Tue, Sep 3, 8:46 PM (133 days ago)
International Media Acquisition Corp. (IMAQ) reported a net loss of $154.9K for the quarter ending June 30, 2024, compared to a profit of $322.6K in the same period last year. Revenue primarily stemmed from interest income on investments, totaling $148.5K, down from $250K YoY. The company's total assets increased slightly to $11.7M, primarily due to cash and investments held in trust, while liabilities rose to $14.9M, reflecting ongoing operational expenses and related party loans. As of June 30, 2024, IMAQ had only $247 in cash and a significant working capital deficit of $6.7M, raising substantial doubt about its ability to continue as a going concern. The company has extended its deadline to complete a business combination until January 2, 2025, but faces risks due to regulatory scrutiny and market competition for acquisition targets. The Nasdaq delisted its securities on August 8, 2024, further impacting liquidity and trading ability. Management anticipates needing additional financing to fulfill obligations or complete a business combination, underscoring the uncertainties ahead.