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 [114]. - 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 [116]. Cash and Debt Position - The company had $48,778 in cash and no cash equivalents as of June 30, 2023 [120]. - The company has no long-term debt or off-balance sheet financing arrangements as of June 30, 2023 [122]. Business Combination Efforts - The company filed a definitive proxy statement on July 28, 2023, to extend the deadline for completing a business combination from August 18, 2023, to February 18, 2024 [112]. - The company has incurred significant costs related to due diligence for a potential business combination, which has increased expenses compared to the previous year [114]. - The company has not generated any operating revenues to date and will only do so after completing its initial business combination [113]. - The company is subject to risks and uncertainties that may affect its ability to complete a business combination, including the need for stockholder approval for the extension [112]. - The company anticipates that it may not be able to complete a business combination by the current deadline, raising concerns about its ability to continue as a going concern [119]. Investment Strategy - The company has invested net proceeds from its Initial Public Offering in U.S. government treasury bills and money market funds, minimizing exposure to interest rate risk [126].
FutureTech II Acquisition (FTII) - 2023 Q2 - Quarterly Report