
For the Six Months Ended | | |
For the Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
| | |
| |
Cash flows from Operating Activities: | |
| | | |
| | |
Net income (loss) | |
$ | 1,643,672 | | |
$ | (197,616 | ) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | |
| | | |
| | |
Income earned on marketable securities held in the Trust Account | |
| (2,756,883 | ) | |
| (117,290 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses | |
| (41,153 | ) | |
| (234,672 | ) |
Franchise tax payable | |
| (200,000 | ) | |
| - | |
Income tax payable | |
| 349,645 | | |
| - | |
Other assets | |
| 77,654 | | |
| (127,517 | ) |
Accounts payable and accrued expenses | |
| 174,066 | | |
| 144,484 | |
Net cash used in operating activities | |
| (752,999 | ) | |
| (532,611 | ) |
| |
| | | |
| | |
Cash flows from Investing Activities: | |
| | | |
| | |
Investment of cash in Trust Account | |
| (2,300,000 | ) | |
| (117,300,000 | ) |
Cash withdrawn from Trust | |
| 507,636 | | |
| - | |
Net cash used in investing activities | |
| (1,792,364 | ) | |
| (117,300,000 | ) |
| |
| | | |
| | |
Cash flows from Financing Activities: | |
| | | |
| | |
Proceeds from sale of Units, net of underwriting discount paid | |
| - | | |
| 113,275,000 | |
Proceeds from sale of private placement units | |
| - | | |
| 5,200,750 | |
Note receivable | |
| - | | |
| (100,000 | ) |
Note receivable - repayment | |
| | | |
| 100,000 | |
Payment of deferred offering costs | |
| - | | |
| (316,639 | ) |
Proceeds from issuance of debt – related party | |
| 2,771,485 | | |
| - | |
Net cash provided by financing activities | |
| 2,331,385 | | |
| 118,159,111 | |
| |
| | | |
| | |
Net change in cash | |
| (213,978 | ) | |
| 326,500 | |
| |
| | | |
| | |
Cash - Beginning of the period | |
| 262,756 | | |
| 5,000 | |
Cash - End of the period | |
$ | 48,778 | | |
$ | 331,500 | |
| |
| | | |
| | |
Supplemental disclosure of non-cash financing activities: | |
| | | |
| | |
| |
| | | |
| | |
Deferred underwriting commission | |
$ | - | | |
$ | 3,450,000 | |
Initial Classification of Class A common stock subject to redemption | |
$ | - | | |
$ | 117,300,000 | |
Remeasurement adjustment | |
$ | 3,255,238 | | |
$ | - | |
Offering costs paid by Promissory note - related parties | |
$ | - | | |
$ | 100,893 | |
The
accompanying notes are an integral part of these unaudited condensed financial statements
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
1 - Description of Organization and Business Operations, Going Concern and Basis of Presentation
FutureTech
II Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on August 19, 2021. The Company was
formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar
business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging
growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
As
of June 30, 2023, the Company had not commenced any operations. All activity for the period from April 13, 2021 (inception) through June
30, 2023 relates to organizational activities 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 Company’s initial public
offering (the “Initial Public Offering”). The Company has selected December 31 as its fiscal year end.
The
registration statement for the Initial Public Offering was declared effective on February 14, 2022. On February 18, 2022, the Company
consummated the Initial Public Offering of 11,500,000 units (“Units” and, with respect to the shares of Class A common stock
included in the Units offered, the “Public Shares”), generating gross proceeds of $115,000,000, which is described in Note
3.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 520,075 private placement units (the “Private
Placement Units”) at a price of $ per unit in a private placement to the FutureTech Partners II LLC (the “Sponsor”),
generating gross proceeds of $, which is described in Note 4.
Following
the closing of the Initial Public Offering on February 18, 2022, an amount of $117,300,000 ($10.00 per Unit) from the net proceeds of
the sale of the Units in the Initial Public Offering and the Private Placement Units was placed in a trust account (“Trust Account”)
which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of
1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company
that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the
Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the Company’s
stockholders, as described below.
Transaction
costs of the Initial Public Offering with the exercise of the overallotment amounted to $5,688,352 consisting of $1,725,000 of cash underwriting
fees, $3,450,000 of deferred underwriting fees and $513,352 of other costs.
Following
the closing of the Initial Public Offering, $700,000
of cash was held outside of the Trust Account available for working capital purposes. As of June 30, 2023, the Company has available
to it $48,778 of cash on its balance sheet and a working capital deficit of $3,195,186. As of December 31, 2022, the Company has
available to it $262,756
of cash on its balance sheet and a working capital deficit of $367,265.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that
together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting
commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter
a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires
50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company
will be able to successfully effect a Business Combination.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
1 - Description of Organization and Business Operations (Continued)
The
Company has until May 18, 2023 (or up to August 18, 2023, as applicable) to consummate a Business Combination. If the Company is unable
to complete a Business Combination within 12 months from the closing of the Initial Public Offering (or up to 18 months from the closing
of the Initial Public Offering at the election of the Company in two separate three month extensions subject to satisfaction of certain
conditions, including the deposit of up to $1,150,000 ($0.10 per unit in either case) for each three month extension, into the Trust
Account, or as extended by the Company’s stockholders in accordance with its certificate of incorporation), the Company will (i)
cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes
(less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption
will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
the Company’s remaining stockholders and its board of directors, dissolve and liquidate, subject in the case of clauses (ii) and
(iii) above to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. Accordingly, it is the Company’s intention to redeem its Public Shares as soon as reasonably possible following the 12th month
(or up to 18 months from the closing of the Initial Public Offering at the election of the Company in two separate three month extensions
subject to satisfaction of certain conditions, including the deposit of up to $1,150,000 ($0.10 per unit in either case) for each three
month extension, into the Trust Account, or as extended by the Company’s stockholders in accordance with its certificate of incorporation).
As such, the Company’s stockholders could potentially be liable for any claims to the extent of distributions received by them
(but no more) and any liability of such stockholders may extend well beyond the third anniversary of such date. On February 17, 2023,
the Company caused to be deposited $1,150,000 into the Trust Account for its public stockholders, representing $0.10 per Public Share,
allowing the Company to extend the period of time it has to consummate its initial Business Combination by three months from February
18, 2023 to May 18, 2023 (the “Extension”). The Extension is the first of the two three-month extensions permitted mentioned
above.
The
Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products
sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality
or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.20
per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the day of liquidation of the Trust Account,
if less than $10.20 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will
not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in
the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of
the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as
amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations,
nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe
that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure its stockholders that the Sponsor
would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by
third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the
possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors,
service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the
Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity
and Management’s Plans
At June 30, 2023, the Company
had cash of $48,778 and working capital deficit of $3,195,186.
At
December 31, 2022, the Company had cash of $150,257 and working capital deficit of $1,920,820.
In
connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s
Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue
as a Going Concern,” the Company has until May 18, 2023 to complete a Business Combination. It is uncertain that the Company will
be able to consummate an initial Business Combination by this time. If an initial Business Combination is not consummated by this date
and the Company has not exercised its option to extend the deadline, there will be a mandatory liquidation and subsequent dissolution
of the Company. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.
The financial statements do not include any adjustments that might result from the Company’s inability to continue as a going concern.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
1 - Description of Organization and Business Operations (Continued)
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of the financial statement. The 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 consolidated 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 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 operations, or cash flows. As such, the information included in these financial statements should
be read in conjunction with the audited financial statements as of December 31, 2022 filed with the SEC on Form 10-K on March 31,
2023.
In
the opinion of the Company’s management, the unaudited financial statements as of June 30, 2023 and for the three and six months
ended June 30, 2023 include all adjustments, which are only of a normal and recurring nature, necessary for a fair statement of the financial
position of the Company as of June 30, 2023 and its results of operations and cash flows for the six months ended June 30, 2023. The
results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for
the full fiscal year ending December 31, 2023 or any future interim period.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period, which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company,
which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period
difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial
institution which, at times may exceed the Federal depository insurance coverage of $250,000. At June 30, 2023 and December 31, 2022, the Company had not
experienced losses on this account and management believes the Company is not exposed to significant risks on such
account.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. As of June 30, 2023 and December 31, 2022, the Company had cash of $48,778
and $262,756, respectively. The Company had no cash equivalents as of June 30, 2023 and December 31, 2022.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
Trust
Account
Upon
the closing of the Initial Public Offering and the Private Placement, $117,300,000 ($10.00 per Unit) of the net proceeds of the Initial
Public Offering and certain of the proceeds of the Private Placement Units was held in the Trust Account located in the United States
with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. government treasury obligations with
a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act,
which will be invested only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the
completion of a Business Combination and (ii) the distribution of the Trust Account as described above.
As
of June 30, 2023 and December 31, 2022, the Company had $123,525,832 and $118,976,585, respectively, in marketable securities held in
the Trust Account.
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Financial Accounting Standards Board ASC 340-10-S99-1 and SEC Staff Accounting Bulletin
(“SAB”) Topic 5A, “Expenses of Offering.” Offering costs of $513,352 consist principally of costs
incurred in connection with formation of the Company and preparation for the Initial Public Offering. These costs, together with the
underwriter discount of $1,725,000 were charged to additional paid-in capital upon completion of the Initial Public Offering.
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its common stock subject to possible redemption in accordance with the guidance enumerated in ASC 480 “Distinguishing
Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured
at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the
control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s
Class A common stock features certain redemption rights that are considered by the Company to be outside of the Company’s control
and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2023 and December 31, 2022, the Class A common stock
subject to possible redemption in the amount of $121,721,564 and $118,466,326, respectively, is presented as temporary equity, outside
of the stockholders’ equity section of the Company’s balance sheets. The increase of $1,126,824 and $3,255,238 during the
three and six months ended June 30, 2023, respectively, in the Class A common stock subject to possible redemption is a remeasurement
adjustment to the redemption value. There were no remeasurement adjustments during the three and six months ended June 30, 2022.
Net
Income (Loss) Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the period. The Company applies the two-class method in calculating earnings per share. Earnings and losses are shared pro rata
between the two classes of shares. The calculation of diluted loss per share of common stock does not consider the effect of the warrants
issued in connection with the (i) Initial Public Offering and (ii) sale of the Private Placement Units, because the warrants are contingently
exercisable, and the contingencies have not yet been met. As a result, diluted earnings per share is the same as basic earnings per share
for the periods presented.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
The
following table reflects the calculation of basic and diluted net income (loss) per share (in dollars, except per share amounts):
Schedule
of Calculation of Basic and Diluted Net Income Per Common Share
| |
Three Months Ended | | |
Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic and diluted net income (loss) per share of common stock Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss), as adjusted | |
$ | 669,107 | | |
$ | 167,277 | | |
| (100,885 | ) | |
$ | (25,221 | ) |
Denominator: Basic and diluted weighted average shares outstanding | |
| 11,500,000 | | |
| 2,875,000 | | |
| 11,500,000 | | |
| 2,875,000 | |
Basic and diluted net income (loss) per share of common stock | |
$ | 0.06 | | |
$ | 0.06 | | |
| (0.01 | ) | |
$ | (0.01 | ) |
| |
Six Months Ended | | |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic and diluted net income (loss) per share of common stock Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss), as adjusted | |
$ | 1,314,938 | | |
$ | 328,734 | | |
| (149,671 | ) | |
$ | (47,945 | ) |
Denominator: Basic and diluted weighted average shares outstanding | |
| 11,500,000 | | |
| 2,875,000 | | |
| 8,688,889 | | |
| 2,783,333 | |
Basic and diluted net income (loss) per share of common stock | |
$ | 0.11 | | |
$ | 0.11 | | |
| (0.02 | ) | |
$ | (0.02 | ) |
Fair
Value of Financial Instruments
The
fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets. This is the level
that the Marketable Securities Held in Trust Account are considered (being $123,525,832 and $118,976,585 as of June 30, 2023 and December
31, 2022, respectively);
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United
States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to
unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of June 30, 2023 and December
31, 2022 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues
under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to
income tax examinations by major taxing authorities since inception.
