Wed, Sep 18, 3:42 PM (93 days ago)
For the quarter ended June 30, 2024, Metal Sky Star Acquisition Corporation reported a net income of $392,165, down from $466,429 in the same quarter of 2023. Operating costs decreased significantly to $74,148 from $223,977, while interest income from marketable securities held in trust was $466,313, compared to $690,406 the previous year. The company's total assets increased to $36,729,840 from $35,360,963, primarily due to a rise in marketable securities. However, accumulated deficits grew to $6,308,814, reflecting ongoing operational challenges. The company faces significant liquidity concerns, with a working capital deficit of $3,480,609 and no cash held outside of its trust account. The ability to continue as a going concern is in question, especially with an impending deadline to complete a business combination by August 2024. A recent merger agreement with Future Dao was terminated, adding to operational uncertainties. Additionally, the company is under scrutiny from Nasdaq for compliance issues, with potential delisting risks due to failure to maintain required public holders and timely filings. The management's future operations hinge on securing additional funding and successfully completing a business combination.