Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $129,577, consisting of investment income of $536,343, offset by expenses of $310,934 and tax expense of $95,832[115]. - For the three months ended March 31, 2023, the company had a net income of $807,289, with investment income of $1,288,498, offset by expenses of $221,125 and tax expense of $260,084[117]. - For the three months ended March 31, 2024, cash used in operating activities was $282,081, with a net income of $129,577 impacted by interest earned on investments of $536,343[120]. - For the three months ended March 31, 2023, cash used in operating activities was $112,499, with a net income of $807,289 impacted by interest earned on investments of $1,288,498[121]. - Basic and diluted net income per share for the three months ended March 31, 2024, was $0.06, compared to $0.07 for the same period in 2023[133]. Business Combination and Compliance - The company extended the period to consummate its initial business combination to February 18, 2024, with a deposit of $125,000 into the Trust Account[102]. - The company has incurred significant costs in pursuit of its initial business combination and cannot assure successful capital raising or completion of the business combination[101]. - The company has not generated any revenues to date and will only generate operating revenues after the completion of its initial business combination[114]. - The company has engaged in organizational activities and identified a target company for a business combination since its inception[114]. - The company has until May 18, 2024, to complete a Business Combination, raising substantial doubt about its ability to continue as a going concern[118]. Cash and Investments - As of March 31, 2024, the company had $413 in cash and no cash equivalents[119]. - Cash provided by investing activities for the three months ended March 31, 2024, was $36,273,240, primarily due to cash withdrawn from the Trust Account[122]. - Cash provided by financing activities for the three months ended March 31, 2024, was $36,008,323, mainly from cash paid for redemptions[123]. - The Class A common stock subject to possible redemption decreased by $35,666,479 during the three months ended March 31, 2024, totaling $24,865,718[129]. Nasdaq Compliance and Listing - The company received a notice from Nasdaq on October 16, 2023, indicating non-compliance with the Minimum Total Holders Rule, requiring at least 400 total holders for continued listing[107]. - The company has until October 21, 2024, to regain compliance with the Market Value Standard of $50 million, or face potential delisting from Nasdaq[111]. - The company plans to monitor its Market Value of Listed Securities and may consider options to resolve deficiencies under Nasdaq listing criteria[113]. Debt and Accounting - The company has no long-term debt or off-balance sheet financing arrangements as of March 31, 2024[124][125]. - Management does not believe that any recently issued accounting pronouncements would have a material effect on the audited financial statements[134].
FutureTech II Acquisition (FTII) - 2024 Q1 - Quarterly Report