New
Law and Changes
On
August 16, 2022, the Inflation Reduction Act (the “IR Act”) was signed into law, which, beginning in 2023, will impose a
1% excise tax on public company stock buybacks. The Company is assessing the potential impact of the IR Act.
The
IR Act imposes a 1% excise tax on the fair market value of stock repurchases made by covered corporations after December 31, 2022. The
total taxable value of shares repurchased is reduced by the fair market value of any newly issued shares during the taxable year. Redemption
rights are ubiquitous to nearly all SPACs. Until there is further guidance from the IRS, the Company will continue to assess the potential
impact of the IR Act. The Company does not expect a material impact on the Company’s financial statements.
Recently
Issued Accounting Standards
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06,
Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity
(Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current
models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the
derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard
also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s
own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for
all convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023 and should be applied on a full
or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact,
if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.
Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s financial statements.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
3 - Public Offering
Pursuant
to the Initial Public Offering and full exercise of the underwriters’ overallotment option, the Company sold 11,500,000 Units at
a purchase price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one redeemable warrant (“Public
Warrant”). Each Public Warrant will entitle the holder to purchase one share of Class A common stock at an exercise price of $11.50
per share (see Note 7).
Note
4 - Private Placement
Simultaneously
with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of Private Placement Units at a price of
$ per Private Placement Unit (or $ in the aggregate), from the Company. The Sponsor transferred $ to the Trust
Account on February 16, 2022.
The
proceeds from the sale of the Private Placement Units were added to the net proceeds from the Initial Public Offering held in the Trust
Account. The warrants included in the Private Placement Units (the “Private Placement Warrants”) are identical to the warrants
sold in the Initial Public Offering, except as described in Note 7. If the Company does not complete a Business Combination within the
required period, the Private Placement Warrants will expire worthless.
Note
5 - Related Party Transactions
Class
B Common Stock
On
October 8, 2021, the Company issued an aggregate of shares of Class B common stock to the Sponsor for an aggregate purchase
price of $ in cash, or approximately $ per share. Such Class B common stock includes an aggregate of up to shares
that were subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or
in part, so that the Sponsor would collectively own 20% of the Company’s issued and outstanding shares after the Initial Public
Offering (assuming the initial stockholders did not purchase any Public Shares in the Initial Public Offering and excluding the Private
Placement Units and underlying securities).
The
initial stockholders have agreed not to transfer, assign or sell any of the Class B common stock (except to certain permitted transferees)
until the earlier of (i) one year after the date of the consummation of a Business Combination, or (ii) the date on which the closing
price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations
and recapitalizations) for any 20 trading days within any 30-trading day period commencing six months after a Business Combination, or
earlier, in each case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange
or other similar transaction which results in all of the Company’s stockholders having the right to exchange their common stock
for cash, securities or other property.
Promissory
Note - Related Party
On
August 19, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an
aggregate principal amount of $300,000
to be used for payment of costs related to the Initial Public Offering. The
note is non-interest bearing and payable on the earlier of (i) March 31, 2022 or (ii) the consummation of the Initial Public
Offering. As of June 30, 2023 and December 31, 2022, there was $2,915,928 and $144,443
outstanding pursuant to the promissory note, respectively. As of June 30, 2023 and December 31, 2022, the Company was delinquent
under the terms of the promissory note.
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or the Company’s
officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”).
Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination,
without interest, or, at the lender’s discretion, up to $ of such loans may be converted upon consummation of a Business
Combination into units at a price of $ per unit. The Units will be identical to the Private Placement Units. 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 June 30, 2023 and December 31,
2022, the Company has no working capital loans outstanding.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
5 - Related Party Transactions (Continued)
Extension
Loan - Related Party
If
the Company anticipates that it may not be able to consummate a Business Combination within 12 months, the Company may, by resolution
of the Company’s board if requested by the Sponsor, extend the period of time to consummate a Business Combination up to two times,
each by an additional three months (for a total of up to 18 months to complete a Business Combination), subject to the Sponsor depositing
additional funds into the Trust Account as set out below. Pursuant to the terms of the Company’s amended and restated certificate
of incorporation and the trust agreement entered into between the Company and Continental Stock Transfer & Trust Company, in order
for the time available for the Company to consummate the initial Business Combination to be extended, the Sponsor or its affiliates or
designees, upon five business days’ advance notice prior to the applicable deadline, must deposit into the Trust Account $($0.10
per unit), on or prior to the date of the applicable
deadline, for each of the available three month extensions, providing a total possible Business Combination period of 18 months at a
total payment value of $($per unit) (the “Extension Loans”).
Any such payments would be made in the form of non-interest-bearing loans. If the Company completes its initial Business Combination,
the Company will, at the option of the Sponsor, repay the Extension Loans out of the proceeds of the Trust Account released to the Company
or convert a portion or all of the total loan amount into units at a price of $per unit, which units will be identical to the
Private Placement Units. If the Company does not complete a Business Combination, the Company will repay such loans only from funds held
outside of the Trust Account. Furthermore, the letter agreement among the Company and the Company’s officers, directors, and the
Sponsor contains a provision pursuant to which the Sponsor will agree to waive its right to be repaid for such loans to the extent there
is insufficient funds held outside of the Trust Account in the event that the Company does not complete a Business Combination. The Sponsor
and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete the initial
Business Combination. The public stockholders will not be afforded an opportunity to vote on the extension of time to consummate an initial
Business Combination from 12 months to 18 months described above or redeem their shares in connection with such extensions. On February
17, 2023 the Company caused to be deposited $1,150,000
into the Company’s Trust account for its
public stockholders, representing $0.10
per Public Share, allowing the Company to extend
the period of time it has to consummate its initial Business Combination by three months from February 18, 2023 to May 18, 2023 (the
“Extension”). The Extension is the first of two three-month extensions permitted under the Company’s governing documents.
As of June 30, 2023 and December 31, 2022, there was $0
outstanding under the related party loans.
Administrative
Support Agreement
Commencing
on the date the Units are first listed on Nasdaq, the Company has agreed to pay the Sponsor a total of $10,000 per month for office space,
utilities and secretarial and administrative support for up to 18 months. Upon completion of the initial Business Combination or the
Company’s liquidation, the Company will cease paying these monthly fees. During the three and six months ended June 30, 2023 the
Company recorded $30,000 and $60,000, respectively of administrative expenses. Administrative expenses were and $30,000 and $40,000 during the three and six months ended June 30, 2022, respectively.
Representative
Shares
The
Company issued to EF Hutton and/or its designees, 115,000 shares of Class A common stock upon the Initial Public Offering. EF Hutton
has agreed not to transfer, assign or sell any such common stock until the completion of the Company’s initial Business Combination.
In addition, EF Hutton has agreed (i) to waive its redemption rights with respect to such common stock in connection with the completion
of the Company’s initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account
with respect to such common stock if the Company fails to complete its initial Business Combination within 12 months (or up to 18 months
if the Company extends the period of time to consummate a Business Combination) from the closing of the Initial Public Offering.
The
representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately
following the commencement of sales in the Initial Public Offering pursuant to Rule 5110(e)(1) of FINRA’s NASD Conduct Rules. Pursuant
to FINRA Rule 5110(e)(1), these securities may not be sold, transferred, assigned, pledged or hypothecated or the subject of any hedging,
short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period
of 180 days immediately following the effective date of the registration statement for the Initial Public Offering, nor may they be sold,
transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the commencement of sales in the Initial
Public Offering except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners,
registered persons or affiliates or as otherwise permitted under Rule 5110(e)(2), and only if any such transferee agrees to the foregoing
lock-up restrictions.
Advances
to related parties
During
the three months ended June 30, 2023, the Company advanced $440,100 to the Sponsor and other related parties. There are no terms to the
advances. $440,100 was outstanding as of June 30, 2023.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
6 - Commitments and Contingencies
Registration
Rights
The
holders of the insider shares, as well as the holders of the Private Placement Units (and underlying securities) and any securities issued
in payment of working capital loans made to the Company, are entitled to registration rights pursuant to an agreement signed on the effective
date of Initial Public Offering. The holders of a majority of these securities are entitled to make up to three demands that the Company
register such securities. Notwithstanding anything to the contrary, the underwriters (and/or their designees) may only make a demand
registration (i) on one occasion and (ii) during the five-year period beginning on the effective date of the Initial Public Offering.
The holders of the majority of these securities can elect to exercise these registration rights at any time after the Company consummates
a Business Combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration
statements filed subsequent to the consummation of a Business Combination. Notwithstanding anything to the contrary, the underwriters
(and/or their designees) may participate in a “piggy-back” registration only during the seven-year period beginning on the
effective date of the Initial Public Offering. The Company will bear the expenses incurred in connection with the filing of any such
registration statements.
Underwriting
Agreement
The
underwriter was paid a cash underwriting discount of one and a half percent (1.50%) of the gross proceeds of the Initial Public Offering,
or $1,725,000. In addition, the underwriter is entitled to a deferred fee of three and a half percent (3.50%) of the gross proceeds of
the Initial Public Offering, or $3,450,000. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing
of a Business Combination, subject to the terms of the underwriting agreement. In addition, the Company issued EF Hutton and/or its designees,
115,000 shares of Class A common stock upon the consummation of the Initial Public Offering.
Right
of First Refusal
For
a period beginning on the closing of the Initial Public Offering and ending twenty-four (24) months from the closing of a Business Combination,
the Company granted EF Hutton, division of Benchmark Investments, LLC a right of first refusal to act as lead-left book running manager
and lead left manager for any and all future private or public equity, convertible and debt offerings during such period.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
7 - Stockholders’ Equity (Deficit)
Preferred
Shares - The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such designation,
rights and preferences as may be determined from time to time by the Company’s Board of Directors. At June 30, 2023 and December
31, 2022, there were no preferred shares issued or outstanding.
Class
A Common Stock - The Company is authorized to issue 100,000,000
shares of Class A common stock with a par value
of $0.0001
per share. Holders
of the Company’s Class A common stock are entitled to one vote for each share.
At June 30, 2023 and December 31, 2022, there were 635,075
shares of Class A common stock issued and outstanding,
which included 115,000
representative shares. As of June 30, 2023 and
December 31, 2022, there were 11,500,000
shares, of Class A common stock
that were classified as temporary equity in the accompanying balance sheets.
Class
B Common Stock - The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001
per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. At June 30, 2023 and December
31, 2022, there were 2,875,000 shares of Class B common stock issued and outstanding. Upon exercise of the over-allotment option, 375,000
shares of Class B common stock are no longer subject to forfeiture.
Only
holders of the Class B common stock will have the right to vote on the election of directors prior to the Business Combination. Holders
of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of
the Company’s stockholders except as otherwise required by law. In connection with the Company’s initial Business Combination,
the Company may enter into a shareholders agreement or other arrangements with the shareholders of the target or other investors to provide
for voting or other corporate governance arrangements that differ from those in effect upon completion of the Initial Public Offering.
