Thu, May 16, 10:05 AM (231 days ago)
FutureTech II Acquisition Corp., a blank check company, reported its financials for the quarter ended March 31, 2024. Key highlights include a significant reduction in assets from $62.8 million to $27.0 million, primarily due to a decrease in marketable securities held in the Trust Account. Current liabilities increased to $2.6 million from $2.1 million, driven by higher accounts payable and excise tax payable. The company generated $536,343 in interest income but incurred $310,934 in expenses, resulting in a net income of $129,577, down from $807,289 in the same period in 2023. The primary expenses were administrative fees and franchise taxes. Cash flow from operations was negative, with $282,081 used in operating activities. Cash flow from investing activities was positive at $36.3 million, mainly due to withdrawals from the Trust Account. FutureTech extended its business combination period multiple times, with the latest extension requiring deposits into the Trust Account. The company faces going concern risks if it fails to complete a business combination by May 18, 2024. Additionally, it received delisting notices from Nasdaq due to non-compliance with listing rules, adding further uncertainty to its operations.