Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______to______

Commission File Number: 001-41289

FutureTech II Acquisition Corp.

(Exact name of registrant as specified in its charter)

Delaware

87-2551539

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

128 Gail Drive, New Rochelle, NY		10805
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (914) 316-4805

Not applicable

(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant	FTIIU	The Nasdaq Stock Market LLC
Class A Common Stock, $0.0001 par value per share	FTII	The Nasdaq Stock Market LLC
Redeemable Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share	FTIIW	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically, if any, every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

As of August 14, 2023, there were 12,135,075 shares of the Company’s Class A Common Stock, $0.0001 par value per share, and 2,875,000 shares of the Company’s Class B Common Stock, $0.0001 par value per share, issued and outstanding.

FUTURETECH II ACQUISITION CORP.

TABLE OF CONTENTS

		Page
PART I - FINANCIAL INFORMATION:		3
Item 1.	Financial Statements:	3
	Balance Sheets as of June 30, 2023 (Unaudited) and December 31, 2022 (Audited)	3
	Statements of Operations for the Three and Six Months Ended June , 2023 and 2022 (Unaudited)	4
	Statements of Changes in Stockholders’ Deficit for the Six Months Ended June 30, 2023 and 2022 (Unaudited)	5
	Statements of Cash Flows for the Three Months Ended June 30, 2023 and 2022 (Unaudited)	6
	Notes to Financial Statements (Unaudited)	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	21
Item 4.	Controls and Procedures	21
PART II - OTHER INFORMATION:		22
Item 1.	Legal Proceedings	22
Item 1A.	Risk Factors	22
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	22
Item 3.	Defaults Upon Senior Securities	22
Item 4.	Mine Safety Disclosures	22
Item 5.	Other Information	22
Item 6.	Exhibits	23

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

FUTURETECH II ACQUISITION CORP.

BALANCE SHEETs

	June 30,			December 31,
	2023			2022
	(unaudited)
ASSETS
Current Assets:
Cash	$	48,778		$	262,756
Prepaid expenses		198,767			157,614
Advances to related parties		440,100			-
Total Current Assets		687,645			420,370

Marketable Securities held in Trust Account		123,525,832			118,976,585

Prepaid expenses, non-current		-			77,654
Total Assets	$	124,213,477		$	119,474,609

LIABILITIES STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable and accrued expenses	$	304,291		$	130,225
Franchise tax payable		-			200,000
Income tax payable		659,904			310,259
Accrued offering costs		2,708			2,708
Note payable - Sponsor		2,915,928			144,443
Total Current Liabilities		3,882,831			787,635

Deferred underwriting commission		3,450,000			3,450,000

Total Liabilities		7,332,831			4,237,635

COMMITMENTS AND CONTINGENCIES (Note 6)		-			-

Redeemable Class A common stock subject to possible redemption,11,500,000 shares at redemption value of $10.49 and $10.30 per share as of June 30, 2023 and December 31, 2022		121,721,564			118,466,326

Stockholders’ deficit:
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding		-			-
Class A common stock, $0.0001 par value, 100,000,000 shares authorized, 635,075 issued and outstanding (including 115,000 representative shares)		64			64
Class B common stock, $0.0001 par value, 10,000,000 shares authorized, 2,875,000 shares issued and outstanding		288			288
Common stock, value

Additional paid-in capital		-			-
Accumulated deficit		(4,841,270	)		(3,229,704	)
Total Stockholders’ Deficit		(4,840,918	)		(3,229,352	)
Total Liabilities and Stockholders’ Deficit	$	124,213,477		$	119,474,609

The accompanying notes are an integral part of these unaudited condensed financial statements

FUTURETECH II ACQUISITION CORP.

STATEMENTS OF OPERATIONS

(unaudited)

	2023			2022			2023			2022
	For the Three Months Ended						For the Six Months Ended
	June 30,						June 30,
	2023			2022			2023			2022
EXPENSES
Administrative fee - related party	$	30,000		$	30,000		$	60,000		$	40,000
Franchise tax		50,000			50,000			100,000			98,767
General and administrative		260,441			141,592			401,566			176,139
TOTAL EXPENSES		340,441			221,592			561,566			314,906

OTHER INCOME
Interest earned on marketable securities held in Trust Account		1,468,385			95,487			2,756,883			117,290
TOTAL OTHER INCOME		1,468,385			95,487			2,756,883			117,290

Pre-tax income (loss)		1,127,944			(126,106	)		2,195,317			(197,616	)

Income tax		(291,561	)		-			(551,645	)		-

Net income (loss)	$	836,383		$	(126,106	)	$	1,643,672		$	(197,616	)

Weighted average number of shares of Class A common stock outstanding, basic and diluted		11,500,000			11,500,000			11,500,000			8,688,889
Basic and diluted net income (loss) per share of Class A common stock	$	0.06		$	(0.01	)	$	0.11		$	(0.02	)

Weighted average number of shares of Class B common stock outstanding, basic and diluted		2,875,000			2,875,000			2,875,000			2,783,333
Basic and diluted net income (loss) per share of Class B common stock	$	0.06		$	(0.01	)	$	0.11		$	(0.02	)

The accompanying notes are an integral part of these unaudited condensed financial statements.

FUTURETECH II ACQUISITION CORP.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2023 AND 2022

(unaudited)

	Shares		Amounts		Shares		Amounts		Capital		Deficit			Deficit
	Class A				Class B				Additional					Total
	Common Stock				Common Stock				Paid in		Accumulated			Stockholders’
	Shares		Amounts		Shares		Amounts		Capital		Deficit			Deficit
Balance - December 31, 2022		635,075	$	64		2,875,000	$	288		-		(3,229,704	)		(3,229,352	)
Remeasurement adjustment		-		-		-		-		-		(2,128,414	)		(2,128,414
Net income		-		-		-		-		-		807,289			807,289
Balance March 31, 2023		635,075		64		2,875,000		288	$	-		(4,550,829	)		(4,550,477
Remeasurement adjustment		-		-		-		-		-		(1,126,824	)		(1,126,824	)
Net income		-		-		-		-		-		836,383			836,383
Balance June 30, 2023		635,075	$	64		2,875,000	$	288	$	-	$	(4,841,270	)	$	(4,840,918	)

	Class A						Class B				Additional						Total Stockholders’
	Common Stock						Common Stock				Paid in			Accumulated			Equity
	Shares			Amounts			Shares		Amounts		Capital			Deficit			(Deficit)
Balance - December 31, 2021		-			-			2,875,000		288		24,712			(438	)		24,562
Sale of units in Initial Public Offering, net of Offering costs		11,500,000			1,150			-		-		112,760,498			-			112,760,498
Sale of Private Placement Units		520,075			52			-		-		5,200,968			-			5,200,750
Shares issued to representative		115,000			12			-		-		(12	)		-			-
Deferred underwriting commission		-			-			-		-		(3,450,000	)		-			(3,450,000	)
Class A Common Stock subject to possible redemption		(11,500,000	)		(1,150	)		-		-		(117,298,850	)		-			(117,300,000	)
Remeasurement adjustment		-			-			-		-		2,762,954			(3,929,281	)		(1,166,327	)
Net loss		-			-			-		-		-			(71,510	)		(71,510	)
Balance March 31, 2022		635,075			64			2,875,000		288		-			(2,834,902	)		(2,834,550	)
Balance		635,075			64			2,875,000		288		-			(2,834,902	)		(2,834,550	)
Net loss		-			-			-		-		-			(126,106	)		(126,106	)
Net income (loss)		-			-			-		-		-			(126,106	)		(126,106	)
Balance June 30, 2022		635,075		$	64			2,875,000	$	288	$	-		$	(2,961,008	)	$	(2,960,656	)
Balance		635,075		$	64			2,875,000	$	288	$	-		$	(2,961,008	)	$	(2,960,656	)

The accompanying notes are an integral part of these unaudited condensed financial statements

FUTURETECH II ACQUISITION CORP.