The
shares of Class B common stock will automatically convert into Class A common stock at the time of a Business Combination, or earlier
at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock,
or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to
the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common
stock will be adjusted (unless the holders of a majority of the then-outstanding shares of Class B common stock agree to waive such adjustment
with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of
all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all
shares of common stock outstanding upon the completion of Initial Public Offering plus all shares of Class A common stock and equity-linked
securities issued or deemed issued in connection with a Business Combination (net of the number of shares of Class A common stock redeemed
in connection with a Business Combination), excluding any shares or equity-linked securities issued or issuable to any seller of an interest
in the target to the Company in a Business Combination.
Warrants
- The Public Warrants will become exercisable 30 days after the completion of a Business Combination. The Public Warrants will
expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.
The
Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class
A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A
common stock is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from
registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue
any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified
under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
7 - Stockholders’ Equity (Continued)
The
Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination,
the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have
declared effective, a registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the
warrants and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed.
Notwithstanding the above, if the Class A common stock is at the time of any exercise of a warrant not listed on a national securities
exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the
Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to
file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available.
Redemption
of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 - Once the warrants become exercisable, the
Company may redeem the outstanding Public Warrants:
● |
in
whole and not in part; |
|
|
● |
at
a price of $0.01 per Public Warrant; |
|
|
● |
upon
a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and |
|
|
● |
if,
and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits,
stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing
once the warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice
of redemption to warrant holders. |
If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.
If
the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that
wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise
price and number of shares of common stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including
in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except
as described below, the Public Warrants will not be adjusted for issuances of common stock at a price below its exercise price. Additionally,
in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination
within the required period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive
any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held
outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.
The
Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering.
Note
8 – Subsequent Events
The
Company evaluated subsequent events and transactions that occurred after the balance sheet date. Based upon this review the Company did
not identify any subsequent events that would have required adjustment or disclosure in the financial statements.
Extension Proxy
On July 28, 2023, the Company filed a definitive
proxy statement on Schedule 14A (the “Extension Proxy”) with respect to a special meeting of stockholders to seek approval
from stockholders of amendments to the Company’s Amended and Restated Certificate of Incorporation (the “Charter”)
and the Company’s investment management trust agreement, dated as of February 18, 2022 (the “Trust Agreement”), by
and between the Company and Continental Stock Transfer & Trust Company, in each case, to extend the date by which the Company has
to consummate an initial business combination up to six (6) times for an additional one (1) month each time from August 18, 2023 to up
to February 18, 2024 (the “Extension,” and such later date, the “Extended Date”), or such earlier date as shall
be determined by the Company’s board of directors and publicly announced by the Company, as more fully described in the Extension
Proxy.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
References
to the “Company,” “us,” “our” or “we” refer FutureTech II Acquisition Corp. The following
discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited interim
financial statements and related notes thereto contained elsewhere in this report. Certain information contained in the discussion and
analysis set forth below includes forward-looking statements that involve risks and uncertainties.
Cautionary
Note Regarding Forward-Looking Statements
This
Quarterly Report contains statements that constitute forward-looking statements which are subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Statements that are not historical are forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Some of the statements in this Quarterly
Report constitute forward-looking statements because they relate to future events or our future performance or future financial condition.
These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about
our company, our industry, our beliefs and our assumptions. Our forward-looking statements include, but are not limited to, statements
regarding our or our management team’s expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition,
any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,”
“potential,” “predict,” “project,” “should,” “would” and similar expressions
may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking
statements in this Quarterly Report may include, for example, statements about:
|
● |
our
ability to select an appropriate target business or businesses; |
|
● |
our
ability to complete our initial business combination; |
|
● |
our
expectations around the performance of the prospective target business or businesses; |
|
● |
our
success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business
combination; |
|
● |
our
officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or
in approving our initial business combination; |
|
● |
our
potential ability to obtain additional financing to complete our initial business combination; |
|
● |
our
pool of prospective target businesses; |
|
● |
the
ability of our officers and directors to generate a number of potential acquisition opportunities; |
|
● |
our
disclosure controls and procedures and internal control over financial reporting and any material weaknesses of the foregoing; |
|
● |
the
use of proceeds not held in the trust account or available to us from interest income on the trust account balance; |
|
● |
the
trust account not being subject to claims of third parties; or |
|
● |
our
financial performance. |
The
forward-looking statements contained in this Quarterly Report are based on our current expectations and beliefs concerning future developments
and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated.
These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions
that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.
These risks and uncertainties include, but are not limited to, those factors described under the section of this Quarterly Report entitled
“Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect,
actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to
update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be
required under applicable securities laws.
We
use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,”
“plans,” “estimates,” “targets” and similar expressions to identify forward-looking statements. The
forward-looking statements contained in this Quarterly Report involve risks and uncertainties. Our actual results could differ materially
from those implied or expressed in the forward-looking statements for any reason.
Although
we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove
to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these
and other uncertainties, the inclusion of a projection or forward-looking statements in this Quarterly Report should not be regarded
as a representation by us that our plans and objectives will be achieved.
Overview
We
are a blank check company incorporated in Delaware on August 19, 2021. We were formed for the purpose of effecting a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business
Combination”). We are an emerging growth company and, as such, we are subject to all of the risks associated with emerging growth
companies. We intend to effectuate our Business Combination using cash from the proceeds of the Initial Public Offering and the sale
of the Private Warrants, our capital stock, debt or a combination of cash, stock and debt.
We
expect to continue to incur significant costs in the pursuit of our initial Business Combination. We cannot assure you that our plans
to raise capital or to complete our initial Business Combination will be successful.
Recent
Developments
Extension
Proxy
On
July 28, 2023, we filed a definitive proxy statement on Schedule 14A (the “Extension Proxy”) with respect to a special meeting
of stockholders to seek approval from stockholders of amendments to our Amended and Restated Certificate of Incorporation (the “Charter”)
and our investment management trust agreement, dated as of February 18, 2022 (the “Trust Agreement”), by and between us and
Continental Stock Transfer & Trust Company, in each case, to extend the date by which we have to consummate an initial business combination
up to six (6) times for an additional one (1) month each time from August 18, 2023 to up to February 18, 2024 (the “Extension,”
and such later date, the “Extended Date”), or such earlier date as shall be determined by our board of directors and publicly
announced by us, as more fully described in the Extension Proxy. We currently believe that there will not be sufficient time to complete
an initial business combination by August 18, 2023. Accordingly, we believe that the extension of such date is necessary in order to
be able to consummate an initial business combination. The amendments to our Charter and the Trust Agreement are subject to approval
by stockholders, as described in the Extension Proxy, and there is no guarantee that the stockholders will approve such amendments.
Results
of Operations
We
have neither engaged in any operations nor generated any revenues to date. Our only activities from inception to June 30, 2023 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 three months June 30, 2023, we had net income of $836,383, which consisted of investment income of $1,468,385, partially offset by
expenses of $340,441 and tax expense of $291,561. 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.
For
the three months June 30, 2022, we had a net loss of $126,106 which consisted of formation and operating costs of $171,593 and franchise
tax cost of $50,000 which were offset by interest earned on investments held in the Trust Account of $95,487.
For
the six months June 30, 2023, we had net income of $1,643,672, which consisted of investment income of $2,756,883, partially offset by
expenses of $561,566 and tax expense of $551,645. 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.
For
the six months June 30, 2022, we had a net loss of $197,616 which consisted of formation and operating costs of $216,139 and franchise
tax cost of $98,767 which were offset by interest earned on investments held in the Trust Account of $117,290.
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 (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue
as a Going Concern,” the Company has until May 18, 2023 to complete a Business Combination. It is uncertain that the Company will
be able to consummate an initial Business Combination by this time. If an initial Business Combination is not consummated by this date
and the Company has not exercised its option to extend the deadline, there will be a mandatory liquidation and subsequent dissolution
of the Company. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.
The financial statements do not include any adjustments that might result from the Company’s inability to continue as a going concern.
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. The Company had $48,778 in cash and no cash equivalents as of June 30,
2023.
Off-Balance
Sheet Financing Arrangements
We
have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2023. We do not participate
in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest
entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into
any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities,
or purchased any non-financial assets.
Contractual
Obligations
We
do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities. The underwriter is entitled
to a deferred fee of three percent (3.00%) of the gross proceeds of the Offering upon closing of the Business Combination, or $3,450,000.
The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject
to the terms of the underwriting agreement.
Critical
Accounting Policies
The
preparation of audited financial statements and related disclosures in conformity with accounting principles generally accepted in the
United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the audited financial statements, and income and expenses during the periods
reported. Actual results could materially differ from those estimates. As of June 30, 2023, there were no critical accounting policies.
Recent
Accounting Standards
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on our audited financial statements.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
As
of June 30, 2023, we were not subject to any market or interest rate risk. Following the consummation of our Initial Public Offering,
the net proceeds received into the Trust Accounts, have been invested in U.S. government treasury bills, notes or bonds with a maturity
of 185 days or less or in certain money market funds that invest solely in US treasuries. Due to the short-term nature of these investments,
we believe there will be no associated material exposure to interest rate risk.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
Disclosure
controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed
under the Exchange Act, such as this Report, is recorded, processed, summarized, and reported within the time period specified in the
SEC’s rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated
and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely
decisions regarding required disclosure. Our management evaluated, with the participation of our current chief executive officer and
chief financial officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of March
31, 2023, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, as of
March 31, 2023, our disclosure controls and procedures were effective.
We
do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and
procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the
disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there
are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure
controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all
our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain
assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated
goals under all potential future conditions.
Changes
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange
Act) that occurred during the fiscal quarter ended June 30, 2023 covered by this Quarterly Report on Form 10-Q that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
None.
Item
1A. Risk Factors
As
a smaller reporting company, as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information required by
this Item. Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks
described in our final prospectus for our Initial Public Offering filed with the SEC. Any of these factors could result in a significant
or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or
that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report on Form
10-Q, there have been no material changes to the risk factors disclosed in our final prospectus dated February 14, 2022 filed with the
SEC, our Annual Report on Form 10-K for the year ended December 31, 2021, our Form 8-K filed with the SEC on April 25, 2022, our Quarterly
Report on Form 10-Q for the period ended March 31, 2022, our Quarterly Report on Form 10-Q for the period ended September 30, 2022, our
Annual Report on Form 10-K for the year ended December 31, 2022, and our Extension Proxy. We may disclose changes to such factors or
disclose additional factors from time to time in our future filings with the SEC.
Item
2. Unregistered Sale of Equity Securities and Use of Proceeds.
None.
There has been no material change in the planned use of proceeds from our offering as described in our final prospectus filed with the
SEC pursuant to Rule 424(b) related to the Initial Public Offering.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosures
Not
Applicable.
Item
5. Other Information
None.
Item
6. Exhibits
The
following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.
* |
Filed
herewith. |
** |
Furnished. |
(1)
Incorporated by reference to the Company’s Form 8-K, filed with the SEC on February 24, 2022.
