Wed, Aug 14, 9:13 PM (141 days ago)
For the quarter ending June 30, 2024, Nova Vision Acquisition Corp. reported a net income of $53,057, up from $45,407 in the prior year, driven primarily by dividend income from trust investments. Total assets increased to $18.74 million, primarily due to investments held in trust, which rose to $18.72 million. However, the company faces a significant working capital deficit of $3.09 million and cash reserves dwindled to $16,718 from $97,273 at year-end 2023. The company has extended its business combination deadline multiple times, now until February 10, 2025, necessitating ongoing funding from related parties to maintain operations. Current liabilities increased significantly, with due amounts to related parties reaching $301,151. The management expressed uncertainty about completing a business combination before the extended deadline, which could trigger mandatory liquidation. Overall, while the company maintains sufficient trust assets, its operational cash flow and working capital situation raise concerns about its ability to sustain operations without a successful business combination. Future performance will hinge on securing a target and managing funding effectively.