Thu, Sep 12, 10:02 AM (100 days ago)
Goal Acquisitions Corp.'s Q2 2024 report shows significant financial challenges. As of June 30, 2024, the company reported total assets of €4,022,859, with current liabilities at €15,123,501, resulting in a working capital deficit of €13,422,370. The net loss for Q2 2024 was €733,884, an increase from a loss of €191,149 in Q2 2023, driven by rising operating costs and business combination expenses totaling €687,651. Cash flow remains strained, with only €2,222 in cash and a receivable of €1,546,872 from the Sponsor for operational expenses. The company has been actively managing redemptions, with stockholder redemptions totaling €554,562 in Q2 2024, further impacting liquidity. A significant concern is the ongoing arbitration with Digital Virgo regarding a failed business combination, which could affect future operations. The company has extended its deadline to complete a business combination to May 8, 2025, but uncertainties remain regarding its ability to raise necessary capital and comply with NASDAQ listing requirements. Overall, the report highlights the company's precarious financial position and the urgent need for successful business combination execution to avoid mandatory liquidation.