Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $836,383, driven by investment income of $1,468,385, offset by expenses of $340,441 and tax expense of $291,561 [92]. - For the six months ended June 30, 2023, the company achieved a net income of $1,643,672, with investment income totaling $2,756,883, while expenses amounted to $561,566 and tax expense was $551,645 [94]. - The company incurred higher expenses in 2023 compared to 2022 due to due diligence costs related to a potential business combination transaction [92]. - The company’s investment income increased in 2023 compared to 2022 due to rising interest rates [92]. Business Combination - The company has not generated any operating revenues to date and will only do so after completing its initial business combination [91]. - The company has until May 18, 2023, to complete a business combination, raising substantial doubt about its ability to continue as a going concern if not completed [95]. - The company filed a definitive proxy statement on July 28, 2023, to extend the deadline for completing its initial business combination up to six times for an additional month each time, potentially extending to February 18, 2024 [90]. - The underwriter is entitled to a deferred fee of 3.00% of the gross proceeds of the offering, amounting to $3,450,000, payable upon closing of the business combination [99]. Financial Position - As of June 30, 2023, the company had $48,778 in cash and no cash equivalents [96]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2023 [98].
Futuretech II Acquisition Corp.(FTIIU) - 2023 Q2 - Quarterly Report