(2)
Incorporated by reference to the Company’s Form S-1 (File No. 333-261886) initially filed with the SEC on December 23, 2021.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
|
FUTURETECH
II ACQUISITION CORP. |
|
|
|
Date:
August 14, 2023 |
By:
|
/s/
Yuquan Wang |
|
Name:
|
Yuquan
Wang |
|
Title: |
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
Date:
August 14, 2023 |
By: |
/s/
Michael Greenall |
|
Name: |
Michael
Greenall |
|
Title:
|
Chief
Financial Officer |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT
TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Yuquan Wang, certify that:
1. I have reviewed this quarterly report on Form 10-Q
of FutureTech II Acquisition Corp.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;
b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in
the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter
(the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 14, 2023 |
|
|
|
By: |
/s/ Yuquan Wang |
|
|
Yuquan Wang |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT
TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Michael Greenall, certify that:
1. I have reviewed this quarterly report on Form 10-Q
of FutureTech II Acquisition Corp.;
2. Based on my knowledge, this report does not contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements,
and other financial information included in this report, fairly present in all material respects the financial condition, results of operations
and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant’s other certifying officer
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e)
and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have:
a) Designed such disclosure controls and
procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;
b) Designed such internal control over financial
reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant’s
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in
the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter
(the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer
and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the
registrant’s ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 14, 2023 |
|
|
|
By: |
/s/ Michael Greenall |
|
|
Michael Greenall |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADDED BY
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of FutureTech
II Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2023, as filed with the Securities
and Exchange Commission (the “Report”), I, Yuquan Wang, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C.
§1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report. |
Date: August 14, 2023 |
By: |
/s/ Yuquan Wang |
|
|
Yuquan Wang |
|
|
Chief Executive Officer |
|
|
(Principal Executive Officer) |
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADDED BY
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of FutureTech
II Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2023, as filed with the Securities
and Exchange Commission (the “Report”), I, Michael Greenall, Chief Financial Officer of the Company, certify, pursuant to
18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:
1. |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
2. |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report. |
Date: August 14, 2023 |
By: |
/s/ Michael Greenall |
|
|
Michael Greenall |
|
|
Chief Financial Officer |
|
|
(Principal Financial and Accounting Officer) |
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Aug. 14, 2023 |
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v3.23.2
Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current Assets: |
|
|
Cash |
$ 48,778
|
$ 262,756
|
Prepaid expenses |
198,767
|
157,614
|
Advances to related parties |
440,100
|
|
Total Current Assets |
687,645
|
420,370
|
Marketable Securities held in Trust Account |
123,525,832
|
118,976,585
|
Prepaid expenses, non-current |
|
77,654
|
Total Assets |
124,213,477
|
119,474,609
|
Current Liabilities: |
|
|
Accounts payable and accrued expenses |
304,291
|
130,225
|
Franchise tax payable |
|
200,000
|
Income tax payable |
659,904
|
310,259
|
Accrued offering costs |
2,708
|
2,708
|
Note payable - Sponsor |
2,915,928
|
144,443
|
Total Current Liabilities |
3,882,831
|
787,635
|
Deferred underwriting commission |
3,450,000
|
3,450,000
|
Total Liabilities |
7,332,831
|
4,237,635
|
COMMITMENTS AND CONTINGENCIES (Note 6) |
|
|
Redeemable Class A common stock subject to possible redemption,11,500,000 shares at redemption value of $10.49 and $10.30 per share as of June 30, 2023 and December 31, 2022 |
121,721,564
|
118,466,326
|
Stockholders’ deficit: |
|
|
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding |
|
|
Additional paid-in capital |
|
|
Accumulated deficit |
(4,841,270)
|
(3,229,704)
|
Total Stockholders’ Deficit |
(4,840,918)
|
(3,229,352)
|
Total Liabilities and Stockholders’ Deficit |
124,213,477
|
119,474,609
|
Common Class A [Member] |
|
|
Stockholders’ deficit: |
|
|
Common stock, value |
64
|
64
|
Common Class B [Member] |
|
|
Stockholders’ deficit: |
|
|
Common stock, value |
288
|
288
|
Related Party [Member] |
|
|
Current Assets: |
|
|
Advances to related parties |
$ 440,100
|
|
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v3.23.2
Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Common stock subject to possible redemption shares |
11,500,000
|
11,500,000
|
Common stock subject to possible redemption per share |
$ 10.49
|
$ 10.30
|
Preferred stock, par value |
$ 0.0001
|
$ 0.0001
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, shares outstanding |
0
|
0
|
Common Class A [Member] |
|
|
Common stock subject to possible redemption shares |
11,500,000
|
11,500,000
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
635,075
|
635,075
|
Common stock, shares outstanding |
635,075
|
635,075
|
Common stock, shares |
115,000
|
115,000
|
Common Class B [Member] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
Common stock, shares issued |
2,875,000
|
2,875,000
|
Common stock, shares outstanding |
2,875,000
|
2,875,000
|
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v3.23.2
Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
EXPENSES |
|
|
|
|
Administrative fee - related party |
$ 30,000
|
$ 30,000
|
$ 60,000
|
$ 40,000
|
Franchise tax |
50,000
|
50,000
|
100,000
|
98,767
|
General and administrative |
260,441
|
141,592
|
401,566
|
176,139
|
TOTAL EXPENSES |
340,441
|
221,592
|
561,566
|
314,906
|
OTHER INCOME |
|
|
|
|
Interest earned on marketable securities held in Trust Account |
1,468,385
|
95,487
|
2,756,883
|
117,290
|
TOTAL OTHER INCOME |
1,468,385
|
95,487
|
2,756,883
|
117,290
|
Pre-tax income (loss) |
1,127,944
|
(126,106)
|
2,195,317
|
(197,616)
|
Income tax |
(291,561)
|
|
(551,645)
|
|
Net income (loss) |
$ 836,383
|
$ (126,106)
|
$ 1,643,672
|
$ (197,616)
|
Common Class A [Member] |
|
|
|
|
OTHER INCOME |
|
|
|
|
Weighted average number of shares common stock outstanding, basic |
11,500,000
|
11,500,000
|
11,500,000
|
8,688,889
|
Weighted average number of shares common stock outstanding, diluted |
11,500,000
|
11,500,000
|
11,500,000
|
8,688,889
|
Basic net income (loss) per share of common stock |
$ 0.06
|
$ (0.01)
|
$ 0.11
|
$ (0.02)
|
Diluted net income (loss) per share of common stock |
$ 0.06
|
$ (0.01)
|
$ 0.11
|
$ (0.02)
|
Common Class B [Member] |
|
|
|
|
OTHER INCOME |
|
|
|
|
Weighted average number of shares common stock outstanding, basic |
2,875,000
|
2,875,000
|
2,875,000
|
2,783,333
|
Weighted average number of shares common stock outstanding, diluted |
2,875,000
|
2,875,000
|
2,875,000
|
2,783,333
|
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$ 0.06
|
$ (0.01)
|
$ 0.11
|
$ (0.02)
|
Diluted net income (loss) per share of common stock |
$ 0.06
|
$ (0.01)
|
$ 0.11
|
$ (0.02)
|
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v3.23.2
Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
|
$ 288
|
$ 24,712
|
$ (438)
|
$ 24,562
|
Balance, shares at Dec. 31, 2021 |
|
2,875,000
|
|
|
|
Remeasurement adjustment |
|
|
2,762,954
|
(3,929,281)
|
(1,166,327)
|
Net income (loss) |
|
|
|
(71,510)
|
(71,510)
|
Sale of units in Initial Public Offering, net of Offering costs |
$ 1,150
|
|
112,760,498
|
|
112,760,498
|
Sale of units in Initial Public Offering, net of offering costs, shares |
11,500,000
|
|
|
|
|
Sale of Private Placement Units |
$ 52
|
|
5,200,968
|
|
5,200,750
|
Sale of Private Placement Units, shares |
520,075
|
|
|
|
|
Shares issued to representative |
$ 12
|
|
(12)
|
|
|
Shares issued to representative, shares |
115,000
|
|
|
|
|
Deferred underwriting commission |
|
|
(3,450,000)
|
|
(3,450,000)
|
Class A Common Stock subject to possible redemption |
$ (1,150)
|
|
(117,298,850)
|
|
(117,300,000)
|
Class A Common Stock subject to possible redemption, shares |
(11,500,000)
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 64
|
$ 288
|
|
(2,834,902)
|
(2,834,550)
|
Balance, shares at Mar. 31, 2022 |
635,075
|
2,875,000
|
|
|
|
Balance at Dec. 31, 2021 |
|
$ 288
|
24,712
|
(438)
|
24,562
|
Balance, shares at Dec. 31, 2021 |
|
2,875,000
|
|
|
|
Net income (loss) |
|
|
|
|
(197,616)
|
Balance at Jun. 30, 2022 |
$ 64
|
$ 288
|
|
(2,961,008)
|
(2,960,656)
|
Balance, shares at Jun. 30, 2022 |
635,075
|
2,875,000
|
|
|
|
Balance at Mar. 31, 2022 |
$ 64
|
$ 288
|
|
(2,834,902)
|
(2,834,550)
|
Balance, shares at Mar. 31, 2022 |
635,075
|
2,875,000
|
|
|
|
Net income (loss) |
|
|
|
(126,106)
|
(126,106)
|
Balance at Jun. 30, 2022 |
$ 64
|
$ 288
|
|
(2,961,008)
|
(2,960,656)
|
Balance, shares at Jun. 30, 2022 |
635,075
|
2,875,000
|
|
|
|
Balance at Dec. 31, 2022 |
$ 64
|
$ 288
|
|
(3,229,704)
|
(3,229,352)
|
Balance, shares at Dec. 31, 2022 |
635,075
|
2,875,000
|
|
|
|
Remeasurement adjustment |
|
|
|
(2,128,414)
|
(2,128,414)
|
Net income (loss) |
|
|
|
807,289
|
807,289
|
Balance at Mar. 31, 2023 |
$ 64
|
$ 288
|
|
(4,550,829)
|
(4,550,477)
|
Balance, shares at Mar. 31, 2023 |
635,075
|
2,875,000
|
|
|
|
Balance at Dec. 31, 2022 |
$ 64
|
$ 288
|
|
(3,229,704)
|
(3,229,352)
|
Balance, shares at Dec. 31, 2022 |
635,075
|
2,875,000
|
|
|
|
Net income (loss) |
|
|
|
|
1,643,672
|
Balance at Jun. 30, 2023 |
$ 64
|
$ 288
|
|
(4,841,270)
|
(4,840,918)
|
Balance, shares at Jun. 30, 2023 |
635,075
|
2,875,000
|
|
|
|
Balance at Mar. 31, 2023 |
$ 64
|
$ 288
|
|
(4,550,829)
|
(4,550,477)
|
Balance, shares at Mar. 31, 2023 |
635,075
|
2,875,000
|
|
|
|
Remeasurement adjustment |
|
|
|
(1,126,824)
|
(1,126,824)
|
Net income (loss) |
|
|
|
836,383
|
836,383
|
Balance at Jun. 30, 2023 |
$ 64
|
$ 288
|
|
$ (4,841,270)
|
$ (4,840,918)
|
Balance, shares at Jun. 30, 2023 |
635,075
|
2,875,000
|
|
|
|
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v3.23.2
Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from Operating Activities: |
|
|
Net income (loss) |
$ 1,643,672
|
$ (197,616)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
Income earned on marketable securities held in the Trust Account |
(2,756,883)
|
(117,290)
|
Changes in operating assets and liabilities: |
|
|
Prepaid expenses |
(41,153)
|
(234,672)
|
Franchise tax payable |
(200,000)
|
|
Income tax payable |
349,645
|
|
Other assets |
77,654
|
(127,517)
|
Accounts payable and accrued expenses |
174,066
|
144,484
|
Net cash used in operating activities |
(752,999)
|
(532,611)
|
Cash flows from Investing Activities: |
|
|
Investment of cash in Trust Account |
(2,300,000)
|
(117,300,000)
|
Cash withdrawn from Trust |
507,636
|
|
Net cash used in investing activities |
(1,792,364)
|
(117,300,000)
|
Cash flows from Financing Activities: |
|
|
Proceeds from sale of Units, net of underwriting discount paid |
|
113,275,000
|
Proceeds from sale of private placement units |
|
5,200,750
|
Note receivable |
|
(100,000)
|
Note receivable - repayment |
|
100,000
|
Payment of deferred offering costs |
|
(316,639)
|
Advance to Sponsor |
(440,100)
|
|
Proceeds from issuance of debt – related party |
2,771,485
|
|
Net cash provided by financing activities |
2,331,385
|
118,159,111
|
Net change in cash |
(213,978)
|
326,500
|
Cash - Beginning of the period |
262,756
|
5,000
|
Cash - End of the period |
48,778
|
331,500
|
Supplemental disclosure of non-cash financing activities: |
|
|
Deferred underwriting commission |
|
3,450,000
|
Initial Classification of Class A common stock subject to redemption |
|
117,300,000
|
Remeasurement adjustment |
3,255,238
|
|
Offering costs paid by Promissory note - related parties |
|
$ 100,893
|
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v3.23.2
Description of Organization and Business Operations, Going Concern and Basis of Presentation
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Description of Organization and Business Operations, Going Concern and Basis of Presentation |
Note
1 - Description of Organization and Business Operations, Going Concern and Basis of Presentation
FutureTech
II Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on August 19, 2021. The Company was
formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar
business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging
growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.
