Financial Performance - For the three months ended March 31, 2023, the company reported a net income of $807,289, driven by investment income of $1,288,498, offset by expenses of $221,125 and tax expense of $260,084[94]. - There were no revenues generated to date, as the company has not yet completed its initial Business Combination[93]. Liquidity and Financial Position - As of March 31, 2023, the company had $150,257 in cash and no cash equivalents, indicating limited liquidity[96]. - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2023[96]. Business Combination and IPO - The company has until May 18, 2023, to complete a Business Combination, after which a mandatory liquidation may occur if not completed[95]. - The company has incurred significant costs related to its Initial Public Offering and continues to seek an appropriate target for its Business Combination[92]. - The underwriter is entitled to a deferred fee of 3% of the gross proceeds of the Offering, amounting to $3,450,000, payable upon closing of the Business Combination[97]. Risk Management - The company has not experienced any market or interest rate risk due to its investments in U.S. government treasury securities[100]. - There have been no material changes to the risk factors disclosed in previous filings, indicating a stable risk environment[105]. Compliance and Controls - The company has effective disclosure controls and procedures as of March 31, 2023, ensuring compliance with SEC regulations[101].
Futuretech II Acquisition Corp.(FTIIU) - 2023 Q1 - Quarterly Report