$FTII
Futuretech II Acquisition Corp

2022 Q4 Form 10-K Financial Statement

#000149315223010345 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $185.7K $666.3K
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $185.7K $666.3K
YoY Change 151334.32%
Operating Profit
YoY Change
Interest Expense $1.002M $100.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.677M
YoY Change
Pretax Income $815.9K $1.010M
YoY Change -229707.73%
Income Tax $310.3K $310.3K
% Of Pretax Income 38.03% 30.71%
Net Earnings $505.6K $700.0K
YoY Change -159194.32%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.04 $0.05
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $262.8K $262.8K
YoY Change 5155.2%
Cash & Equivalents $262.8K
Short-Term Investments
Other Short-Term Assets $157.6K $157.6K
YoY Change
Inventory
Prepaid Expenses $157.6K
Receivables
Other Receivables
Total Short-Term Assets $420.4K $420.4K
YoY Change 8307.4% 8307.4%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $119.0M $119.0M
YoY Change
Other Assets $77.65K $77.65K
YoY Change -42.68%
Total Long-Term Assets $119.1M $119.1M
YoY Change 87792.1% 87788.85%
TOTAL ASSETS
Total Short-Term Assets $420.4K $420.4K
Total Long-Term Assets $119.1M $119.1M
Total Assets $119.5M $119.5M
YoY Change 84962.55% 84959.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $130.2K $130.2K
YoY Change
Accrued Expenses $202.7K $202.7K
YoY Change 1251.4%
Deferred Revenue
YoY Change
Short-Term Debt $144.4K $144.4K
YoY Change 43.17%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $787.6K $787.6K
YoY Change 579.62% 579.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.450M $3.450M
YoY Change
Total Long-Term Liabilities $3.450M $3.450M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $787.6K $787.6K
Total Long-Term Liabilities $3.450M $3.450M
Total Liabilities $4.238M $4.238M
YoY Change 3556.51% 3556.61%
SHAREHOLDERS EQUITY
Retained Earnings -$3.230M
YoY Change 737275.34%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.229M $115.2M
YoY Change
Total Liabilities & Shareholders Equity $119.5M $119.5M
YoY Change 84962.55% 84959.53%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $505.6K $700.0K
YoY Change -159194.32%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$65.75K -$601.4K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$117.3M
YoY Change
Cash From Investing Activities $0.00 -$117.3M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $118.2M
YoY Change 2363082.22%
NET CHANGE
Cash From Operating Activities -65.75K -$601.4K
Cash From Investing Activities 0.000 -$117.3M
Cash From Financing Activities 0.000 $118.2M
Net Change In Cash -65.75K $257.8K
YoY Change 5055.12%
FREE CASH FLOW
Cash From Operating Activities -$65.75K -$601.4K
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_841_eus-gaap--UseOfEstimates_zSolEsGlw9V7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zZob0MC2Nllk">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_843_eus-gaap--ConcentrationRiskCreditRisk_zYSjyftZEhff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zhqGRsMO2AA4">Concentration of Credit Risk</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution which, at times may exceed the Federal depository insurance coverage of $<span id="xdx_90A_eus-gaap--CashFDICInsuredAmount_iI_pp0p0_c20221231_zc3DswuCujeg" title="Cash FDIC insured amount">250,000</span>. At December 31, 2022, the Company had not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
262756 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5000 usd
CY2022 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
117300000 usd
CY2022Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
10.00
CY2022Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
118976585 usd
CY2022Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
118466326 usd
CY2022 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
3929281 usd
CY2022Q4 us-gaap Assets Held In Trust
AssetsHeldInTrust
118976585 usd
CY2022Q3 FTIIU Percentage Of Exercise Tax To Be Imposed
PercentageOfExerciseTaxToBeImposed
0.01 pure
CY2022Q3 FTIIU Percentage Of Exercise Tax To Be Imposed
PercentageOfExerciseTaxToBeImposed
0.01 pure
CY2022 FTIIU Administrative Periodic Expense
AdministrativePeriodicExpense
10000 usd
CY2022 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
100000 usd
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000 shares
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 FTIIU Common Stock Subject To Possible Redemption Shares
CommonStockSubjectToPossibleRedemptionShares
11500000 shares
CY2021Q4 FTIIU Common Stock Subject To Possible Redemption Shares
CommonStockSubjectToPossibleRedemptionShares
0 shares
CY2022 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.20 pure
CY2022Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2022Q4 FTIIU Startup Costs
StartupCosts
98101 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
98101 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
98101 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
310259 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
98101 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
98101 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
310259 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
98101 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2022 FTIIU Effective Valuation Allowance
EffectiveValuationAllowance
-0.098 pure
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.308 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure

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ftiiu-20221231_cal.xml Edgar Link unprocessable
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