STATEMENTS OF CASH FLOWS

(unaudited)

	For the Six Months Ended			For the Six Months Ended
	June 30, 2023			June 30, 2022

Cash flows from Operating Activities:
Net income (loss)	$	1,643,672		$	(197,616	)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Income earned on marketable securities held in the Trust Account		(2,756,883	)		(117,290	)
Changes in operating assets and liabilities:
Prepaid expenses		(41,153	)		(234,672	)
Franchise tax payable		(200,000	)		-
Income tax payable		349,645			-
Other assets		77,654			(127,517	)
Accounts payable and accrued expenses		174,066			144,484
Net cash used in operating activities		(752,999	)		(532,611	)

Cash flows from Investing Activities:
Investment of cash in Trust Account		(2,300,000	)		(117,300,000	)
Cash withdrawn from Trust		507,636			-
Net cash used in investing activities		(1,792,364	)		(117,300,000	)

Cash flows from Financing Activities:
Proceeds from sale of Units, net of underwriting discount paid		-			113,275,000
Proceeds from sale of private placement units		-			5,200,750
Note receivable		-			(100,000	)
Note receivable - repayment					100,000
Payment of deferred offering costs		-			(316,639	)
Advance to Sponsor		(440,100	)		-
Proceeds from issuance of debt – related party		2,771,485			-
Net cash provided by financing activities		2,331,385			118,159,111

Net change in cash		(213,978	)		326,500

Cash - Beginning of the period		262,756			5,000
Cash - End of the period	$	48,778		$	331,500

Supplemental disclosure of non-cash financing activities:

Deferred underwriting commission	$	-		$	3,450,000
Initial Classification of Class A common stock subject to redemption	$	-		$	117,300,000
Remeasurement adjustment	$	3,255,238		$	-
Offering costs paid by Promissory note - related parties	$	-		$	100,893

The accompanying notes are an integral part of these unaudited condensed financial statements

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 1 - Description of Organization and Business Operations, Going Concern and Basis of Presentation

FutureTech II Acquisition Corp. (the “Company”) is a blank check company incorporated in Delaware on August 19, 2021. The Company was formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses (the “Business Combination”). The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of June 30, 2023, the Company had not commenced any operations. All activity for the period from April 13, 2021 (inception) through June 30, 2023 relates to organizational activities and identifying a target company for a business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Company’s initial public offering (the “Initial Public Offering”). The Company has selected December 31 as its fiscal year end.

The registration statement for the Initial Public Offering was declared effective on February 14, 2022. On February 18, 2022, the Company consummated the Initial Public Offering of 11,500,000 units (“Units” and, with respect to the shares of Class A common stock included in the Units offered, the “Public Shares”), generating gross proceeds of $115,000,000, which is described in Note 3.

Simultaneously with the closing of the Initial Public Offering, the Company consummated the sale of 520,075 private placement units (the “Private Placement Units”) at a price of $10.00 per unit in a private placement to the FutureTech Partners II LLC (the “Sponsor”), generating gross proceeds of $5,200,750, which is described in Note 4.

Following the closing of the Initial Public Offering on February 18, 2022, an amount of $117,300,000 ($10.00 per Unit) from the net proceeds of the sale of the Units in the Initial Public Offering and the Private Placement Units was placed in a trust account (“Trust Account”) which may be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the Trust Account to the Company’s stockholders, as described below.

Transaction costs of the Initial Public Offering with the exercise of the overallotment amounted to $5,688,352 consisting of $1,725,000 of cash underwriting fees, $3,450,000 of deferred underwriting fees and $513,352 of other costs.

Following the closing of the Initial Public Offering, $700,000 of cash was held outside of the Trust Account available for working capital purposes. As of June 30, 2023, the Company has available to it $48,778 of cash on its balance sheet and a working capital deficit of $3,195,186. As of December 31, 2022, the Company has available to it $262,756 of cash on its balance sheet and a working capital deficit of $367,265.

The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. NASDAQ rules provide that the Business Combination must be with one or more target businesses that together have a fair market value equal to at least 80% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable on interest earned on the Trust Account) at the time of the signing of a definitive agreement to enter a Business Combination. The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. There is no assurance that the Company will be able to successfully effect a Business Combination.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 1 - Description of Organization and Business Operations (Continued)

The Company has until May 18, 2023 (or up to August 18, 2023, as applicable) to consummate a Business Combination. If the Company is unable to complete a Business Combination within 12 months from the closing of the Initial Public Offering (or up to 18 months from the closing of the Initial Public Offering at the election of the Company in two separate three month extensions subject to satisfaction of certain conditions, including the deposit of up to $1,150,000 ($0.10 per unit in either case) for each three month extension, into the Trust Account, or as extended by the Company’s stockholders in accordance with its certificate of incorporation), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders and its board of directors, dissolve and liquidate, subject in the case of clauses (ii) and (iii) above to the Company’s obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law. Accordingly, it is the Company’s intention to redeem its Public Shares as soon as reasonably possible following the 12th month (or up to 18 months from the closing of the Initial Public Offering at the election of the Company in two separate three month extensions subject to satisfaction of certain conditions, including the deposit of up to $1,150,000 ($0.10 per unit in either case) for each three month extension, into the Trust Account, or as extended by the Company’s stockholders in accordance with its certificate of incorporation). As such, the Company’s stockholders could potentially be liable for any claims to the extent of distributions received by them (but no more) and any liability of such stockholders may extend well beyond the third anniversary of such date. On February 17, 2023, the Company caused to be deposited $1,150,000 into the Trust Account for its public stockholders, representing $0.10 per Public Share, allowing the Company to extend the period of time it has to consummate its initial Business Combination by three months from February 18, 2023 to May 18, 2023 (the “Extension”). The Extension is the first of the two three-month extensions permitted mentioned above.

The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or similar agreement or Business Combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.20 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the day of liquidation of the Trust Account, if less than $10.20 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriter of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe that the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure its stockholders that the Sponsor would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Liquidity and Management’s Plans

At June 30, 2023, the Company had cash of $48,778 and working capital deficit of $3,195,186.

At December 31, 2022, the Company had cash of $150,257 and working capital deficit of $1,920,820.

In connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” the Company has until May 18, 2023 to complete a Business Combination. It is uncertain that the Company will be able to consummate an initial Business Combination by this time. If an initial Business Combination is not consummated by this date and the Company has not exercised its option to extend the deadline, there will be a mandatory liquidation and subsequent dissolution of the Company. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the Company’s inability to continue as a going concern.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 1 - Description of Organization and Business Operations (Continued)

Risks and Uncertainties

Management is currently evaluating the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company’s financial position, results of its operations and/or search for a target company, the specific impact is not readily determinable as of the date of the financial statement. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Additionally, as a result of the military action commenced in February 2022 by the Russian Federation and Belarus in the country of Ukraine and related economic sanctions, the Company’s ability to consummate a Business Combination or the operations of a target business with which the Company ultimately consummates a Business Combination may be materially and adversely affected. Further, the Company’s ability to consummate a transaction may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and related sanctions on the world economy and the specific impact on the Company’s financial position, results of operations and/or ability to consummate a Business Combination are not yet determinable. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. As such, the information included in these financial statements should be read in conjunction with the audited financial statements as of December 31, 2022 filed with the SEC on Form 10-K on March 31, 2023.

In the opinion of the Company’s management, the unaudited financial statements as of June 30, 2023 and for the three and six months ended June 30, 2023 include all adjustments, which are only of a normal and recurring nature, necessary for a fair statement of the financial position of the Company as of June 30, 2023 and its results of operations and cash flows for the six months ended June 30, 2023. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full fiscal year ending December 31, 2023 or any future interim period.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company, which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates

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.

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.

Concentration of Credit Risk

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 $250,000. At June 30, 2023 and 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.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. As of June 30, 2023 and December 31, 2022, the Company had cash of $48,778 and $262,756, respectively. The Company had no cash equivalents as of June 30, 2023 and December 31, 2022.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

Trust Account

Upon the closing of the Initial Public Offering and the Private Placement, $117,300,000 ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement Units was held in the Trust Account located in the United States with Continental Stock Transfer & Trust Company acting as trustee, and invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which will be invested only in direct U.S. government treasury obligations, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described above.

As of June 30, 2023 and December 31, 2022, the Company had $123,525,832 and $118,976,585, respectively, in marketable securities held in the Trust Account.

Offering Costs Associated with the Initial Public Offering

The Company complies with the requirements of the Financial Accounting Standards Board ASC 340-10-S99-1 and SEC Staff Accounting Bulletin (“SAB”) Topic 5A, “Expenses of Offering.” Offering costs of $513,352 consist principally of costs incurred in connection with formation of the Company and preparation for the Initial Public Offering. These costs, together with the underwriter discount of $1,725,000 were charged to additional paid-in capital upon completion of the Initial Public Offering.

Class A Common Stock Subject to Possible Redemption

The Company accounts for its common stock subject to possible redemption in accordance with the guidance enumerated in ASC 480 “Distinguishing Liabilities from Equity.” Common stock subject to mandatory redemption is classified as a liability instrument and is measured at fair value. Conditionally redeemable common stock (including common stock that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, common stock is classified as stockholders’ equity. The Company’s Class A common stock features certain redemption rights that are considered by the Company to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2023 and December 31, 2022, the Class A common stock subject to possible redemption in the amount of $121,721,564 and $118,466,326, respectively, is presented as temporary equity, outside of the stockholders’ equity section of the Company’s balance sheets. The increase of $1,126,824 and $3,255,238 during the three and six months ended June 30, 2023, respectively, in the Class A common stock subject to possible redemption is a remeasurement adjustment to the redemption value. There were no remeasurement adjustments during the three and six months ended June 30, 2022.

