Wed, Aug 21, 8:07 PM (146 days ago)
For the quarter ending June 30, 2024, Armada Acquisition Corp. I reported a net loss of $1,423,095, driven by increased formation and operating costs ($844,718) and significant stock-based compensation ($526,209). In comparison, the prior year's loss was $559,584. The company’s total assets decreased to $16,181,367 from $25,417,917, primarily due to a reduction in cash held in the Trust Account, which fell from $25,324,028 to $16,126,337. Current liabilities rose to $10,938,608, reflecting increased accounts payable and related party promissory notes totaling $3,056,726. The stockholders’ deficit increased to $10,798,027 from $8,486,012, indicating ongoing financial strain. Armada continues to extend its business combination deadline, with the latest extension until August 17, 2024. The company is actively pursuing a merger with Rezolve AI Limited, which was finalized shortly after the reporting period on August 15, 2024. The outcome of this merger is crucial for Armada's future operations, as failure to complete it could lead to liquidation. Management expresses substantial doubt regarding the company's ability to continue as a going concern past the extended deadline.