Wed, Aug 21, 9:02 PM (146 days ago)
For the quarter ended June 30, 2024, Cartica Acquisition Corp reported a net loss of $3,973,890, significantly down from a net income of $3,021,243 in the same period last year. This loss stemmed from increased operating costs of $2,174,582 and a $2,148,000 loss from changes in fair value of warrant liabilities. The company’s total assets decreased to $25,581,530 from $46,403,275 as of December 31, 2023, primarily due to a reduction in cash and marketable securities held in the Trust Account, which fell from $46,305,735 to $25,486,129. Current liabilities surged to $5,521,762, up from $820,768, reflecting increased accounts payable and promissory notes. Cash flow from operations showed a net usage of $1,052,233, with the company relying on promissory notes for liquidity. The company has until January 7, 2025, to consummate a business combination, amidst ongoing risks of delisting from Nasdaq due to compliance issues. The recent amendments to financing arrangements indicate a reliance on sponsor support, highlighting uncertainties in future operations and capital structure.