If it was only 'formatted' meaning it was left as "External" storage, the new phone should be able to read and access the data. However, if the card was changed to be "Internal" storage on the old phone, then no other device will ever be able to read or access the data on that card. Only the original one, and only as it was. So if the card was actually encoded and made into "Internal" storage so that apps could be run off of it, everything on it is not accessible.