Mon, Nov 18, 3:31 PM (58 days ago)
For the quarter ending September 30, 2024, Nova Vision Acquisition Corp. (NASDAQ: NOVV) reported a net loss of $77,581, contrasting with a net income of $10,696 in the same period of 2023. Total current assets decreased to $144,050, down from $106,627 in December 2023, primarily due to a significant reduction in cash reserves from $97,273 to $18,488. Investments in the trust account also fell sharply from $17,832,576 to $2,607,985, following extensive share redemptions amounting to $16,310,781. The company’s liabilities increased to $4,256,380, driven by rising accrued expenses and related party loans, leading to a working capital deficit of $3,362,330. The ongoing business combination efforts have been extended to December 10, 2024, with substantial uncertainty regarding the completion of a merger. Management emphasized the need for additional capital to meet operational expenses, highlighting a challenging liquidity position. The report underscores the company's reliance on insider loans to maintain operations while pursuing a viable business combination.