Fri, Aug 23, 10:03 AM (144 days ago)
For the quarter ended June 30, 2024, Maquia Capital Acquisition Corporation reported a net income of $969,441, a significant recovery from a net loss of $367,435 in the same period of 2023. This improvement was driven primarily by unrealized gains on investments and favorable changes in the fair value of derivative liabilities. The company’s total assets decreased to $11.86 million from $12.58 million, mainly due to a decline in cash and cash equivalents, which dropped to $2,560 from $137,800. Current liabilities decreased slightly to $3.95 million, while total liabilities fell to $9.32 million. The company faced a working capital deficiency of $3.73 million, highlighting ongoing liquidity challenges. The Trust Account held $11.63 million, primarily for future business combinations. Maquia's operations remain uncertain, especially after the termination of a previous business combination with Immersed, Inc. and the need to secure a new target before the extended deadline of January 7, 2025. The company is also navigating compliance issues with Nasdaq, which could impact its ability to complete a business combination and maintain its listing.