International Media Acquisition Corp. Reports Decreased Losses and Pursues Business Combination

International Media Acquisition Corp. (IMAQ) reported its financial results for the three and nine months ended December 31, 2025, revealing a net loss of $59,590 for the quarter and $276,636 for the nine-month period. This marks a decrease in losses compared to the same periods in 2024, where the company recorded a net loss of $160,073 for the quarter and $485,243 for the nine months. The company’s general and administrative expenses for the quarter were $63,853, down from $147,668 in the prior year, while franchise tax expenses were $40,000, compared to $50,000 in the previous year.

As of December 31, 2025, IMAQ's total assets amounted to $3,493,600, a decrease from $3,649,458 reported at the end of the previous fiscal period. The company held $3,417,684 in its Trust Account, which is slightly up from $3,380,327 as of March 31, 2025. However, the company’s liabilities increased to $15,254,964 from $15,134,185, primarily due to an increase in promissory notes and accounts payable. The accumulated deficit also widened to $15,141,411 from $14,852,574.

Strategically, IMAQ has been actively pursuing a business combination, having entered into a Merger Agreement with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company. This agreement is part of the company's efforts to complete a business combination by the extended deadline of January 2, 2027. The company has also engaged in various financing activities, including issuing promissory notes to raise funds for operational expenses and potential business combinations. As of the end of the reporting period, total promissory notes outstanding were $3,000,504, reflecting the company's reliance on external financing.

Operationally, IMAQ has not yet commenced any revenue-generating activities, as it remains focused on identifying and executing a business combination. The company has incurred significant costs related to its public company status and the pursuit of a business combination. As of December 31, 2025, the company had no cash on hand and reported a working capital deficit of $7,117,454, raising concerns about its liquidity and ability to continue as a going concern. Management has indicated that if a business combination is not completed by the extended deadline, the company may need to liquidate.

Looking ahead, IMAQ's management remains focused on completing a business combination and is actively seeking opportunities to achieve this goal. However, the company acknowledges the risks associated with its current financial position and the uncertainties in the market, which could impact its ability to execute its plans successfully. The company has stated that it may need to obtain additional financing to meet its obligations and complete a business combination, underscoring the challenges it faces in the current economic environment.