Tue, Aug 20, 10:07 AM (147 days ago)
For the quarter ending June 30, 2024, Global Blockchain Acquisition Corp. reported a net loss of $29,000, contrasting sharply with a net income of $1.45 million in the same period of the previous year. Revenue remained non-existent as the company has yet to complete its business combination. Operating expenses totaled $197,996, and the company incurred a tax provision of $46,677. The total assets decreased significantly to $8.65 million from $26.77 million at year-end 2023, primarily due to a reduction in cash held in the Trust Account, which fell from $26.3 million to $8.2 million following stockholder redemptions. The company recorded liabilities of $2.81 million, with accrued offering costs and an excise tax liability of $1.74 million. Liquidity remains a concern, with only $366,034 in operating cash and a working capital deficit of $629,059. The company has until November 12, 2024, to complete its business combination; otherwise, it will face mandatory liquidation. Uncertainties persist regarding the impact of external economic factors on the ability to raise necessary funding for operations and potential acquisitions.