Thu, Jul 25, 7:07 PM (44 days ago)
Qomolangma Acquisition Corp.'s financial statements for the quarter ended March 31, 2024, reveal a net loss of $3,055, down from a loss of $224,171 in the same period in 2023. The company's cash balance decreased by $2,913 due to operating activities. Current assets fell to $41,200 from $79,003, while liabilities rose to $5,140,736 from $5,034,098. The company has a working capital deficit of $2,981,617. Recent developments include multiple extensions to the period for completing a business combination, now extended to August 4, 2024, through sponsor deposits. The company faces liquidity challenges and uncertainties regarding its ability to consummate a business combination within the specified period, raising substantial doubt about its ability to continue as a going concern. The company's liabilities include promissory notes totaling $937,252, and it continues to incur significant costs related to being a public company and pursuing a business combination. The company's future operations are impacted by uncertainties, including global conflicts and the Inflation Reduction Act of 2022.