Fri, Aug 16, 8:59 PM (151 days ago)
Ault Disruptive Technologies Corporation reported a significant decline in financial performance for the quarter ending June 30, 2024. The company experienced a net loss of $246,152, contrasting sharply with a net income of $525,344 for the same period in 2023. Total operating costs decreased to $239,040 from $455,964, while investment income from the Trust Account fell substantially to $10,219, down from $1,279,341. The company's cash position deteriorated, with cash decreasing from $163,235 to $866, and marketable securities in the Trust Account declining from $2,200,308 to $794,122. The balance sheet revealed a working capital deficit of $2,615,493, raising doubts about the company's ability to continue as a going concern. The company is under pressure to consummate a business combination by December 20, 2024, or face mandatory liquidation. Following the termination of a merger agreement with Gresham Worldwide due to Gresham's bankruptcy filing, future operations remain uncertain. The company continues to explore financing options, including working capital loans from its sponsor, to address liquidity challenges.