As
of June 30, 2023, the Company had not commenced any operations. All activity for the period from April 13, 2021 (inception) through June
30, 2023 relates to organizational activities 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 Company’s initial public
offering (the “Initial Public Offering”). The Company has selected December 31 as its fiscal year end.
The
registration statement for the Initial Public Offering was declared effective on February 14, 2022. On February 18, 2022, the Company
consummated the Initial Public Offering of 11,500,000 units (“Units” and, with respect to the shares of Class A common stock
included in the Units offered, the “Public Shares”), generating gross proceeds of $115,000,000, which is described in Note
3.
Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 520,075 private placement units (the “Private
Placement Units”) at a price of $ per unit in a private placement to the FutureTech Partners II LLC (the “Sponsor”),
generating gross proceeds of $, which is described in Note 4.
Following
the closing of the Initial Public Offering on February 18, 2022, an amount of $117,300,000 ($10.00 per Unit) from the net proceeds of
the sale of the Units in the Initial Public Offering and the Private Placement Units was placed in a trust account (“Trust Account”)
which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of
1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company
that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the
Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the Company’s
stockholders, as described below.
Transaction
costs of the Initial Public Offering with the exercise of the overallotment amounted to $5,688,352 consisting of $1,725,000 of cash underwriting
fees, $3,450,000 of deferred underwriting fees and $513,352 of other costs.
Following
the closing of the Initial Public Offering, $700,000
of cash was held outside of the Trust Account available for working capital purposes. As of June 30, 2023, the Company has available
to it $48,778 of cash on its balance sheet and a working capital deficit of $3,195,186. As of December 31, 2022, the Company has
available to it $262,756
of cash on its balance sheet and a working capital deficit of $367,265.
The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that
together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting
commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter
a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires
50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company
will be able to successfully effect a Business Combination.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
1 - Description of Organization and Business Operations (Continued)
The
Company has until May 18, 2023 (or up to August 18, 2023, as applicable) to consummate a Business Combination. If the Company is unable
to complete a Business Combination within 12 months from the closing of the Initial Public Offering (or up to 18 months from the closing
of the Initial Public Offering at the election of the Company in two separate three month extensions subject to satisfaction of certain
conditions, including the deposit of up to $1,150,000 ($0.10 per unit in either case) for each three month extension, into the Trust
Account, or as extended by the Company’s stockholders in accordance with its certificate of incorporation), the Company will (i)
cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days
thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust
Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes
(less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption
will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions,
if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
the Company’s remaining stockholders and its board of directors, dissolve and liquidate, subject in the case of clauses (ii) and
(iii) above to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. Accordingly, it is the Company’s intention to redeem its Public Shares as soon as reasonably possible following the 12th month
(or up to 18 months from the closing of the Initial Public Offering at the election of the Company in two separate three month extensions
subject to satisfaction of certain conditions, including the deposit of up to $1,150,000 ($0.10 per unit in either case) for each three
month extension, into the Trust Account, or as extended by the Company’s stockholders in accordance with its certificate of incorporation).
As such, the Company’s stockholders could potentially be liable for any claims to the extent of distributions received by them
(but no more) and any liability of such stockholders may extend well beyond the third anniversary of such date. On February 17, 2023,
the Company caused to be deposited $1,150,000 into the Trust Account for its public stockholders, representing $0.10 per Public Share,
allowing the Company to extend the period of time it has to consummate its initial Business Combination by three months from February
18, 2023 to May 18, 2023 (the “Extension”). The Extension is the first of the two three-month extensions permitted mentioned
above.
The
Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products
sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality
or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.20
per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the day of liquidation of the Trust Account,
if less than $10.20 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will
not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in
the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of
the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as
amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations,
nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe
that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure its stockholders that the Sponsor
would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by
third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the
possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors,
service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the
Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Liquidity
and Management’s Plans
At June 30, 2023, the Company
had cash of $48,778 and working capital deficit of $3,195,186.
At
December 31, 2022, the Company had cash of $150,257 and working capital deficit of $1,920,820.
In
connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s
Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue
as a Going Concern,” the Company has until May 18, 2023 to complete a Business Combination. It is uncertain that the Company will
be able to consummate an initial Business Combination by this time. If an initial Business Combination is not consummated by this date
and the Company has not exercised its option to extend the deadline, there will be a mandatory liquidation and subsequent dissolution
of the Company. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern.
The financial statements do not include any adjustments that might result from the Company’s inability to continue as a going concern.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
1 - Description of Organization and Business Operations (Continued)
Risks
and Uncertainties
Management
is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of the financial statement. The 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 consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
|
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 - Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited 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 operations, or cash flows. As such, the information included in these financial statements should
be read in conjunction with the audited financial statements as of December 31, 2022 filed with the SEC on Form 10-K on March 31,
2023.
In
the opinion of the Company’s management, the unaudited financial statements as of June 30, 2023 and for the three and six months
ended June 30, 2023 include all adjustments, which are only of a normal and recurring nature, necessary for a fair statement of the financial
position of the Company as of June 30, 2023 and its results of operations and cash flows for the six months ended June 30, 2023. The
results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for
the full fiscal year ending December 31, 2023 or any future interim period.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period, which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company,
which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period
difficult or impossible because of the potential differences in accounting standards used.
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial
institution which, at times may exceed the Federal depository insurance coverage of $250,000. At June 30, 2023 and December 31, 2022, the Company had not
experienced losses on this account and management believes the Company is not exposed to significant risks on such
account.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. As of June 30, 2023 and December 31, 2022, the Company had cash of $48,778
and $262,756, respectively. The Company had no cash equivalents as of June 30, 2023 and December 31, 2022.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
Trust
Account
Upon
the closing of the Initial Public Offering and the Private Placement, $117,300,000 ($10.00 per Unit) of the net proceeds of the Initial
Public Offering and certain of the proceeds of the Private Placement Units was held in the Trust Account located in the United States
with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. government treasury obligations with
a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act,
which will be invested only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the
completion of a Business Combination and (ii) the distribution of the Trust Account as described above.
As
of June 30, 2023 and December 31, 2022, the Company had $123,525,832 and $118,976,585, respectively, in marketable securities held in
the Trust Account.
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Financial Accounting Standards Board ASC 340-10-S99-1 and SEC Staff Accounting Bulletin
(“SAB”) Topic 5A, “Expenses of Offering.” Offering costs of $513,352 consist principally of costs
incurred in connection with formation of the Company and preparation for the Initial Public Offering. These costs, together with the
underwriter discount of $1,725,000 were charged to additional paid-in capital upon completion of the Initial Public Offering.
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its common stock subject to possible redemption in accordance with the guidance enumerated in ASC 480 “Distinguishing
Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured
at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the
control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s
Class A common stock features certain redemption rights that are considered by the Company to be outside of the Company’s control
and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2023 and December 31, 2022, the Class A common stock
subject to possible redemption in the amount of $121,721,564 and $118,466,326, respectively, is presented as temporary equity, outside
of the stockholders’ equity section of the Company’s balance sheets. The increase of $1,126,824 and $3,255,238 during the
three and six months ended June 30, 2023, respectively, in the Class A common stock subject to possible redemption is a remeasurement
adjustment to the redemption value. There were no remeasurement adjustments during the three and six months ended June 30, 2022.
Net
Income (Loss) Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the period. The Company applies the two-class method in calculating earnings per share. Earnings and losses are shared pro rata
between the two classes of shares. The calculation of diluted loss per share of common stock does not consider the effect of the warrants
issued in connection with the (i) Initial Public Offering and (ii) sale of the Private Placement Units, because the warrants are contingently
exercisable, and the contingencies have not yet been met. As a result, diluted earnings per share is the same as basic earnings per share
for the periods presented.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
The
following table reflects the calculation of basic and diluted net income (loss) per share (in dollars, except per share amounts):
Schedule
of Calculation of Basic and Diluted Net Income Per Common Share
| |
Three Months Ended | | |
Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic and diluted net income (loss) per share of common stock Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss), as adjusted | |
$ | 669,107 | | |
$ | 167,277 | | |
| (100,885 | ) | |
$ | (25,221 | ) |
Denominator: Basic and diluted weighted average shares outstanding | |
| 11,500,000 | | |
| 2,875,000 | | |
| 11,500,000 | | |
| 2,875,000 | |
Basic and diluted net income (loss) per share of common stock | |
$ | 0.06 | | |
$ | 0.06 | | |
| (0.01 | ) | |
$ | (0.01 | ) |
| |
Six Months Ended | | |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic and diluted net income (loss) per share of common stock Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss), as adjusted | |
$ | 1,314,938 | | |
$ | 328,734 | | |
| (149,671 | ) | |
$ | (47,945 | ) |
Denominator: Basic and diluted weighted average shares outstanding | |
| 11,500,000 | | |
| 2,875,000 | | |
| 8,688,889 | | |
| 2,783,333 | |
Basic and diluted net income (loss) per share of common stock | |
$ | 0.11 | | |
$ | 0.11 | | |
| (0.02 | ) | |
$ | (0.02 | ) |
Fair
Value of Financial Instruments
The
fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets. This is the level
that the Marketable Securities Held in Trust Account are considered (being $123,525,832 and $118,976,585 as of June 30, 2023 and December
31, 2022, respectively);
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United
States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to
unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of June 30, 2023 and December
31, 2022 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues
under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to
income tax examinations by major taxing authorities since inception.
New
Law and Changes
On
August 16, 2022, the Inflation Reduction Act (the “IR Act”) was signed into law, which, beginning in 2023, will impose a
1% excise tax on public company stock buybacks. The Company is assessing the potential impact of the IR Act.
The
IR Act imposes a 1% excise tax on the fair market value of stock repurchases made by covered corporations after December 31, 2022. The
total taxable value of shares repurchased is reduced by the fair market value of any newly issued shares during the taxable year. Redemption
rights are ubiquitous to nearly all SPACs. Until there is further guidance from the IRS, the Company will continue to assess the potential
impact of the IR Act. The Company does not expect a material impact on the Company’s financial statements.
