FutureTech II Acquisition (FTII) - 2022 Q3 - Quarterly Report

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, with interest income of $674,998 offsetting administrative and operating costs[111]. - Cash used in operating activities for the nine months ended September 30, 2022, was $535,611[113]. Investments and Assets - 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 evaluating target businesses[115]. - The net proceeds from the Initial Public Offering have been invested in short-term U.S. government securities, minimizing exposure to interest rate risk[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]. Business Combination Plans - The Company intends to complete the proposed Business Combination before August 11, 2022, with plans to extend the deadline if necessary[119]. Administrative Costs - The Company has incurred $70,000 in fees under an agreement to pay an affiliate of the Sponsor for administrative support services from inception to September 30, 2022[122]. Debt and Financial Risk - The Company has no long-term debt or off-balance sheet financing arrangements as of September 30, 2022[120]. - As of September 30, 2022, the company was not subject to any market or interest rate risk due to investments in U.S. government treasury bills and money market funds[130]. Accounting Standards - The company is currently assessing the impact of ASU 2020-06 on its financial position, results of operations, or cash flows, effective for fiscal years beginning after December 15, 2023[128].