Net Income (Loss) Per Share

Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. The Company applies the two-class method in calculating earnings per share. Earnings and losses are shared pro rata between the two classes of shares. The calculation of diluted loss per share of common stock does not consider the effect of the warrants issued in connection with the (i) Initial Public Offering and (ii) sale of the Private Placement Units, because the warrants are contingently exercisable, and the contingencies have not yet been met. As a result, diluted earnings per share is the same as basic earnings per share for the periods presented.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

The following table reflects the calculation of basic and diluted net income (loss) per share (in dollars, except per share amounts):

	Three Months Ended				Three Months Ended
	June 30, 2023				June 30, 2022
	Class A		Class B		Class A			Class B
Basic and diluted net income (loss) per share of common stock Numerator:
Allocation of net income (loss), as adjusted	$	669,107	$	167,277		(100,885	)	$	(25,221	)
Denominator: Basic and diluted weighted average shares outstanding		11,500,000		2,875,000		11,500,000			2,875,000
Basic and diluted net income (loss) per share of common stock	$	0.06	$	0.06		(0.01	)	$	(0.01	)

	Six Months Ended				Six Months Ended
	June 30, 2023				June 30, 2022
	Class A		Class B		Class A			Class B
Basic and diluted net income (loss) per share of common stock Numerator:
Allocation of net income (loss), as adjusted	$	1,314,938	$	328,734		(149,671	)	$	(47,945	)
Denominator: Basic and diluted weighted average shares outstanding		11,500,000		2,875,000		8,688,889			2,783,333
Basic and diluted net income (loss) per share of common stock	$	0.11	$	0.11		(0.02	)	$	(0.02	)

Fair Value of Financial Instruments

The fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:

● Level 1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets. This is the level that the Marketable Securities Held in Trust Account are considered (being $123,525,832 and $118,976,585 as of June 30, 2023 and December 31, 2022, respectively);

● Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

● Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.

Income Taxes

The Company complies with the accounting and reporting requirements of ASC Topic 740, “Income Taxes,” which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

ASC Topic 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. The Company’s management determined the United States is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits as of June 30, 2023 and December 31, 2022 and no amounts accrued for interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.

New Law and Changes

On August 16, 2022, the Inflation Reduction Act (the “IR Act”) was signed into law, which, beginning in 2023, will impose a 1% excise tax on public company stock buybacks. The Company is assessing the potential impact of the IR Act.

The IR Act imposes a 1% excise tax on the fair market value of stock repurchases made by covered corporations after December 31, 2022. The total taxable value of shares repurchased is reduced by the fair market value of any newly issued shares during the taxable year. Redemption rights are ubiquitous to nearly all SPACs. Until there is further guidance from the IRS, the Company will continue to assess the potential impact of the IR Act. The Company does not expect a material impact on the Company’s financial statements.

Recently Issued Accounting Standards

In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”) to simplify accounting for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity’s own equity. ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023 and should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company is currently assessing the impact, if any, that ASU 2020-06 would have on its financial position, results of operations or cash flows.

Management does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 3 - Public Offering

Pursuant to the Initial Public Offering and full exercise of the underwriters’ overallotment option, the Company sold 11,500,000 Units at a purchase price of $10.00 per Unit. Each Unit consists of one share of Class A common stock and one redeemable warrant (“Public Warrant”). Each Public Warrant will entitle the holder to purchase one share of Class A common stock at an exercise price of $11.50 per share (see Note 7).

Note 4 - Private Placement

Simultaneously with the closing of the Initial Public Offering, the Sponsor purchased an aggregate of 520,075 Private Placement Units at a price of $10.00 per Private Placement Unit (or $5,200,750 in the aggregate), from the Company. The Sponsor transferred $5,200,750 to the Trust Account on February 16, 2022.

The proceeds from the sale of the Private Placement Units were added to the net proceeds from the Initial Public Offering held in the Trust Account. The warrants included in the Private Placement Units (the “Private Placement Warrants”) are identical to the warrants sold in the Initial Public Offering, except as described in Note 7. If the Company does not complete a Business Combination within the required period, the Private Placement Warrants will expire worthless.

Note 5 - Related Party Transactions

Class B Common Stock

On October 8, 2021, the Company issued an aggregate of 2,875,000 shares of Class B common stock to the Sponsor for an aggregate purchase price of $25,000 in cash, or approximately $0.009 per share. Such Class B common stock includes an aggregate of up to 375,000 shares that were subject to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment was not exercised in full or in part, so that the Sponsor would collectively own 20% of the Company’s issued and outstanding shares after the Initial Public Offering (assuming the initial stockholders did not purchase any Public Shares in the Initial Public Offering and excluding the Private Placement Units and underlying securities).

The initial stockholders have agreed not to transfer, assign or sell any of the Class B common stock (except to certain permitted transferees) until the earlier of (i) one year after the date of the consummation of a Business Combination, or (ii) the date on which the closing price of the Company’s common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing six months after a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of the Company’s stockholders having the right to exchange their common stock for cash, securities or other property.

Promissory Note - Related Party

On August 19, 2021, the Sponsor issued an unsecured promissory note to the Company, pursuant to which the Company may borrow up to an aggregate principal amount of $300,000 to be used for payment of costs related to the Initial Public Offering. The note is non-interest bearing and payable on the earlier of (i) March 31, 2022 or (ii) the consummation of the Initial Public Offering. As of June 30, 2023 and December 31, 2022, there was $2,915,928 and $144,443 outstanding pursuant to the promissory note, respectively. As of June 30, 2023 and December 31, 2022, the Company was delinquent under the terms of the promissory note.

Related Party Loans

In order to finance transaction costs in connection with a Business Combination, the Sponsor, an affiliate of the Sponsor, or the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (the “Working Capital Loans”). Such Working Capital Loans would be evidenced by promissory notes. The notes would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $1,500,000 of such loans may be converted upon consummation of a Business Combination into units at a price of $10.00 per unit. The Units will be identical to the Private Placement Units. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. As of June 30, 2023 and December 31, 2022, the Company has no working capital loans outstanding.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 5 - Related Party Transactions (Continued)

Extension Loan - Related Party

If the Company anticipates that it may not be able to consummate a Business Combination within 12 months, the Company may, by resolution of the Company’s board if requested by the Sponsor, extend the period of time to consummate a Business Combination up to two times, each by an additional three months (for a total of up to 18 months to complete a Business Combination), subject to the Sponsor depositing additional funds into the Trust Account as set out below. Pursuant to the terms of the Company’s amended and restated certificate of incorporation and the trust agreement entered into between the Company and Continental Stock Transfer & Trust Company, in order for the time available for the Company to consummate the initial Business Combination to be extended, the Sponsor or its affiliates or designees, upon five business days’ advance notice prior to the applicable deadline, must deposit into the Trust Account $1,150,000 ($0.10 per unit), on or prior to the date of the applicable deadline, for each of the available three month extensions, providing a total possible Business Combination period of 18 months at a total payment value of $2,300,000 ($0.20 per unit) (the “Extension Loans”). Any such payments would be made in the form of non-interest-bearing loans. If the Company completes its initial Business Combination, the Company will, at the option of the Sponsor, repay the Extension Loans out of the proceeds of the Trust Account released to the Company or convert a portion or all of the total loan amount into units at a price of $10.00 per unit, which units will be identical to the Private Placement Units. If the Company does not complete a Business Combination, the Company will repay such loans only from funds held outside of the Trust Account. Furthermore, the letter agreement among the Company and the Company’s officers, directors, and the Sponsor contains a provision pursuant to which the Sponsor will agree to waive its right to be repaid for such loans to the extent there is insufficient funds held outside of the Trust Account in the event that the Company does not complete a Business Combination. The Sponsor and its affiliates or designees are not obligated to fund the Trust Account to extend the time for the Company to complete the initial Business Combination. The public stockholders will not be afforded an opportunity to vote on the extension of time to consummate an initial Business Combination from 12 months to 18 months described above or redeem their shares in connection with such extensions. On February 17, 2023 the Company caused to be deposited $1,150,000 into the Company’s Trust account for its public stockholders, representing $0.10 per Public Share, allowing the Company to extend the period of time it has to consummate its initial Business Combination by three months from February 18, 2023 to May 18, 2023 (the “Extension”). The Extension is the first of two three-month extensions permitted under the Company’s governing documents. As of June 30, 2023 and December 31, 2022, there was $0 outstanding under the related party loans.

Administrative Support Agreement

Commencing on the date the Units are first listed on Nasdaq, the Company has agreed to pay the Sponsor a total of $10,000 per month for office space, utilities and secretarial and administrative support for up to 18 months. Upon completion of the initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. During the three and six months ended June 30, 2023 the Company recorded $30,000 and $60,000, respectively of administrative expenses. Administrative expenses were and $30,000 and $40,000 during the three and six months ended June 30, 2022, respectively.

