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 [114]. - For the nine months ending September 30, 2023, the company achieved a net income of $2,304,898, with investment income totaling $3,989,390, while expenses amounted to $890,821 and tax expense was $793,671 [116]. - Investment income increased in 2023 compared to 2022 due to rising interest rates, while expenses rose due to due diligence costs related to potential business combinations [114][116]. Cash and Debt Position - The company had cash of $5,496 and no cash equivalents as of September 30, 2023 [119]. - As of September 30, 2023, the company had no long-term debt or capital lease obligations, with a deferred fee of 3% of gross proceeds from the Offering, amounting to $3,450,000, payable upon closing of a Business Combination [121]. - The company has no off-balance sheet financing arrangements or obligations as of September 30, 2023 [120]. 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 [108]. - 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 [110]. - 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 [112]. - The company has not generated any operating revenues to date and will only do so after completing its initial Business Combination [113].
FutureTech II Acquisition (FTII) - 2023 Q3 - Quarterly Report