Recently
Issued Accounting Standards
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06,
Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity
(Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current
models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the
derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard
also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s
own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for
all convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023 and should be applied on a full
or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact,
if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.
Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s financial statements.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
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v3.23.2
Public Offering
|
6 Months Ended |
Jun. 30, 2023 |
Public Offering |
|
Public Offering |
Note
3 - Public Offering
Pursuant
to the Initial Public Offering and full exercise of the underwriters’ overallotment option, the Company sold 11,500,000 Units at
a purchase price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one redeemable warrant (“Public
Warrant”). Each Public Warrant will entitle the holder to purchase one share of Class A common stock at an exercise price of $11.50
per share (see Note 7).
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v3.23.2
Private Placement
|
6 Months Ended |
Jun. 30, 2023 |
Private Placement |
|
Private Placement |
Note
4 - Private Placement
Simultaneously
with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of Private Placement Units at a price of
$ per Private Placement Unit (or $ in the aggregate), from the Company. The Sponsor transferred $ to the Trust
Account on February 16, 2022.
The
proceeds from the sale of the Private Placement Units were added to the net proceeds from the Initial Public Offering held in the Trust
Account. The warrants included in the Private Placement Units (the “Private Placement Warrants”) are identical to the warrants
sold in the Initial Public Offering, except as described in Note 7. If the Company does not complete a Business Combination within the
required period, the Private Placement Warrants will expire worthless.
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v3.23.2
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
Note
5 - Related Party Transactions
Class
B Common Stock
On
October 8, 2021, the Company issued an aggregate of shares of Class B common stock to the Sponsor for an aggregate purchase
price of $ in cash, or approximately $ per share. Such Class B common stock includes an aggregate of up to shares
that were subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or
in part, so that the Sponsor would collectively own 20% of the Company’s issued and outstanding shares after the Initial Public
Offering (assuming the initial stockholders did not purchase any Public Shares in the Initial Public Offering and excluding the Private
Placement Units and underlying securities).
The
initial stockholders have agreed not to transfer, assign or sell any of the Class B common stock (except to certain permitted transferees)
until the earlier of (i) one year after the date of the consummation of a Business Combination, or (ii) the date on which the closing
price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations
and recapitalizations) for any 20 trading days within any 30-trading day period commencing six months after a Business Combination, or
earlier, in each case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange
or other similar transaction which results in all of the Company’s stockholders having the right to exchange their common stock
for cash, securities or other property.
Promissory
Note - Related Party
On
August 19, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an
aggregate principal amount of $300,000
to be used for payment of costs related to the Initial Public Offering. The
note is non-interest bearing and payable on the earlier of (i) March 31, 2022 or (ii) the consummation of the Initial Public
Offering. As of June 30, 2023 and December 31, 2022, there was $2,915,928 and $144,443
outstanding pursuant to the promissory note, respectively. As of June 30, 2023 and December 31, 2022, the Company was delinquent
under the terms of the promissory note.
Related
Party Loans
In
order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or the Company’s
officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”).
Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination,
without interest, or, at the lender’s discretion, up to $ of such loans may be converted upon consummation of a Business
Combination into units at a price of $ per unit. The Units will be identical to the Private Placement Units. 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 June 30, 2023 and December 31,
2022, the Company has no working capital loans outstanding.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
5 - Related Party Transactions (Continued)
Extension
Loan - Related Party
If
the Company anticipates that it may not be able to consummate a Business Combination within 12 months, the Company may, by resolution
of the Company’s board if requested by the Sponsor, extend the period of time to consummate a Business Combination up to two times,
each by an additional three months (for a total of up to 18 months to complete a Business Combination), subject to the Sponsor depositing
additional funds into the Trust Account as set out below. Pursuant to the terms of the Company’s amended and restated certificate
of incorporation and the trust agreement entered into between the Company and Continental Stock Transfer & Trust Company, in order
for the time available for the Company to consummate the initial Business Combination to be extended, the Sponsor or its affiliates or
designees, upon five business days’ advance notice prior to the applicable deadline, must deposit into the Trust Account $($0.10
per unit), on or prior to the date of the applicable
deadline, for each of the available three month extensions, providing a total possible Business Combination period of 18 months at a
total payment value of $($per unit) (the “Extension Loans”).
Any such payments would be made in the form of non-interest-bearing loans. If the Company completes its initial Business Combination,
the Company will, at the option of the Sponsor, repay the Extension Loans out of the proceeds of the Trust Account released to the Company
or convert a portion or all of the total loan amount into units at a price of $per unit, which units will be identical to the
Private Placement Units. If the Company does not complete a Business Combination, the Company will repay such loans only from funds held
outside of the Trust Account. Furthermore, the letter agreement among the Company and the Company’s officers, directors, and the
Sponsor contains a provision pursuant to which the Sponsor will agree to waive its right to be repaid for such loans to the extent there
is insufficient funds held outside of the Trust Account in the event that the Company does not complete a Business Combination. The Sponsor
and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete the initial
Business Combination. The public stockholders will not be afforded an opportunity to vote on the extension of time to consummate an initial
Business Combination from 12 months to 18 months described above or redeem their shares in connection with such extensions. On February
17, 2023 the Company caused to be deposited $1,150,000
into the Company’s Trust account for its
public stockholders, representing $0.10
per Public Share, allowing the Company to extend
the period of time it has to consummate its initial Business Combination by three months from February 18, 2023 to May 18, 2023 (the
“Extension”). The Extension is the first of two three-month extensions permitted under the Company’s governing documents.
As of June 30, 2023 and December 31, 2022, there was $0
outstanding under the related party loans.
Administrative
Support Agreement
Commencing
on the date the Units are first listed on Nasdaq, the Company has agreed to pay the Sponsor a total of $10,000 per month for office space,
utilities and secretarial and administrative support for up to 18 months. Upon completion of the initial Business Combination or the
Company’s liquidation, the Company will cease paying these monthly fees. During the three and six months ended June 30, 2023 the
Company recorded $30,000 and $60,000, respectively of administrative expenses. Administrative expenses were and $30,000 and $40,000 during the three and six months ended June 30, 2022, respectively.
Representative
Shares
The
Company issued to EF Hutton and/or its designees, 115,000 shares of Class A common stock upon the Initial Public Offering. EF Hutton
has agreed not to transfer, assign or sell any such common stock until the completion of the Company’s initial Business Combination.
In addition, EF Hutton has agreed (i) to waive its redemption rights with respect to such common stock in connection with the completion
of the Company’s initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account
with respect to such common stock if the Company fails to complete its initial Business Combination within 12 months (or up to 18 months
if the Company extends the period of time to consummate a Business Combination) from the closing of the Initial Public Offering.
The
representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately
following the commencement of sales in the Initial Public Offering pursuant to Rule 5110(e)(1) of FINRA’s NASD Conduct Rules. Pursuant
to FINRA Rule 5110(e)(1), these securities may not be sold, transferred, assigned, pledged or hypothecated or the subject of any hedging,
short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period
of 180 days immediately following the effective date of the registration statement for the Initial Public Offering, nor may they be sold,
transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the commencement of sales in the Initial
Public Offering except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners,
registered persons or affiliates or as otherwise permitted under Rule 5110(e)(2), and only if any such transferee agrees to the foregoing
lock-up restrictions.
Advances
to related parties
During
the three months ended June 30, 2023, the Company advanced $440,100 to the Sponsor and other related parties. There are no terms to the
advances. $440,100 was outstanding as of June 30, 2023.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
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v3.23.2
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Note
6 - Commitments and Contingencies
Registration
Rights
The
holders of the insider shares, as well as the holders of the Private Placement Units (and underlying securities) and any securities issued
in payment of working capital loans made to the Company, are entitled to registration rights pursuant to an agreement signed on the effective
date of Initial Public Offering. The holders of a majority of these securities are entitled to make up to three demands that the Company
register such securities. Notwithstanding anything to the contrary, the underwriters (and/or their designees) may only make a demand
registration (i) on one occasion and (ii) during the five-year period beginning on the effective date of the Initial Public Offering.
The holders of the majority of these securities can elect to exercise these registration rights at any time after the Company consummates
a Business Combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration
statements filed subsequent to the consummation of a Business Combination. Notwithstanding anything to the contrary, the underwriters
(and/or their designees) may participate in a “piggy-back” registration only during the seven-year period beginning on the
effective date of the Initial Public Offering. The Company will bear the expenses incurred in connection with the filing of any such
registration statements.
Underwriting
Agreement
The
underwriter was paid a cash underwriting discount of one and a half percent (1.50%) of the gross proceeds of the Initial Public Offering,
or $1,725,000. In addition, the underwriter is entitled to a deferred fee of three and a half percent (3.50%) of the gross proceeds of
the Initial Public Offering, or $3,450,000. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing
of a Business Combination, subject to the terms of the underwriting agreement. In addition, the Company issued EF Hutton and/or its designees,
115,000 shares of Class A common stock upon the consummation of the Initial Public Offering.
Right
of First Refusal
For
a period beginning on the closing of the Initial Public Offering and ending twenty-four (24) months from the closing of a Business Combination,
the Company granted EF Hutton, division of Benchmark Investments, LLC a right of first refusal to act as lead-left book running manager
and lead left manager for any and all future private or public equity, convertible and debt offerings during such period.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.2
Stockholders’ Equity (Deficit)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity (Deficit) |
Note
7 - Stockholders’ Equity (Deficit)
Preferred
Shares - The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such designation,
rights and preferences as may be determined from time to time by the Company’s Board of Directors. At June 30, 2023 and December
31, 2022, there were no preferred shares issued or outstanding.
Class
A Common Stock - The Company is authorized to issue 100,000,000
shares of Class A common stock with a par value
of $0.0001
per share. Holders
of the Company’s Class A common stock are entitled to one vote for each share.
At June 30, 2023 and December 31, 2022, there were 635,075
shares of Class A common stock issued and outstanding,
which included 115,000
representative shares. As of June 30, 2023 and
December 31, 2022, there were 11,500,000
shares, of Class A common stock
that were classified as temporary equity in the accompanying balance sheets.
Class
B Common Stock - The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001
per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. At June 30, 2023 and December
31, 2022, there were 2,875,000 shares of Class B common stock issued and outstanding. Upon exercise of the over-allotment option, 375,000
shares of Class B common stock are no longer subject to forfeiture.
Only
holders of the Class B common stock will have the right to vote on the election of directors prior to the Business Combination. Holders
of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of
the Company’s stockholders except as otherwise required by law. In connection with the Company’s initial Business Combination,
the Company may enter into a shareholders agreement or other arrangements with the shareholders of the target or other investors to provide
for voting or other corporate governance arrangements that differ from those in effect upon completion of the Initial Public Offering.
The
shares of Class B common stock will automatically convert into Class A common stock at the time of a Business Combination, or earlier
at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock,
or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to
the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common
stock will be adjusted (unless the holders of a majority of the then-outstanding shares of Class B common stock agree to waive such adjustment
with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of
all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all
shares of common stock outstanding upon the completion of Initial Public Offering plus all shares of Class A common stock and equity-linked
securities issued or deemed issued in connection with a Business Combination (net of the number of shares of Class A common stock redeemed
in connection with a Business Combination), excluding any shares or equity-linked securities issued or issuable to any seller of an interest
in the target to the Company in a Business Combination.
Warrants
- The Public Warrants will become exercisable 30 days after the completion of a Business Combination. The Public Warrants will
expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.
The
Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class
A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A
common stock is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from
registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue
any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified
under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
7 - Stockholders’ Equity (Continued)
The
Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination,
the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have
declared effective, a registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the
warrants and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed.