Representative Shares

The Company issued to EF Hutton and/or its designees, 115,000 shares of Class A common stock upon the Initial Public Offering. EF Hutton has agreed not to transfer, assign or sell any such common stock until the completion of the Company’s initial Business Combination. In addition, EF Hutton has agreed (i) to waive its redemption rights with respect to such common stock in connection with the completion of the Company’s initial Business Combination and (ii) to waive its rights to liquidating distributions from the Trust Account with respect to such common stock if the Company fails to complete its initial Business Combination within 12 months (or up to 18 months if the Company extends the period of time to consummate a Business Combination) from the closing of the Initial Public Offering.

The representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the commencement of sales in the Initial Public Offering pursuant to Rule 5110(e)(1) of FINRA’s NASD Conduct Rules. Pursuant to FINRA Rule 5110(e)(1), these securities may not be sold, transferred, assigned, pledged or hypothecated or the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days immediately following the effective date of the registration statement for the Initial Public Offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the commencement of sales in the Initial Public Offering except to any underwriter and selected dealer participating in the offering and their bona fide officers or partners, registered persons or affiliates or as otherwise permitted under Rule 5110(e)(2), and only if any such transferee agrees to the foregoing lock-up restrictions.

Advances to related parties

During the three months ended June 30, 2023, the Company advanced $440,100 to the Sponsor and other related parties. There are no terms to the advances. $440,100 was outstanding as of June 30, 2023.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 6 - Commitments and Contingencies

Registration Rights

The holders of the insider shares, as well as the holders of the Private Placement Units (and underlying securities) and any securities issued in payment of working capital loans made to the Company, are entitled to registration rights pursuant to an agreement signed on the effective date of Initial Public Offering. The holders of a majority of these securities are entitled to make up to three demands that the Company register such securities. Notwithstanding anything to the contrary, the underwriters (and/or their designees) may only make a demand registration (i) on one occasion and (ii) during the five-year period beginning on the effective date of the Initial Public Offering. The holders of the majority of these securities can elect to exercise these registration rights at any time after the Company consummates a Business Combination. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the consummation of a Business Combination. Notwithstanding anything to the contrary, the underwriters (and/or their designees) may participate in a “piggy-back” registration only during the seven-year period beginning on the effective date of the Initial Public Offering. The Company will bear the expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriter was paid a cash underwriting discount of one and a half percent (1.50%) of the gross proceeds of the Initial Public Offering, or $1,725,000. In addition, the underwriter is entitled to a deferred fee of three and a half percent (3.50%) of the gross proceeds of the Initial Public Offering, or $3,450,000. The deferred fee was placed in the Trust Account and will be paid in cash upon the closing of a Business Combination, subject to the terms of the underwriting agreement. In addition, the Company issued EF Hutton and/or its designees, 115,000 shares of Class A common stock upon the consummation of the Initial Public Offering.

Right of First Refusal

For a period beginning on the closing of the Initial Public Offering and ending twenty-four (24) months from the closing of a Business Combination, the Company granted EF Hutton, division of Benchmark Investments, LLC a right of first refusal to act as lead-left book running manager and lead left manager for any and all future private or public equity, convertible and debt offerings during such period.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 7 - Stockholders’ Equity (Deficit)

Preferred Shares - The Company is authorized to issue 1,000,000 preferred shares with a par value of $0.0001 per share with such designation, rights and preferences as may be determined from time to time by the Company’s Board of Directors. At June 30, 2023 and December 31, 2022, there were no preferred shares issued or outstanding.

Class A Common Stock - The Company is authorized to issue 100,000,000 shares of Class A common stock with a par value of $0.0001 per share. Holders of the Company’s Class A common stock are entitled to one vote for each share. At June 30, 2023 and December 31, 2022, there were 635,075 shares of Class A common stock issued and outstanding, which included 115,000 representative shares. As of June 30, 2023 and December 31, 2022, there were 11,500,000 shares, of Class A common stock that were classified as temporary equity in the accompanying balance sheets.

Class B Common Stock - The Company is authorized to issue 10,000,000 shares of Class B common stock with a par value of $0.0001 per share. Holders of the Company’s Class B common stock are entitled to one vote for each share. At June 30, 2023 and December 31, 2022, there were 2,875,000 shares of Class B common stock issued and outstanding. Upon exercise of the over-allotment option, 375,000 shares of Class B common stock are no longer subject to forfeiture.

Only holders of the Class B common stock will have the right to vote on the election of directors prior to the Business Combination. Holders of Class A common stock and holders of Class B common stock will vote together as a single class on all matters submitted to a vote of the Company’s stockholders except as otherwise required by law. In connection with the Company’s initial Business Combination, the Company may enter into a shareholders agreement or other arrangements with the shareholders of the target or other investors to provide for voting or other corporate governance arrangements that differ from those in effect upon completion of the Initial Public Offering.

The shares of Class B common stock will automatically convert into Class A common stock at the time of a Business Combination, or earlier at the option of the holder, on a one-for-one basis, subject to adjustment. In the case that additional shares of Class A common stock, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B common stock shall convert into shares of Class A common stock will be adjusted (unless the holders of a majority of the then-outstanding shares of Class B common stock agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of shares of Class A common stock issuable upon conversion of all shares of Class B common stock will equal, in the aggregate, on an as-converted basis, 20% of the sum of the total number of all shares of common stock outstanding upon the completion of Initial Public Offering plus all shares of Class A common stock and equity-linked securities issued or deemed issued in connection with a Business Combination (net of the number of shares of Class A common stock redeemed in connection with a Business Combination), excluding any shares or equity-linked securities issued or issuable to any seller of an interest in the target to the Company in a Business Combination.

Warrants - The Public Warrants will become exercisable 30 days after the completion of a Business Combination. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation.

The Company will not be obligated to deliver any shares of Class A common stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants is then effective and a current prospectus relating to those shares of Class A common stock is available, subject to the Company satisfying its obligations with respect to registration, or a valid exemption from registration is available. No warrant will be exercisable for cash or on a cashless basis, and the Company will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the shares upon such exercise is registered or qualified under the securities laws of the state of residence of the exercising holder, or an exemption from registration is available.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 7 - Stockholders’ Equity (Continued)

The Company has agreed that as soon as practicable, but in no event later than 20 business days after the closing of a Business Combination, the Company will use its commercially reasonable efforts to file, and within 60 business days following a Business Combination to have declared effective, a registration statement covering the issuance of the shares of Class A common stock issuable upon exercise of the warrants and to maintain a current prospectus relating to those shares of Class A common stock until the warrants expire or are redeemed. Notwithstanding the above, if the Class A common stock is at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, the Company will not be required to file or maintain in effect a registration statement, but will use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 - Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

●	in whole and not in part;

●	at a price of $0.01 per Public Warrant;

●	upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and

●	if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders.

If and when the warrants become redeemable by the Company, the Company may exercise its redemption right even if it is unable to register or qualify the underlying securities for sale under all applicable state securities laws.

If the Company calls the Public Warrants for redemption, as described above, its management will have the option to require any holder that wishes to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The exercise price and number of shares of common stock issuable upon exercise of the Public Warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described below, the Public Warrants will not be adjusted for issuances of common stock at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the Public Warrants. If the Company is unable to complete a Business Combination within the required period and the Company liquidates the funds held in the Trust Account, holders of Public Warrants will not receive any of such funds with respect to their Public Warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with respect to such Public Warrants. Accordingly, the Public Warrants may expire worthless.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering.

Note 8 – Subsequent Events

The Company evaluated subsequent events and transactions that occurred after the balance sheet date. Based upon this review the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements.

Extension Proxy

On July 28, 2023, the Company filed a definitive proxy statement on Schedule 14A (the “Extension Proxy”) with respect to a special meeting of stockholders to seek approval from stockholders of amendments to the Company’s Amended and Restated Certificate of Incorporation (the “Charter”) and the Company’s investment management trust agreement, dated as of February 18, 2022 (the “Trust Agreement”), by and between the Company and Continental Stock Transfer & Trust Company, in each case, to extend the date by which the Company has to consummate an initial business combination up to six (6) times for an additional one (1) month each time from August 18, 2023 to up to February 18, 2024 (the “Extension,” and such later date, the “Extended Date”), or such earlier date as shall be determined by the Company’s board of directors and publicly announced by the Company, as more fully described in the Extension Proxy.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References to the “Company,” “us,” “our” or “we” refer FutureTech II Acquisition Corp. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited interim financial statements and related notes thereto contained elsewhere in this report. Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Cautionary Note Regarding Forward-Looking Statements

This Quarterly Report contains statements that constitute forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Some of the statements in this Quarterly Report constitute forward-looking statements because they relate to future events or our future performance or future financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our industry, our beliefs and our assumptions. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions, or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Quarterly Report may include, for example, statements about:

	●	our ability to select an appropriate target business or businesses;
	●	our ability to complete our initial business combination;
	●	our expectations around the performance of the prospective target business or businesses;
	●	our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination;
	●	our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination;
	●	our potential ability to obtain additional financing to complete our initial business combination;
	●	our pool of prospective target businesses;
	●	the ability of our officers and directors to generate a number of potential acquisition opportunities;
	●	our disclosure controls and procedures and internal control over financial reporting and any material weaknesses of the foregoing;
	●	the use of proceeds not held in the trust account or available to us from interest income on the trust account balance;
	●	the trust account not being subject to claims of third parties; or
	●	our financial performance.

