Financial Performance - For the three months ending September 30, 2023, the company reported a net income of $661,226, driven by investment income of $1,232,507, offset by expenses of $329,255 and tax expense of $242,027 [101]. - For the nine months ending September 30, 2023, the company achieved a net income of $2,304,898, consisting of investment income of $3,989,390, with expenses totaling $890,821 and tax expense of $793,671 [103]. - Investment income increased in 2023 compared to 2022 due to rising interest rates [101]. Cash and Debt Position - The company had cash of $5,496 and no cash equivalents as of September 30, 2023 [106]. - As of September 30, 2023, the company had no long-term debt or capital lease obligations, with a deferred fee of $3,450,000 payable upon closing of a business combination [108]. Business Combination and Compliance - The company extended the deadline to complete its initial business combination to November 18, 2023, with the option for further extensions [94]. - The company has until November 18, 2023, to complete a business combination, raising substantial doubt about its ability to continue as a going concern if not completed [105]. - The company received a notice from Nasdaq regarding non-compliance with the Minimum Total Holders Rule, requiring a plan for compliance by November 30, 2023 [99]. Shareholder Activity - A total of 5,943,650 public shares were redeemed at approximately $10.81 per share, resulting in an aggregate redemption amount of approximately $64.2 million [96]. Operational Status - The company has not generated any operating revenues to date, with activities focused on organizational efforts and identifying a target company for a business combination [100].
Futuretech II Acquisition Corp.(FTIIU) - 2023 Q3 - Quarterly Report