Wed, Aug 21, 8:59 PM (146 days ago)
For the quarter ended June 30, 2024, Integrated Wellness Acquisition Corp reported a net loss of $78,378, contrasting with a net income of $513,062 in the same period last year. The decline in profitability stemmed from increased operating costs, notably legal and accounting expenses amounting to $498,364, and overall operating expenses totaling $602,104. The company's cash position saw a slight decrease, with cash held outside the Trust Account down to $5,517, while cash in the Trust Account increased to $49,388,822 due to interest earnings. The company continues to face uncertainty regarding its ability to complete a business combination, with a working capital deficit of $5,838,059 as of June 30, 2024. Future operations may be impacted by ongoing financial obligations, including a promissory note of $1,821,487 related to extension payments. Additionally, the company has entered a business combination agreement with Btab Ecommerce Enterprises, expected to close by December 2024, which could significantly alter its financial landscape. The overall outlook remains cautious, with substantial doubt raised about the company's ability to continue as a going concern without additional financing.