The forward-looking statements contained in this Quarterly Report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the section of this Quarterly Report entitled “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

We use words such as “anticipates,” “believes,” “expects,” “intends,” “seeks,” “plans,” “estimates,” “targets” and similar expressions to identify forward-looking statements. The forward-looking statements contained in this Quarterly Report involve risks and uncertainties. Our actual results could differ materially from those implied or expressed in the forward-looking statements for any reason.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved.

Overview

We are a blank check company incorporated in Delaware on August 19, 2021. We were formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Business Combination”). We are an emerging growth company and, as such, we are subject to all of the risks associated with emerging growth companies. We intend to effectuate our Business Combination using cash from the proceeds of the Initial Public Offering and the sale of the Private Warrants, our capital stock, debt or a combination of cash, stock and debt.

We expect to continue to incur significant costs in the pursuit of our initial Business Combination. We cannot assure you that our plans to raise capital or to complete our initial Business Combination will be successful.

Recent Developments

Extension Proxy

On July 28, 2023, we filed a definitive proxy statement on Schedule 14A (the “Extension Proxy”) with respect to a special meeting of stockholders to seek approval from stockholders of amendments to our Amended and Restated Certificate of Incorporation (the “Charter”) and our investment management trust agreement, dated as of February 18, 2022 (the “Trust Agreement”), by and between us and Continental Stock Transfer & Trust Company, in each case, to extend the date by which we have to consummate an initial business combination up to six (6) times for an additional one (1) month each time from August 18, 2023 to up to February 18, 2024 (the “Extension,” and such later date, the “Extended Date”), or such earlier date as shall be determined by our board of directors and publicly announced by us, as more fully described in the Extension Proxy. We currently believe that there will not be sufficient time to complete an initial business combination by August 18, 2023. Accordingly, we believe that the extension of such date is necessary in order to be able to consummate an initial business combination. The amendments to our Charter and the Trust Agreement are subject to approval by stockholders, as described in the Extension Proxy, and there is no guarantee that the stockholders will approve such amendments.

Results of Operations

We have neither engaged in any operations nor generated any revenues to date. Our only activities from inception to June 30, 2023 were organizational activities, those necessary to prepare for the Initial Public Offering (“Initial Public Offering”), conducting the Initial Public Offering and identifying a target company for a business combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income on cash and cash equivalents from the proceeds derived from the Initial Public Offering We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance), as well as for due diligence expenses.

For the three months June 30, 2023, we had net income of $836,383, which consisted of investment income of $1,468,385, partially offset by expenses of $340,441 and tax expense of $291,561. Investment income was higher in 2023 compared to 2022 due to the increase in interest rates. Expenses were higher in 2023 compared to 2022 due to due diligence costs related to a potential business combination transaction.

For the three months June 30, 2022, we had a net loss of $126,106 which consisted of formation and operating costs of $171,593 and franchise tax cost of $50,000 which were offset by interest earned on investments held in the Trust Account of $95,487.

For the six months June 30, 2023, we had net income of $1,643,672, which consisted of investment income of $2,756,883, partially offset by expenses of $561,566 and tax expense of $551,645. Investment income was higher in 2023 compared to 2022 due to the increase in interest rates. Expenses were higher in 2023 compared to 2022 due to due diligence costs related to a potential business combination transaction.

For the six months June 30, 2022, we had a net loss of $197,616 which consisted of formation and operating costs of $216,139 and franchise tax cost of $98,767 which were offset by interest earned on investments held in the Trust Account of $117,290.

Liquidity and Capital Resources

The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents are carried at cost, which approximates fair value. The Company had $48,778 in cash and no cash equivalents as of June 30, 2023.

Off-Balance Sheet Financing Arrangements

We have no obligations, assets or liabilities, which would be considered off-balance sheet arrangements as of June 30, 2023. We do not participate in transactions that create relationships with unconsolidated entities or financial partnerships, often referred to as variable interest entities, which would have been established for the purpose of facilitating off-balance sheet arrangements. We have not entered into any off-balance sheet financing arrangements, established any special purpose entities, guaranteed any debt or commitments of other entities, or purchased any non-financial assets.

Contractual Obligations

We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term liabilities. The underwriter is entitled to a deferred fee of three percent (3.00%) of the gross proceeds of the Offering upon closing of the Business Combination, or $3,450,000. The deferred fee will be paid in cash upon the closing of a Business Combination from the amounts held in the Trust Account, subject to the terms of the underwriting agreement.

Critical Accounting Policies

The preparation of audited financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the audited financial statements, and income and expenses during the periods reported. Actual results could materially differ from those estimates. As of June 30, 2023, there were no critical accounting policies.

Recent Accounting Standards

Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on our audited financial statements.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

As of June 30, 2023, we were not subject to any market or interest rate risk. Following the consummation of our Initial Public Offering, the net proceeds received into the Trust Accounts, have been invested in U.S. government treasury bills, notes or bonds with a maturity of 185 days or less or in certain money market funds that invest solely in US treasuries. Due to the short-term nature of these investments, we believe there will be no associated material exposure to interest rate risk.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Exchange Act, such as this Report, is recorded, processed, summarized, and reported within the time period specified in the SEC’s rules and forms. Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including the chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. Our management evaluated, with the participation of our current chief executive officer and chief financial officer (our “Certifying Officers”), the effectiveness of our disclosure controls and procedures as of March 31, 2023, pursuant to Rule 13a-15(b) under the Exchange Act. Based upon that evaluation, our Certifying Officers concluded that, as of March 31, 2023, our disclosure controls and procedures were effective.

We do not expect that our disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that we have detected all our control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act) that occurred during the fiscal quarter ended June 30, 2023 covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

None.

Item 1A. Risk Factors

As a smaller reporting company, as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information required by this Item. Factors that could cause our actual results to differ materially from those in this Quarterly Report are any of the risks described in our final prospectus for our Initial Public Offering filed with the SEC. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report on Form 10-Q, there have been no material changes to the risk factors disclosed in our final prospectus dated February 14, 2022 filed with the SEC, our Annual Report on Form 10-K for the year ended December 31, 2021, our Form 8-K filed with the SEC on April 25, 2022, our Quarterly Report on Form 10-Q for the period ended March 31, 2022, our Quarterly Report on Form 10-Q for the period ended September 30, 2022, our Annual Report on Form 10-K for the year ended December 31, 2022, and our Extension Proxy. We may disclose changes to such factors or disclose additional factors from time to time in our future filings with the SEC.

Item 2. Unregistered Sale of Equity Securities and Use of Proceeds.

None. There has been no material change in the planned use of proceeds from our offering as described in our final prospectus filed with the SEC pursuant to Rule 424(b) related to the Initial Public Offering.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not Applicable.

Item 5. Other Information

None.

Item 6. Exhibits

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

No.		Description of Exhibit
3.1		Amended and Restated Certificate of Incorporation (1)
3.2		Bylaws (2)
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a) and 15(d)-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit)

*	Filed herewith.
**	Furnished.

(1) Incorporated by reference to the Company’s Form 8-K, filed with the SEC on February 24, 2022.

(2) Incorporated by reference to the Company’s Form S-1 (File No. 333-261886) initially filed with the SEC on December 23, 2021.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FUTURETECH II ACQUISITION CORP.

Date: August 14, 2023	By:	/s/ Yuquan Wang
	Name:	Yuquan Wang
	Title:	Chief Executive Officer
		(Principal Executive Officer)

Date: August 14, 2023	By:	/s/ Michael Greenall
	Name:	Michael Greenall
	Title:	Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Yuquan Wang, certify that:

1. I have reviewed this quarterly report on Form 10-Q of FutureTech II Acquisition Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2023
	By:	/s/ Yuquan Wang
		Yuquan Wang
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13A-14(A) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Greenall, certify that:

1. I have reviewed this quarterly report on Form 10-Q of FutureTech II Acquisition Corp.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2023
	By:	/s/ Michael Greenall
		Michael Greenall
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADDED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of FutureTech II Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Yuquan Wang, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

Date: August 14, 2023	By:	/s/ Yuquan Wang
		Yuquan Wang
		Chief Executive Officer
		(Principal Executive Officer)

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADDED BY

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of FutureTech II Acquisition Corp. (the “Company”) on Form 10-Q for the quarterly period ended June 30, 2023, as filed with the Securities and Exchange Commission (the “Report”), I, Michael Greenall, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as added by §906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

1.	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of and for the period covered by the Report.