Notwithstanding the above, if the Class A common stock is at the time of any exercise of a warrant not listed on a national securities
exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the
Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis”
in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to
file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares
under applicable blue sky laws to the extent an exemption is not available.
Redemption
of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 - Once the warrants become exercisable, the
Company may redeem the outstanding Public Warrants:
● |
in
whole and not in part; |
|
|
● |
at
a price of $0.01 per Public Warrant; |
|
|
● |
upon
a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and |
|
|
● |
if,
and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits,
stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing
once the warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice
of redemption to warrant holders. |
If
and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register
or qualify the underlying securities for sale under all applicable state securities laws.
If
the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that
wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise
price and number of shares of common stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including
in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except
as described below, the Public Warrants will not be adjusted for issuances of common stock at a price below its exercise price. Additionally,
in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination
within the required period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive
any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held
outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.
The
Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
8 – Subsequent Events
The
Company evaluated subsequent events and transactions that occurred after the balance sheet date. Based upon this review the Company did
not identify any subsequent events that would have required adjustment or disclosure in the financial statements.
Extension Proxy
On July 28, 2023, the Company filed a definitive
proxy statement on Schedule 14A (the “Extension Proxy”) with respect to a special meeting of stockholders to seek approval
from stockholders of amendments to the Company’s Amended and Restated Certificate of Incorporation (the “Charter”)
and the Company’s investment management trust agreement, dated as of February 18, 2022 (the “Trust Agreement”), by
and between the Company and Continental Stock Transfer & Trust Company, in each case, to extend the date by which the Company has
to consummate an initial business combination up to six (6) times for an additional one (1) month each time from August 18, 2023 to up
to February 18, 2024 (the “Extension,” and such later date, the “Extended Date”), or such earlier date as shall
be determined by the Company’s board of directors and publicly announced by the Company, as more fully described in the Extension
Proxy.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited 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 operations, or cash flows. As such, the information included in these financial statements should
be read in conjunction with the audited financial statements as of December 31, 2022 filed with the SEC on Form 10-K on March 31,
2023.
In
the opinion of the Company’s management, the unaudited financial statements as of June 30, 2023 and for the three and six months
ended June 30, 2023 include all adjustments, which are only of a normal and recurring nature, necessary for a fair statement of the financial
position of the Company as of June 30, 2023 and its results of operations and cash flows for the six months ended June 30, 2023. The
results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for
the full fiscal year ending December 31, 2023 or any future interim period.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
|
Emerging Growth Company |
Emerging
Growth Company
The
Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved.
Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period, which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company,
which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period
difficult or impossible because of the potential differences in accounting standards used.
|
Use of Estimates |
Use
of Estimates
The
preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of revenues and expenses during the reporting period.
Making
estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of
a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating
its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ
significantly from those estimates.
|
Concentration of Credit Risk |
Concentration
of Credit Risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial
institution which, at times may exceed the Federal depository insurance coverage of $250,000. At June 30, 2023 and December 31, 2022, the Company had not
experienced losses on this account and management believes the Company is not exposed to significant risks on such
account.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash
equivalents are carried at cost, which approximates fair value. As of June 30, 2023 and December 31, 2022, the Company had cash of $48,778
and $262,756, respectively. The Company had no cash equivalents as of June 30, 2023 and December 31, 2022.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
|
Trust Account |
Trust
Account
Upon
the closing of the Initial Public Offering and the Private Placement, $117,300,000 ($10.00 per Unit) of the net proceeds of the Initial
Public Offering and certain of the proceeds of the Private Placement Units was held in the Trust Account located in the United States
with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. government treasury obligations with
a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act,
which will be invested only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the
completion of a Business Combination and (ii) the distribution of the Trust Account as described above.
As
of June 30, 2023 and December 31, 2022, the Company had $123,525,832 and $118,976,585, respectively, in marketable securities held in
the Trust Account.
|
Offering Costs Associated with the Initial Public Offering |
Offering
Costs Associated with the Initial Public Offering
The
Company complies with the requirements of the Financial Accounting Standards Board ASC 340-10-S99-1 and SEC Staff Accounting Bulletin
(“SAB”) Topic 5A, “Expenses of Offering.” Offering costs of $513,352 consist principally of costs
incurred in connection with formation of the Company and preparation for the Initial Public Offering. These costs, together with the
underwriter discount of $1,725,000 were charged to additional paid-in capital upon completion of the Initial Public Offering.
|
Class A Common Stock Subject to Possible Redemption |
Class
A Common Stock Subject to Possible Redemption
The
Company accounts for its common stock subject to possible redemption in accordance with the guidance enumerated in ASC 480 “Distinguishing
Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured
at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the
control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s
Class A common stock features certain redemption rights that are considered by the Company to be outside of the Company’s control
and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2023 and December 31, 2022, the Class A common stock
subject to possible redemption in the amount of $121,721,564 and $118,466,326, respectively, is presented as temporary equity, outside
of the stockholders’ equity section of the Company’s balance sheets. The increase of $1,126,824 and $3,255,238 during the
three and six months ended June 30, 2023, respectively, in the Class A common stock subject to possible redemption is a remeasurement
adjustment to the redemption value. There were no remeasurement adjustments during the three and six months ended June 30, 2022.
|
Net Income (Loss) Per Share |
Net
Income (Loss) Per Share
Net
income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the period. The Company applies the two-class method in calculating earnings per share. Earnings and losses are shared pro rata
between the two classes of shares. The calculation of diluted loss per share of common stock does not consider the effect of the warrants
issued in connection with the (i) Initial Public Offering and (ii) sale of the Private Placement Units, because the warrants are contingently
exercisable, and the contingencies have not yet been met. As a result, diluted earnings per share is the same as basic earnings per share
for the periods presented.
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
The
following table reflects the calculation of basic and diluted net income (loss) per share (in dollars, except per share amounts):
Schedule
of Calculation of Basic and Diluted Net Income Per Common Share
| |
Three Months Ended | | |
Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic and diluted net income (loss) per share of common stock Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss), as adjusted | |
$ | 669,107 | | |
$ | 167,277 | | |
| (100,885 | ) | |
$ | (25,221 | ) |
Denominator: Basic and diluted weighted average shares outstanding | |
| 11,500,000 | | |
| 2,875,000 | | |
| 11,500,000 | | |
| 2,875,000 | |
Basic and diluted net income (loss) per share of common stock | |
$ | 0.06 | | |
$ | 0.06 | | |
| (0.01 | ) | |
$ | (0.01 | ) |
| |
Six Months Ended | | |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic and diluted net income (loss) per share of common stock Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss), as adjusted | |
$ | 1,314,938 | | |
$ | 328,734 | | |
| (149,671 | ) | |
$ | (47,945 | ) |
Denominator: Basic and diluted weighted average shares outstanding | |
| 11,500,000 | | |
| 2,875,000 | | |
| 8,688,889 | | |
| 2,783,333 | |
Basic and diluted net income (loss) per share of common stock | |
$ | 0.11 | | |
$ | 0.11 | | |
| (0.02 | ) | |
$ | (0.02 | ) |
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction
between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets. This is the level
that the Marketable Securities Held in Trust Account are considered (being $123,525,832 and $118,976,585 as of June 30, 2023 and December
31, 2022, respectively);
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
FUTURETECH
II ACQUISITION CORP.
NOTES
TO FINANCIAL STATEMENTS
Note
2 - Summary of Significant Accounting Policies (Continued)
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In
some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In
those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input
that is significant to the fair value measurement.
|
Income Taxes |
Income
Taxes
The
Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset
and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed
for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible
amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income.
Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.
ASC
Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of
tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be
more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United
States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to
unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of June 30, 2023 and December
31, 2022 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues
under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to
income tax examinations by major taxing authorities since inception.
|
New Law and Changes |
New
Law and Changes
On
August 16, 2022, the Inflation Reduction Act (the “IR Act”) was signed into law, which, beginning in 2023, will impose a
1% excise tax on public company stock buybacks. The Company is assessing the potential impact of the IR Act.
The
IR Act imposes a 1% excise tax on the fair market value of stock repurchases made by covered corporations after December 31, 2022. The
total taxable value of shares repurchased is reduced by the fair market value of any newly issued shares during the taxable year. Redemption
rights are ubiquitous to nearly all SPACs. Until there is further guidance from the IRS, the Company will continue to assess the potential
impact of the IR Act. The Company does not expect a material impact on the Company’s financial statements.
|
Recently Issued Accounting Standards |
Recently
Issued Accounting Standards
In
August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06,
Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity
(Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current
models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the
derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard
also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s
own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for
all convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023 and should be applied on a full
or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact,
if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.
Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s financial statements.
