Mon, Jun 3, 6:35 PM (285 days ago)
International Media Acquisition Corp. (IMAQ), a blank check company, filed its quarterly report for the period ending December 31, 2023. The company reported a net loss of $476,928 for the three months and $548,568 for the nine months ended December 31, 2023. Operating costs for the three and nine months were $731,550 and $1,217,531, respectively. Interest income on investments held in the trust account was $286,712 for the quarter and $812,558 for the nine months. IMAQ's balance sheet shows total assets of $22.03 million, primarily held in the trust account, and total liabilities of $14.04 million, including significant accrued expenses and promissory notes. The company’s stockholders' deficit increased to $13.28 million, driven by accumulated deficits and accretion of Class A shares. The company faced liquidity challenges with only $1,177 in cash and a working capital deficit of $5.96 million. IMAQ has extended its deadline to complete a business combination multiple times, now set to January 2, 2025, contingent on monthly deposits into the trust account. The company also entered into several promissory notes and agreements to secure additional financing for operational costs and potential business combinations. Management expressed substantial doubt about the company's ability to continue as a going concern if a business combination is not completed within the extended period.