Date: August 14, 2023	By:	/s/ Michael Greenall
		Michael Greenall
		Chief Financial Officer
		(Principal Financial and Accounting Officer)

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 14, 2023
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-41289
Entity Registrant Name	FutureTech II Acquisition Corp.
Entity Central Index Key	0001889450
Entity Tax Identification Number	87-2551539
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	128 Gail Drive
Entity Address, City or Town	New Rochelle
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10805
City Area Code	(914)
Local Phone Number	316-4805
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	true
Entity Information, Former Legal or Registered Name	Not applicable
Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant
Title of 12(b) Security	Units, each consisting of one share of Class A Common Stock and one Redeemable Warrant
Trading Symbol	FTIIU
Security Exchange Name	NASDAQ
Class A Common Stock, $0.0001 par value per share
Title of 12(b) Security	Class A Common Stock, $0.0001 par value per share
Trading Symbol	FTII
Security Exchange Name	NASDAQ
Redeemable Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
Title of 12(b) Security	Redeemable Warrants, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
Trading Symbol	FTIIW
Security Exchange Name	NASDAQ
Common Class A [Member]
Entity Common Stock, Shares Outstanding		12,135,075
Common Class B [Member]
Entity Common Stock, Shares Outstanding		2,875,000

Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash	$ 48,778	$ 262,756
Prepaid expenses	198,767	157,614
Advances to related parties	440,100
Total Current Assets	687,645	420,370
Marketable Securities held in Trust Account	123,525,832	118,976,585
Prepaid expenses, non-current		77,654
Total Assets	124,213,477	119,474,609
Current Liabilities:
Accounts payable and accrued expenses	304,291	130,225
Franchise tax payable		200,000
Income tax payable	659,904	310,259
Accrued offering costs	2,708	2,708
Note payable - Sponsor	2,915,928	144,443
Total Current Liabilities	3,882,831	787,635
Deferred underwriting commission	3,450,000	3,450,000
Total Liabilities	7,332,831	4,237,635
COMMITMENTS AND CONTINGENCIES (Note 6)
Redeemable Class A common stock subject to possible redemption,11,500,000 shares at redemption value of $10.49 and $10.30 per share as of June 30, 2023 and December 31, 2022	121,721,564	118,466,326
Stockholders’ deficit:
Preferred shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Additional paid-in capital
Accumulated deficit	(4,841,270)	(3,229,704)
Total Stockholders’ Deficit	(4,840,918)	(3,229,352)
Total Liabilities and Stockholders’ Deficit	124,213,477	119,474,609
Common Class A [Member]
Stockholders’ deficit:
Common stock, value	64	64
Common Class B [Member]
Stockholders’ deficit:
Common stock, value	288	288
Related Party [Member]
Current Assets:
Advances to related parties	$ 440,100

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Common stock subject to possible redemption shares	11,500,000	11,500,000
Common stock subject to possible redemption per share	$ 10.49	$ 10.30
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares outstanding	0	0
Common Class A [Member]
Common stock subject to possible redemption shares	11,500,000	11,500,000
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	635,075	635,075
Common stock, shares outstanding	635,075	635,075
Common stock, shares	115,000	115,000
Common Class B [Member]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	2,875,000	2,875,000
Common stock, shares outstanding	2,875,000	2,875,000

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
Statements of Operations (Unaudited) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
EXPENSES
Administrative fee - related party	$ 30,000	$ 30,000	$ 60,000	$ 40,000
Franchise tax	50,000	50,000	100,000	98,767
General and administrative	260,441	141,592	401,566	176,139
TOTAL EXPENSES	340,441	221,592	561,566	314,906
OTHER INCOME
Interest earned on marketable securities held in Trust Account	1,468,385	95,487	2,756,883	117,290
TOTAL OTHER INCOME	1,468,385	95,487	2,756,883	117,290
Pre-tax income (loss)	1,127,944	(126,106)	2,195,317	(197,616)
Income tax	(291,561)		(551,645)
Net income (loss)	$ 836,383	$ (126,106)	$ 1,643,672	$ (197,616)
Common Class A [Member]
OTHER INCOME
Weighted average number of shares common stock outstanding, basic	11,500,000	11,500,000	11,500,000	8,688,889
Weighted average number of shares common stock outstanding, diluted	11,500,000	11,500,000	11,500,000	8,688,889
Basic net income (loss) per share of common stock	$ 0.06	$ (0.01)	$ 0.11	$ (0.02)
Diluted net income (loss) per share of common stock	$ 0.06	$ (0.01)	$ 0.11	$ (0.02)
Common Class B [Member]
OTHER INCOME
Weighted average number of shares common stock outstanding, basic	2,875,000	2,875,000	2,875,000	2,783,333
Weighted average number of shares common stock outstanding, diluted	2,875,000	2,875,000	2,875,000	2,783,333
Basic net income (loss) per share of common stock	$ 0.06	$ (0.01)	$ 0.11	$ (0.02)
Diluted net income (loss) per share of common stock	$ 0.06	$ (0.01)	$ 0.11	$ (0.02)

Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)	Common Stock [Member] Common Class A [Member]	Common Stock [Member] Common Class B [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2021		$ 288	$ 24,712	$ (438)	$ 24,562
Balance, shares at Dec. 31, 2021		2,875,000
Remeasurement adjustment			2,762,954	(3,929,281)	(1,166,327)
Net income (loss)				(71,510)	(71,510)
Sale of units in Initial Public Offering, net of Offering costs	$ 1,150		112,760,498		112,760,498
Sale of units in Initial Public Offering, net of offering costs, shares	11,500,000
Sale of Private Placement Units	$ 52		5,200,968		5,200,750
Sale of Private Placement Units, shares	520,075
Shares issued to representative	$ 12		(12)
Shares issued to representative, shares	115,000
Deferred underwriting commission			(3,450,000)		(3,450,000)
Class A Common Stock subject to possible redemption	$ (1,150)		(117,298,850)		(117,300,000)
Class A Common Stock subject to possible redemption, shares	(11,500,000)
Balance at Mar. 31, 2022	$ 64	$ 288		(2,834,902)	(2,834,550)
Balance, shares at Mar. 31, 2022	635,075	2,875,000
Balance at Dec. 31, 2021		$ 288	24,712	(438)	24,562
Balance, shares at Dec. 31, 2021		2,875,000
Net income (loss)					(197,616)
Balance at Jun. 30, 2022	$ 64	$ 288		(2,961,008)	(2,960,656)
Balance, shares at Jun. 30, 2022	635,075	2,875,000
Balance at Mar. 31, 2022	$ 64	$ 288		(2,834,902)	(2,834,550)
Balance, shares at Mar. 31, 2022	635,075	2,875,000
Net income (loss)				(126,106)	(126,106)
Balance at Jun. 30, 2022	$ 64	$ 288		(2,961,008)	(2,960,656)
Balance, shares at Jun. 30, 2022	635,075	2,875,000
Balance at Dec. 31, 2022	$ 64	$ 288		(3,229,704)	(3,229,352)
Balance, shares at Dec. 31, 2022	635,075	2,875,000
Remeasurement adjustment				(2,128,414)	(2,128,414)
Net income (loss)				807,289	807,289
Balance at Mar. 31, 2023	$ 64	$ 288		(4,550,829)	(4,550,477)
Balance, shares at Mar. 31, 2023	635,075	2,875,000
Balance at Dec. 31, 2022	$ 64	$ 288		(3,229,704)	(3,229,352)
Balance, shares at Dec. 31, 2022	635,075	2,875,000
Net income (loss)					1,643,672
Balance at Jun. 30, 2023	$ 64	$ 288		(4,841,270)	(4,840,918)
Balance, shares at Jun. 30, 2023	635,075	2,875,000
Balance at Mar. 31, 2023	$ 64	$ 288		(4,550,829)	(4,550,477)
Balance, shares at Mar. 31, 2023	635,075	2,875,000
Remeasurement adjustment				(1,126,824)	(1,126,824)
Net income (loss)				836,383	836,383
Balance at Jun. 30, 2023	$ 64	$ 288		$ (4,841,270)	$ (4,840,918)
Balance, shares at Jun. 30, 2023	635,075	2,875,000

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
Statements of Cash Flows (Unaudited) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Cash flows from Operating Activities:
Net income (loss)	$ 1,643,672	$ (197,616)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Income earned on marketable securities held in the Trust Account	(2,756,883)	(117,290)
Changes in operating assets and liabilities:
Prepaid expenses	(41,153)	(234,672)
Franchise tax payable	(200,000)
Income tax payable	349,645
Other assets	77,654	(127,517)
Accounts payable and accrued expenses	174,066	144,484
Net cash used in operating activities	(752,999)	(532,611)
Cash flows from Investing Activities:
Investment of cash in Trust Account	(2,300,000)	(117,300,000)
Cash withdrawn from Trust	507,636
Net cash used in investing activities	(1,792,364)	(117,300,000)
Cash flows from Financing Activities:
Proceeds from sale of Units, net of underwriting discount paid		113,275,000
Proceeds from sale of private placement units		5,200,750
Note receivable		(100,000)
Note receivable - repayment		100,000
Payment of deferred offering costs		(316,639)
Advance to Sponsor	(440,100)
Proceeds from issuance of debt – related party	2,771,485
Net cash provided by financing activities	2,331,385	118,159,111
Net change in cash	(213,978)	326,500
Cash - Beginning of the period	262,756	5,000
Cash - End of the period	48,778	331,500
Supplemental disclosure of non-cash financing activities:
Deferred underwriting commission		3,450,000
Initial Classification of Class A common stock subject to redemption		117,300,000
Remeasurement adjustment	3,255,238
Offering costs paid by Promissory note - related parties		$ 100,893

Description of Organization and Business Operations, Going Concern and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Description of Organization and Business Operations, Going Concern and Basis of Presentation

Note 1 - Description of Organization and Business Operations, Going Concern and Basis of Presentation

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 1 - Description of Organization and Business Operations (Continued)

Liquidity and Management’s Plans

At June 30, 2023, the Company had cash of $48,778 and working capital deficit of $3,195,186.

