Wed, Jun 26, 8:18 PM (73 days ago)
RF Acquisition Corp.'s 10-Q report for the quarter ended March 31, 2024, highlights the company's financial status and operational activities. The company, a blank check entity, has not yet commenced operations and is focused on completing a business combination. Key points include: 1. **Financial Health**: The company has $30.18 million in a trust account and $160,995 in cash, with a working capital deficit of $5.29 million. 2. **Revenue and Expenses**: For Q1 2024, RF Acquisition Corp. reported a net income of $41,124, driven by $384,548 in interest income, offset by $223,169 in operating expenses, $70,255 in income taxes, and $50,000 in franchise tax expenses. 3. **Cash Flow**: Operating activities used $115,821, while investing activities used $75,000. Financing activities provided $163,581, mainly from promissory notes. 4. **Redemptions and Extensions**: Significant redemptions of Class A common stock occurred, reducing shares outstanding to 2,744,649. Extensions to the business combination deadline have been funded through promissory notes. 5. **Going Concern**: There is substantial doubt about the company's ability to continue as a going concern beyond September 28, 2024, if a business combination is not completed. The report indicates ongoing efforts to secure a business combination, with significant financial maneuvers to extend deadlines and maintain liquidity.