Fri, Aug 23, 9:05 PM (144 days ago)
For the quarter ended June 30, 2024, Iris Acquisition Corp reported a net loss of $534,854, driven by formation costs of $642,082 and a tax provision of $4,780, partially offset by $78,645 in unrealized gains on warrant liabilities and $33,363 in interest income. This compares to a net income of $232,984 in Q2 2023, largely due to vendor payables forgiveness and unrealized gains. Total assets decreased to $3,535,705 from $4,502,213 at year-end 2023, with cash and investments in the trust account at $3,126,546. Current liabilities increased, reflecting ongoing operational costs and a working capital deficit of approximately $6,059,539. The company has significant uncertainties regarding its ability to complete a business combination by the extended deadline of September 9, 2024. Management is exploring options for additional financing to address potential redemptions and operational costs. The company’s liquidity concerns and ongoing losses raise substantial doubt about its ability to continue as a going concern.