At December 31, 2022, the Company had cash of $150,257 and working capital deficit of $1,920,820.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 1 - Description of Organization and Business Operations (Continued)

Risks and Uncertainties

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

Emerging Growth Company

Use of Estimates

Concentration of Credit Risk

Cash and Cash Equivalents

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

Trust Account

As of June 30, 2023 and December 31, 2022, the Company had $123,525,832 and $118,976,585, respectively, in marketable securities held in the Trust Account.

Offering Costs Associated with the Initial Public Offering

Class A Common Stock Subject to Possible Redemption

Net Income (Loss) Per Share

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

The following table reflects the calculation of basic and diluted net income (loss) per share (in dollars, except per share amounts):

	Three Months Ended				Three Months Ended
	June 30, 2023				June 30, 2022
	Class A		Class B		Class A			Class B
Basic and diluted net income (loss) per share of common stock Numerator:
Allocation of net income (loss), as adjusted	$	669,107	$	167,277		(100,885	)	$	(25,221	)
Denominator: Basic and diluted weighted average shares outstanding		11,500,000		2,875,000		11,500,000			2,875,000
Basic and diluted net income (loss) per share of common stock	$	0.06	$	0.06		(0.01	)	$	(0.01	)

	Six Months Ended				Six Months Ended
	June 30, 2023				June 30, 2022
	Class A		Class B		Class A			Class B
Basic and diluted net income (loss) per share of common stock Numerator:
Allocation of net income (loss), as adjusted	$	1,314,938	$	328,734		(149,671	)	$	(47,945	)
Denominator: Basic and diluted weighted average shares outstanding		11,500,000		2,875,000		8,688,889			2,783,333
Basic and diluted net income (loss) per share of common stock	$	0.11	$	0.11		(0.02	)	$	(0.02	)

Fair Value of Financial Instruments

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

Income Taxes

New Law and Changes

Recently Issued Accounting Standards

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Public Offering

6 Months Ended

Jun. 30, 2023

Public Offering

Public Offering

Note 3 - Public Offering

Private Placement

6 Months Ended

Jun. 30, 2023

Private Placement

Private Placement

Note 4 - Private Placement

Related Party Transactions

6 Months Ended

Jun. 30, 2023

Related Party Transactions

Note 5 - Related Party Transactions

Class B Common Stock

Promissory Note - Related Party

Related Party Loans

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 5 - Related Party Transactions (Continued)

Extension Loan - Related Party

Administrative Support Agreement

Representative Shares

Advances to related parties

During the three months ended June 30, 2023, the Company advanced $440,100 to the Sponsor and other related parties. There are no terms to the advances. $440,100 was outstanding as of June 30, 2023.

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 6 - Commitments and Contingencies

Registration Rights

Underwriting Agreement

Right of First Refusal

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Stockholders’ Equity (Deficit)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Stockholders’ Equity (Deficit)

Note 7 - Stockholders’ Equity (Deficit)

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 7 - Stockholders’ Equity (Continued)

Redemption of Warrants When the Price per Share of Class A Common Stock Equals or Exceeds $18.00 - Once the warrants become exercisable, the Company may redeem the outstanding Public Warrants:

●	in whole and not in part;

●	at a price of $0.01 per Public Warrant;

●	upon a minimum of 30 days’ prior written notice of redemption, or the 30-day redemption period to each warrant holder; and

●	if, and only if, the last reported sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganization, recapitalizations and the like) for any 20 trading days within a 30-trading day period commencing once the warrants become exercisable and ending on the third trading day prior to the date on which the Company sends the notice of redemption to warrant holders.

The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering.

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 8 – Subsequent Events

Extension Proxy

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

Emerging Growth Company

Emerging Growth Company

Use of Estimates

Use of Estimates

Concentration of Credit Risk

Concentration of Credit Risk

Cash and Cash Equivalents

Cash and Cash Equivalents

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

Trust Account

Trust Account

As of June 30, 2023 and December 31, 2022, the Company had $123,525,832 and $118,976,585, respectively, in marketable securities held in the Trust Account.

Offering Costs Associated with the Initial Public Offering

Offering Costs Associated with the Initial Public Offering

Class A Common Stock Subject to Possible Redemption

Class A Common Stock Subject to Possible Redemption

Net Income (Loss) Per Share

Net Income (Loss) Per Share

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

The following table reflects the calculation of basic and diluted net income (loss) per share (in dollars, except per share amounts):

	Three Months Ended				Three Months Ended
	June 30, 2023				June 30, 2022
	Class A		Class B		Class A			Class B
Basic and diluted net income (loss) per share of common stock Numerator:
Allocation of net income (loss), as adjusted	$	669,107	$	167,277		(100,885	)	$	(25,221	)
Denominator: Basic and diluted weighted average shares outstanding		11,500,000		2,875,000		11,500,000			2,875,000
Basic and diluted net income (loss) per share of common stock	$	0.06	$	0.06		(0.01	)	$	(0.01	)

	Six Months Ended				Six Months Ended
	June 30, 2023				June 30, 2022
	Class A		Class B		Class A			Class B
Basic and diluted net income (loss) per share of common stock Numerator:
Allocation of net income (loss), as adjusted	$	1,314,938	$	328,734		(149,671	)	$	(47,945	)
Denominator: Basic and diluted weighted average shares outstanding		11,500,000		2,875,000		8,688,889			2,783,333
Basic and diluted net income (loss) per share of common stock	$	0.11	$	0.11		(0.02	)	$	(0.02	)

Fair Value of Financial Instruments

Fair Value of Financial Instruments

FUTURETECH II ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

Note 2 - Summary of Significant Accounting Policies (Continued)

Income Taxes

Income Taxes

New Law and Changes

New Law and Changes

Recently Issued Accounting Standards

Recently Issued Accounting Standards

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Calculation of Basic and Diluted Net Income Per Common Share

The following table reflects the calculation of basic and diluted net income (loss) per share (in dollars, except per share amounts):

	Three Months Ended				Three Months Ended
	June 30, 2023				June 30, 2022
	Class A		Class B		Class A			Class B
Basic and diluted net income (loss) per share of common stock Numerator:
Allocation of net income (loss), as adjusted	$	669,107	$	167,277		(100,885	)	$	(25,221	)
Denominator: Basic and diluted weighted average shares outstanding		11,500,000		2,875,000		11,500,000			2,875,000
Basic and diluted net income (loss) per share of common stock	$	0.06	$	0.06		(0.01	)	$	(0.01	)

	Six Months Ended				Six Months Ended
	June 30, 2023				June 30, 2022
	Class A		Class B		Class A			Class B
Basic and diluted net income (loss) per share of common stock Numerator:
Allocation of net income (loss), as adjusted	$	1,314,938	$	328,734		(149,671	)	$	(47,945	)
Denominator: Basic and diluted weighted average shares outstanding		11,500,000		2,875,000		8,688,889			2,783,333
Basic and diluted net income (loss) per share of common stock	$	0.11	$	0.11		(0.02	)	$	(0.02	)

Description of Organization and Business Operations, Going Concern and Basis of Presentation (Details Narrative) - USD ($)			6 Months Ended
	Feb. 18, 2022	Feb. 16, 2022	Jun. 30, 2023	Jun. 30, 2022	Feb. 17, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Stock issued during period new issue, shares	520,075
Share issued price per share			$ 0.10
Proceeds from private placement				$ 5,200,750
Gross proceeds from issuance of public offering	$ 117,300,000		$ 117,300,000
Shares issued, price per share	$ 10.00		$ 10.00		$ 0.10
Cash underwriting fees			$ 1,725,000
Deferred underwriting commissions			3,450,000			$ 3,450,000
Other Deferred Costs, Net			513,352
Number of shares cash held by trust account			700,000
Cash			48,778			262,756
Working capital			3,195,186			1,920,820
Cash						150,257
Deposits			1,150,000
Interest expense			100,000
Trust account					$ 1,150,000
Maximum [Member]
Property, Plant and Equipment [Line Items]
Deposits			$ 1,150,000
IPO [Member]
Property, Plant and Equipment [Line Items]
Sale of stock, number of shares issued	11,500,000
Shares issued, price per share			$ 10.20
Offering cost			$ 5,688,352
Working capital			$ 3,195,186			367,265
Cash						$ 262,756
Private Placement [Member] \| Sponsor [Member]
Property, Plant and Equipment [Line Items]
Stock issued during period new issue, shares			520,075
Share issued price per share	$ 10.00		$ 10.00
Proceeds from private placement	$ 5,200,750	$ 5,200,750	$ 5,200,750

