$FTII
Futuretech II Acquisition Corp

2024 Q1 Form 10-Q Financial Statement

#000149315224020090 Filed on May 16, 2024

View on sec.gov

Income Statement

Concept 2024 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $310.9K
YoY Change 40.61%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $310.9K
YoY Change 40.61%
Operating Profit
YoY Change
Interest Expense $100.0K
YoY Change 0.0%
% of Operating Profit
Other Income/Expense, Net $536.3K
YoY Change -58.37%
Pretax Income $225.4K
YoY Change -78.88%
Income Tax $95.83K
% Of Pretax Income 42.51%
Net Earnings $129.6K
YoY Change -83.95%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share $0.02
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $410.00
YoY Change -99.73%
Cash & Equivalents $413.00
Short-Term Investments
Other Short-Term Assets $22.50K
YoY Change -91.78%
Inventory
Prepaid Expenses $22.50K
Receivables
Other Receivables
Total Short-Term Assets $754.8K
YoY Change 78.07%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $26.23M
YoY Change -78.4%
Other Assets
YoY Change
Total Long-Term Assets $26.23M
YoY Change -78.4%
TOTAL ASSETS
Total Short-Term Assets $754.8K
Total Long-Term Assets $26.23M
Total Assets $26.98M
YoY Change -77.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $448.7K
YoY Change 97.48%
Accrued Expenses $1.152M
YoY Change 355.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.568M
YoY Change 9.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $3.450M
YoY Change 0.0%
Total Long-Term Liabilities $3.450M
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.568M
Total Long-Term Liabilities $3.450M
Total Liabilities $6.018M
YoY Change 3.86%
SHAREHOLDERS EQUITY
Retained Earnings -$3.902M
YoY Change -14.25%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.902M
YoY Change
Total Liabilities & Shareholders Equity $26.98M
YoY Change -77.85%

Cashflow Statement

Concept 2024 Q1
OPERATING ACTIVITIES
Net Income $129.6K
YoY Change -83.95%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$282.1K
YoY Change 150.74%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $36.27M
YoY Change -3254.19%
Cash From Investing Activities $36.27M
YoY Change -3254.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$36.01M
YoY Change -3231.16%
NET CHANGE
Cash From Operating Activities -$282.1K
Cash From Investing Activities $36.27M
Cash From Financing Activities -$36.01M
Net Change In Cash -$17.17K
YoY Change -84.74%
FREE CASH FLOW
Cash From Operating Activities -$282.1K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2024Q1 us-gaap Use Of Estimates
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<p id="xdx_845_eus-gaap--UseOfEstimates_zQrtGfXxxo4c" 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_zkQQQDqOMxK5">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 unaudited condensed 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 unaudited condensed 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 unaudited condensed 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>
CY2024Q1 us-gaap Concentration Risk Credit Risk
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<p id="xdx_84D_eus-gaap--ConcentrationRiskCreditRisk_zrM5gGL4Jzr4" 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_864_zVDMSngNXIIb">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_909_eus-gaap--CashFDICInsuredAmount_iI_c20240331_zWPmQMkSxtMj" title="Cash FDIC insured amount">250,000</span>. At March 31, 2024 and December 31, 2023, 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; 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; text-align: justify"></p>
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20 pure

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