Wed, May 15, 10:51 AM (72 days ago)
Welsbach Technology Metals Acquisition Corp. (WTMA) reported on its financial position for the quarter ending March 31, 2024. The company, a blank check entity, is focused on identifying a business combination target but has not commenced operations. As of March 31, 2024, WTMA held $24,029,910 in its trust account, and its total assets were $24,198,119, up from $23,938,271 at the end of 2023. Key financial metrics for the quarter include: - Operating expenses: $271,992 - Franchise tax: $50,000 - Net loss: $70,160, reduced from $230,201 in Q1 2023 - Interest income from the trust account: $260,681 WTMA's cash flow from operating activities was negative $373,737, offset by equivalent financing activities from convertible promissory notes. The company faces significant liabilities, including accounts payable of $2,700,939 and convertible promissory notes totaling $3,219,208. The company has extended its business combination deadline to June 30, 2024, and remains in a critical phase, needing additional capital to ensure operations and complete a business combination. The management has expressed concerns about the company's ability to continue as a going concern beyond this date without successful completion of a business combination.