International Media Acquisition Corp. Reports Net Loss of $120,079 and Plans $1 Billion Merger

International Media Acquisition Corp. (IMAQ) reported its financial results for the quarter ending June 30, 2025, revealing a net loss of $120,079, a decrease from a net loss of $154,867 in the same period last year. The company’s general and administrative expenses were $113,843, significantly lower than the $220,890 reported in the prior year, indicating a reduction in operational costs. Interest income from investments held in the trust account was $35,261, down from $148,491 in the previous year, reflecting a decline in investment returns.

As of June 30, 2025, IMAQ's total assets amounted to $3,595,851, a slight decrease from $3,649,458 at the end of the previous fiscal period. The company held $161,374 in cash and $3,421,588 in investments within its trust account. Total liabilities increased to $15,200,657 from $15,134,185, primarily due to an increase in accounts payable and accrued expenses, which rose to $1,029,678 from $957,626. The accumulated deficit also widened to $14,985,167 from $14,852,574.

Strategically, IMAQ is in the process of executing a merger agreement with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company, which is expected to be a significant development for the company. The merger is valued at approximately $1 billion and will involve the formation of a new entity, International Media Mini Acquisition Corp. This merger is part of IMAQ's strategy to complete its initial business combination, which is crucial for its future operations and growth.

Operationally, the company has faced challenges, including a working capital deficit of $6,945,315 as of June 30, 2025. The company has made several extension payments to its trust account to prolong the deadline for completing its business combination, with the latest deposit of $2,000 made on July 25, 2025, extending the deadline to September 2, 2025. IMAQ has also issued multiple promissory notes to finance its operations, with total outstanding promissory notes amounting to $2,718,883 as of the end of the reporting period.

Looking ahead, IMAQ's management has expressed concerns regarding its ability to continue as a going concern if it cannot complete its business combination by the extended deadline. The company may need to secure additional financing to meet its obligations or to fund the redemption of public shares. The management has indicated that the current economic environment, including rising interest rates and inflation, could further complicate its financial position. The company’s future success hinges on the successful execution of its merger and the ability to navigate these financial challenges.