Wed, Nov 13, 10:33 PM (96 days ago)
Inception Growth Acquisition Limited (IGTA) reported its quarterly results for the period ending September 30, 2024. The company has not yet commenced operations and remains focused on completing a business combination. As of September 30, 2024, cash reserves decreased significantly to $11,295 from $60,440 at year-end 2023, with total assets of approximately $14.7 million, down from $32.1 million. Current liabilities increased to $3.63 million, driven by accrued liabilities and related party notes. For Q3 2024, IGTA posted a net income of $814, contrasting with $62,302 in Q3 2023, reflecting reduced general and administrative expenses. However, year-to-date net income fell to $262,934 from $317,367 in the prior year. The company utilized $837,438 in operating activities, primarily due to high interest income and dividends from trust accounts. The firm has extended its deadline to complete a business combination until December 13, 2024. Uncertainties regarding future operations and liquidity persist as the company seeks to raise additional capital amid a working capital deficit of $3.6 million. The ongoing evaluation of potential business combinations remains a critical focus for management.