Schedule of Calculation of Basic and Diluted Net Income Per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Class A [Member]
Income allocable to Class B common stock	$ 669,107	$ (100,885)	$ 1,314,938	$ (149,671)
Basic weighted average shares outstanding	11,500,000	11,500,000	11,500,000	8,688,889
Diluted weighted average shares outstanding	11,500,000	11,500,000	11,500,000	8,688,889
Basic net income (loss) per share	$ 0.06	$ (0.01)	$ 0.11	$ (0.02)
Diluted net income (loss) per share	$ 0.06	$ (0.01)	$ 0.11	$ (0.02)
Common Class B [Member]
Income allocable to Class B common stock	$ 167,277	$ (25,221)	$ 328,734	$ (47,945)
Basic weighted average shares outstanding	2,875,000	2,875,000	2,875,000	2,783,333
Diluted weighted average shares outstanding	2,875,000	2,875,000	2,875,000	2,783,333
Basic net income (loss) per share	$ 0.06	$ (0.01)	$ 0.11	$ (0.02)
Diluted net income (loss) per share	$ 0.06	$ (0.01)	$ 0.11	$ (0.02)

Summary of Significant Accounting Policies (Details Narrative) - USD ($)		3 Months Ended	6 Months Ended
	Feb. 18, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Feb. 17, 2023	Dec. 31, 2022	Aug. 16, 2022
Subsidiary, Sale of Stock [Line Items]
Cash FDIC insured amount		$ 250,000	$ 250,000
Cash		$ 48,778	48,778			$ 262,756
Proceeds from issuance initial public offering	$ 117,300,000		$ 117,300,000
Shares issued price per share	$ 10.00	$ 10.00	$ 10.00		$ 0.10
Marketable securities held in trust account		$ 123,525,832	$ 123,525,832			118,976,585
Payment of offering cost				$ 316,639
Common stock subject to possible redemption amount		121,721,564	121,721,564			$ 118,466,326
Percentage of exercise tax to be imposed							1.00%
Common Class A [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock subject to possible redemption amount		$ 1,126,824	$ 3,255,238
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Shares issued price per share		$ 10.20	$ 10.20
Payment of offering cost			$ 513,352
Underwriter discount			$ 1,725,000

Public Offering (Details Narrative) - $ / shares		6 Months Ended
Public Offering (Details Narrative) - $ / shares	Feb. 18, 2022	Jun. 30, 2023
Warrant [Member]
Warrant exercise price		$ 0.01
Warrant [Member] \| Holder [Member]
Warrant exercise price		11.50
IPO [Member]
Stock issued during period for sale	11,500,000
Sale of share price		$ 10.00
IPO [Member] \| Underwriters over-allotment option exercised [Member]
Stock issued during period for sale		11,500,000

Private Placement (Details Narrative) - USD ($)			6 Months Ended
Private Placement (Details Narrative) - USD ($)	Feb. 18, 2022	Feb. 16, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsidiary, Sale of Stock [Line Items]
Private placement initial public offering	520,075
Share price			$ 0.10
Proceeds from private placement				$ 5,200,750
Private Placement [Member] \| Sponsor [Member]
Subsidiary, Sale of Stock [Line Items]
Private placement initial public offering			520,075
Share price	$ 10.00		$ 10.00
Proceeds from private placement	$ 5,200,750	$ 5,200,750	$ 5,200,750

Related Party Transactions (Details Narrative) - USD ($)				3 Months Ended			6 Months Ended
	Feb. 17, 2023	Feb. 18, 2022	Oct. 08, 2021	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Aug. 19, 2021
Related Party Transaction [Line Items]
Sale of units in Initial Public Offering, net of offering costs, shares		520,075
Stock issued during period, value, new issues						$ 112,760,498
Shares issued price per share	$ 0.10	$ 10.00		$ 10.00			$ 10.00
Debt Conversion, Converted Instrument, Amount	$ 1,150,000
Stock Option, Exercise Price, Increase	$ 0.10
Common Stock, Shares, Outstanding				0			0		0
Administrative fees							$ 10,000
Administrative fees				$ 30,000	$ 30,000		60,000	$ 40,000
Advances to related parties				$ 440,100			$ 440,100
IPO [Member]
Related Party Transaction [Line Items]
Shares issued price per share				$ 10.20			$ 10.20
Sale of stock price per share				$ 10.00			$ 10.00
IPO [Member] \| EF Hutton and/or its Designees [Member]
Related Party Transaction [Line Items]
Sale of units in Initial Public Offering, net of offering costs, shares							115,000
Unsecured Promissory Note [Member]
Related Party Transaction [Line Items]
Debt description							The note is non-interest bearing and payable on the earlier of (i) March 31, 2022 or (ii) the consummation of the Initial Public Offering
Notes payable				$ 2,915,928			$ 2,915,928		$ 144,443
Unsecured Promissory Note [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Debt face amount										$ 300,000
Affiliate Sponsor [Member]
Related Party Transaction [Line Items]
Warrant exercise price				$ 10.00			$ 10.00
Debt Conversion, Converted Instrument, Amount							$ 1,150,000
Stock Option, Exercise Price, Increase							$ 0.20
Stock or Unit Option Plan Expense							$ 2,300,000
Affiliate Sponsor [Member] \| Maximum [Member]
Related Party Transaction [Line Items]
Convertible notes				$ 1,500,000			$ 1,500,000
Trust Account [Member]
Related Party Transaction [Line Items]
Stock Option, Exercise Price, Increase							$ 0.10
Common Class B [Member]
Related Party Transaction [Line Items]
Percentage of issued and outstanding shares after initial public offering			20.00%
Sale of stock price per share			$ 12.00
Common Stock, Shares, Outstanding				2,875,000			2,875,000		2,875,000
Common Class B [Member] \| Sponsor [Member]
Related Party Transaction [Line Items]
Sale of units in Initial Public Offering, net of offering costs, shares			2,875,000
Stock issued during period, value, new issues			$ 25,000
Shares issued price per share			$ 0.009
Number of option issued for forfeiture			375,000

Commitments and Contingencies (Details Narrative) - USD ($)		6 Months Ended
	Feb. 18, 2022	Jun. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from initial public offering	$ 117,300,000	$ 117,300,000
Sale of units in Initial Public Offering, net of offering costs, shares	520,075
Underwriter Over Allotment Option [Member] \| Common Class A [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Sale of units in Initial Public Offering, net of offering costs, shares		115,000
Underwriters Agreement [Member] \| IPO [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of underwriting discount		1.50%
Proceeds from initial public offering		$ 1,725,000
Underwriters Agreement [Member] \| IPO [Member] \| Underwritters [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from initial public offering		$ 3,450,000
Percent of underwriting deferred fee		3.50%

Stockholders’ Equity (Deficit) (Details Narrative)	6 Months Ended	12 Months Ended
Stockholders’ Equity (Deficit) (Details Narrative)	Jun. 30, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Feb. 17, 2023 $ / shares	Feb. 18, 2022 $ / shares
Class of Stock [Line Items]
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares outstanding	0	0
Common stock subject to possible redemption shares	11,500,000	11,500,000
Ordinary share conversion basis	0.20
Warrant expire period	5 years
Newly issued shares \| $ / shares	$ 10.00		$ 0.10	$ 10.00
Warrant [Member]
Class of Stock [Line Items]
Warrants price per share \| $ / shares	0.01
Market Value [Member]
Class of Stock [Line Items]
Newly issued shares \| $ / shares	$ 18.00
Common Class A [Member]
Class of Stock [Line Items]
Common stock, shares authorized	100,000,000	100,000,000
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Common Stock, Voting Rights	Holders of the Company’s Class A common stock are entitled to one vote for each share
Common stock, shares issued	635,075	635,075
Common stock, shares outstanding	635,075	635,075
Common stock, shares	115,000	115,000
Common stock subject to possible redemption shares	11,500,000	11,500,000
Common Class A [Member] \| Warrant [Member]
Class of Stock [Line Items]
Warrants price per share \| $ / shares	$ 18.00
Common Class B [Member]
Class of Stock [Line Items]
Common stock, shares authorized	10,000,000	10,000,000
Common stock, par value \| $ / shares	$ 0.0001	$ 0.0001
Common stock, shares issued	2,875,000	2,875,000
Common stock, shares outstanding	2,875,000	2,875,000
Common Class B [Member] \| Over-Allotment Option [Member]
Class of Stock [Line Items]
Share base compensation arrangement by share based payment award options forfeitures in period	375,000	375,000