|
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Calculation of Basic and Diluted Net Income Per Common Share |
The
following table reflects the calculation of basic and diluted net income (loss) per share (in dollars, except per share amounts):
Schedule
of Calculation of Basic and Diluted Net Income Per Common Share
| |
Three Months Ended | | |
Three Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic and diluted net income (loss) per share of common stock Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss), as adjusted | |
$ | 669,107 | | |
$ | 167,277 | | |
| (100,885 | ) | |
$ | (25,221 | ) |
Denominator: Basic and diluted weighted average shares outstanding | |
| 11,500,000 | | |
| 2,875,000 | | |
| 11,500,000 | | |
| 2,875,000 | |
Basic and diluted net income (loss) per share of common stock | |
$ | 0.06 | | |
$ | 0.06 | | |
| (0.01 | ) | |
$ | (0.01 | ) |
| |
Six Months Ended | | |
Six Months Ended | |
| |
June 30, 2023 | | |
June 30, 2022 | |
| |
Class A | | |
Class B | | |
Class A | | |
Class B | |
Basic and diluted net income (loss) per share of common stock Numerator: | |
| | | |
| | | |
| | | |
| | |
Allocation of net income (loss), as adjusted | |
$ | 1,314,938 | | |
$ | 328,734 | | |
| (149,671 | ) | |
$ | (47,945 | ) |
Denominator: Basic and diluted weighted average shares outstanding | |
| 11,500,000 | | |
| 2,875,000 | | |
| 8,688,889 | | |
| 2,783,333 | |
Basic and diluted net income (loss) per share of common stock | |
$ | 0.11 | | |
$ | 0.11 | | |
| (0.02 | ) | |
$ | (0.02 | ) |
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v3.23.2
Description of Organization and Business Operations, Going Concern and Basis of Presentation (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
|
|
Feb. 18, 2022 |
Feb. 16, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Feb. 17, 2023 |
Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Stock issued during period new issue, shares |
520,075
|
|
|
|
|
|
Share issued price per share |
|
|
$ 0.10
|
|
|
|
Proceeds from private placement |
|
|
|
$ 5,200,750
|
|
|
Gross proceeds from issuance of public offering |
$ 117,300,000
|
|
$ 117,300,000
|
|
|
|
Shares issued, price per share |
$ 10.00
|
|
$ 10.00
|
|
$ 0.10
|
|
Cash underwriting fees |
|
|
$ 1,725,000
|
|
|
|
Deferred underwriting commissions |
|
|
3,450,000
|
|
|
$ 3,450,000
|
Other Deferred Costs, Net |
|
|
513,352
|
|
|
|
Number of shares cash held by trust account |
|
|
700,000
|
|
|
|
Cash |
|
|
48,778
|
|
|
262,756
|
Working capital |
|
|
3,195,186
|
|
|
1,920,820
|
Cash |
|
|
|
|
|
150,257
|
Deposits |
|
|
1,150,000
|
|
|
|
Interest expense |
|
|
100,000
|
|
|
|
Trust account |
|
|
|
|
$ 1,150,000
|
|
Maximum [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Deposits |
|
|
$ 1,150,000
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Sale of stock, number of shares issued |
11,500,000
|
|
|
|
|
|
Shares issued, price per share |
|
|
$ 10.20
|
|
|
|
Offering cost |
|
|
$ 5,688,352
|
|
|
|
Working capital |
|
|
$ 3,195,186
|
|
|
367,265
|
Cash |
|
|
|
|
|
$ 262,756
|
Private Placement [Member] | Sponsor [Member] |
|
|
|
|
|
|
Property, Plant and Equipment [Line Items] |
|
|
|
|
|
|
Stock issued during period new issue, shares |
|
|
520,075
|
|
|
|
Share issued price per share |
$ 10.00
|
|
$ 10.00
|
|
|
|
Proceeds from private placement |
$ 5,200,750
|
$ 5,200,750
|
$ 5,200,750
|
|
|
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v3.23.2
Schedule of Calculation of Basic and Diluted Net Income Per Common Share (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Common Class A [Member] |
|
|
|
|
Income allocable to Class B common stock |
$ 669,107
|
$ (100,885)
|
$ 1,314,938
|
$ (149,671)
|
Basic weighted average shares outstanding |
11,500,000
|
11,500,000
|
11,500,000
|
8,688,889
|
Diluted weighted average shares outstanding |
11,500,000
|
11,500,000
|
11,500,000
|
8,688,889
|
Basic net income (loss) per share |
$ 0.06
|
$ (0.01)
|
$ 0.11
|
$ (0.02)
|
Diluted net income (loss) per share |
$ 0.06
|
$ (0.01)
|
$ 0.11
|
$ (0.02)
|
Common Class B [Member] |
|
|
|
|
Income allocable to Class B common stock |
$ 167,277
|
$ (25,221)
|
$ 328,734
|
$ (47,945)
|
Basic weighted average shares outstanding |
2,875,000
|
2,875,000
|
2,875,000
|
2,783,333
|
Diluted weighted average shares outstanding |
2,875,000
|
2,875,000
|
2,875,000
|
2,783,333
|
Basic net income (loss) per share |
$ 0.06
|
$ (0.01)
|
$ 0.11
|
$ (0.02)
|
Diluted net income (loss) per share |
$ 0.06
|
$ (0.01)
|
$ 0.11
|
$ (0.02)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
|
|
Feb. 18, 2022 |
Jun. 30, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Feb. 17, 2023 |
Dec. 31, 2022 |
Aug. 16, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Cash FDIC insured amount |
|
$ 250,000
|
$ 250,000
|
|
|
|
|
Cash |
|
$ 48,778
|
48,778
|
|
|
$ 262,756
|
|
Proceeds from issuance initial public offering |
$ 117,300,000
|
|
$ 117,300,000
|
|
|
|
|
Shares issued price per share |
$ 10.00
|
$ 10.00
|
$ 10.00
|
|
$ 0.10
|
|
|
Marketable securities held in trust account |
|
$ 123,525,832
|
$ 123,525,832
|
|
|
118,976,585
|
|
Payment of offering cost |
|
|
|
$ 316,639
|
|
|
|
Common stock subject to possible redemption amount |
|
121,721,564
|
121,721,564
|
|
|
$ 118,466,326
|
|
Percentage of exercise tax to be imposed |
|
|
|
|
|
|
1.00%
|
Common Class A [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Common stock subject to possible redemption amount |
|
$ 1,126,824
|
$ 3,255,238
|
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
|
|
|
Shares issued price per share |
|
$ 10.20
|
$ 10.20
|
|
|
|
|
Payment of offering cost |
|
|
$ 513,352
|
|
|
|
|
Underwriter discount |
|
|
$ 1,725,000
|
|
|
|
|
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v3.23.2
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v3.23.2
Private Placement (Details Narrative) - USD ($)
|
|
|
6 Months Ended |
Feb. 18, 2022 |
Feb. 16, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Private placement initial public offering |
520,075
|
|
|
|
Share price |
|
|
$ 0.10
|
|
Proceeds from private placement |
|
|
|
$ 5,200,750
|
Private Placement [Member] | Sponsor [Member] |
|
|
|
|
Subsidiary, Sale of Stock [Line Items] |
|
|
|
|
Private placement initial public offering |
|
|
520,075
|
|
Share price |
$ 10.00
|
|
$ 10.00
|
|
Proceeds from private placement |
$ 5,200,750
|
$ 5,200,750
|
$ 5,200,750
|
|
X |
- DefinitionThe cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.
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v3.23.2
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
Feb. 17, 2023 |
Feb. 18, 2022 |
Oct. 08, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Aug. 19, 2021 |
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Sale of units in Initial Public Offering, net of offering costs, shares |
|
520,075
|
|
|
|
|
|
|
|
|
Stock issued during period, value, new issues |
|
|
|
|
|
$ 112,760,498
|
|
|
|
|
Shares issued price per share |
$ 0.10
|
$ 10.00
|
|
$ 10.00
|
|
|
$ 10.00
|
|
|
|
Debt Conversion, Converted Instrument, Amount |
$ 1,150,000
|
|
|
|
|
|
|
|
|
|
Stock Option, Exercise Price, Increase |
$ 0.10
|
|
|
|
|
|
|
|
|
|
Common Stock, Shares, Outstanding |
|
|
|
0
|
|
|
0
|
|
0
|
|
Administrative fees |
|
|
|
|
|
|
$ 10,000
|
|
|
|
Administrative fees |
|
|
|
$ 30,000
|
$ 30,000
|
|
60,000
|
$ 40,000
|
|
|
Advances to related parties |
|
|
|
$ 440,100
|
|
|
$ 440,100
|
|
|
|
IPO [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
|
$ 10.20
|
|
|
$ 10.20
|
|
|
|
Sale of stock price per share |
|
|
|
$ 10.00
|
|
|
$ 10.00
|
|
|
|
IPO [Member] | EF Hutton and/or its Designees [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Sale of units in Initial Public Offering, net of offering costs, shares |
|
|
|
|
|
|
115,000
|
|
|
|
Unsecured Promissory Note [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt description |
|
|
|
|
|
|
The
note is non-interest bearing and payable on the earlier of (i) March 31, 2022 or (ii) the consummation of the Initial Public
Offering
|
|
|
|
Notes payable |
|
|
|
$ 2,915,928
|
|
|
$ 2,915,928
|
|
$ 144,443
|
|
Unsecured Promissory Note [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt face amount |
|
|
|
|
|
|
|
|
|
$ 300,000
|
Affiliate Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Warrant exercise price |
|
|
|
$ 10.00
|
|
|
$ 10.00
|
|
|
|
Debt Conversion, Converted Instrument, Amount |
|
|
|
|
|
|
$ 1,150,000
|
|
|
|
Stock Option, Exercise Price, Increase |
|
|
|
|
|
|
$ 0.20
|
|
|
|
Stock or Unit Option Plan Expense |
|
|
|
|
|
|
$ 2,300,000
|
|
|
|
Affiliate Sponsor [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Convertible notes |
|
|
|
$ 1,500,000
|
|
|
$ 1,500,000
|
|
|
|
Trust Account [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Stock Option, Exercise Price, Increase |
|
|
|
|
|
|
$ 0.10
|
|
|
|
Common Class B [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Percentage of issued and outstanding shares after initial public offering |
|
|
20.00%
|
|
|
|
|
|
|
|
Sale of stock price per share |
|
|
$ 12.00
|
|
|
|
|
|
|
|
Common Stock, Shares, Outstanding |
|
|
|
2,875,000
|
|
|
2,875,000
|
|
2,875,000
|
|
Common Class B [Member] | Sponsor [Member] |
|
|
|
|
|
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
|
|
|
|
|
Sale of units in Initial Public Offering, net of offering costs, shares |
|
|
2,875,000
|
|
|
|
|
|
|
|
Stock issued during period, value, new issues |
|
|
$ 25,000
|
|
|
|
|
|
|
|
Shares issued price per share |
|
|
$ 0.009
|
|
|
|
|
|
|
|
Number of option issued for forfeiture |
|
|
375,000
|
|
|
|
|
|
|
|
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v3.23.2
Commitments and Contingencies (Details Narrative) - USD ($)
|
|
6 Months Ended |
Feb. 18, 2022 |
Jun. 30, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Proceeds from initial public offering |
$ 117,300,000
|
$ 117,300,000
|
Sale of units in Initial Public Offering, net of offering costs, shares |
520,075
|
|
Underwriter Over Allotment Option [Member] | Common Class A [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Sale of units in Initial Public Offering, net of offering costs, shares |
|
115,000
|
Underwriters Agreement [Member] | IPO [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Percentage of underwriting discount |
|
1.50%
|
Proceeds from initial public offering |
|
$ 1,725,000
|
Underwriters Agreement [Member] | IPO [Member] | Underwritters [Member] |
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
Proceeds from initial public offering |
|
$ 3,450,000
|
Percent of underwriting deferred fee |
|
3.50%
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v3.23.2
Stockholders’ Equity (Deficit) (Details Narrative)
|
6 Months Ended |
12 Months Ended |
|
|
Jun. 30, 2023
$ / shares
shares
|
Dec. 31, 2022
$ / shares
shares
|
Feb. 17, 2023
$ / shares
|
Feb. 18, 2022
$ / shares
|
Class of Stock [Line Items] |
|
|
|
|
Preferred stock, shares authorized |
1,000,000
|
1,000,000
|
|
|
Preferred stock, par value | $ / shares |
$ 0.0001
|
$ 0.0001
|
|
|
Preferred stock, shares issued |
0
|
0
|
|
|
Preferred stock, shares outstanding |
0
|
0
|
|
|
Common stock, shares outstanding |
0
|
0
|
|
|
Common stock subject to possible redemption shares |
11,500,000
|
11,500,000
|
|
|
Ordinary share conversion basis |
0.20
|
|
|
|
Warrant expire period |
5 years
|
|
|
|
Newly issued shares | $ / shares |
$ 10.00
|
|
$ 0.10
|
$ 10.00
|
Warrant [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Warrants price per share | $ / shares |
0.01
|
|
|
|
Market Value [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Newly issued shares | $ / shares |
$ 18.00
|
|
|
|
Common Class A [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
|
|
Common stock, par value | $ / shares |
$ 0.0001
|
$ 0.0001
|
|
|
Common Stock, Voting Rights |
Holders
of the Company’s Class A common stock are entitled to one vote for each share
|
|
|
|
Common stock, shares issued |
635,075
|
635,075
|
|
|
Common stock, shares outstanding |
635,075
|
635,075
|
|
|
Common stock, shares |
115,000
|
115,000
|
|
|
Common stock subject to possible redemption shares |
11,500,000
|
11,500,000
|
|
|
Common Class A [Member] | Warrant [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Warrants price per share | $ / shares |
$ 18.00
|
|
|
|
Common Class B [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Common stock, shares authorized |
10,000,000
|
10,000,000
|
|
|
Common stock, par value | $ / shares |
$ 0.0001
|
$ 0.0001
|
|
|
Common stock, shares issued |
2,875,000
|
2,875,000
|
|
|
Common stock, shares outstanding |
2,875,000
|
2,875,000
|
|
|
Common Class B [Member] | Over-Allotment Option [Member] |
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
Share base compensation arrangement by share based payment award options forfeitures in period |
375,000
|
375,000
|
|
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