Financial Performance - The Company had a net income of $391,997 for the three months ending September 30, 2022, primarily due to interest earned on investments held in the Trust Account amounting to $557,708[110] - For the nine months ending September 30, 2022, the Company reported a net income of $194,381, offset by interest income of $674,998 against total administrative and operating costs of $520,617[111] Investments and Cash Position - As of September 30, 2022, the Company had $117,974,998 in investments held in the Trust Accounts, intended for the initial Business Combination[114] - As of September 30, 2022, the Company had cash of $328,500 outside of the Trust Accounts, primarily for identifying and evaluating target businesses[115] - Proceeds from the Initial Public Offering have been invested in U.S. government treasury bills, notes, or bonds with a maturity of 185 days or less[130] Initial Public Offering - The Company raised gross proceeds of $115,000,000 from its Initial Public Offering of 11,500,000 Units at $10.00 per Unit[112] - The Underwriter received a cash underwriting fee of $2,300,000, which is 2.0% of the gross proceeds from the Public Offering[123] Operating Activities and Costs - Cash used in operating activities for the nine months ended September 30, 2022, was $535,611[113] - The Company incurred $70,000 in fees under an agreement to pay an affiliate of the Sponsor for office space and administrative support from inception to September 30, 2022[122] Business Combination Plans - The Company intends to complete its proposed Business Combination before August 11, 2022, with plans to extend the deadline up to 18 months if necessary[119] Debt and Financing - The Company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2022[120] Accounting Standards - The FASB issued ASU 2020-06, effective for fiscal years beginning after December 15, 2023, simplifying accounting for convertible instruments and diluted earnings per share calculations[128] - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows[128] Risk Assessment - As of September 30, 2022, the company was not subject to any market or interest rate risk[130] - The company believes there will be no material exposure to interest rate risk due to the short-term nature of its investments[130]
Futuretech II Acquisition Corp.(FTIIU) - 2022 Q3 - Quarterly Report