International Media Acquisition Corp. Reports Decreased Net Loss and Ongoing Merger Efforts

International Media Acquisition Corp. (IMAQ) reported its financial results for the quarter ending September 30, 2025, revealing a net loss of $96,967, a decrease from a net loss of $170,303 in the same period last year. The company’s general and administrative expenses for the quarter were $99,876, down from $152,957 in the prior year, while franchise tax expenses were $40,000 compared to $50,000 in the previous year. For the six months ending September 30, 2025, IMAQ recorded a net loss of $217,047, a reduction from $325,170 in the same period of 2024. The decrease in losses is attributed to lower operational costs and a slight increase in interest income from investments held in the trust account.

As of September 30, 2025, IMAQ's total assets amounted to $3,498,386, a decline from $3,649,458 at the end of the previous fiscal period. The company reported current liabilities of $7,126,253, slightly up from $7,065,855 in March 2025. The accumulated deficit increased to $15,083,870 from $14,852,574, reflecting ongoing operational challenges as the company has yet to complete a business combination. The company’s cash balance dropped to zero from $241,548, indicating a significant liquidity strain.

Strategically, IMAQ has been actively pursuing a merger agreement with VCI Holdings Limited and Vietnam Biofuels Development Joint Stock Company, which is expected to be a significant step in its business combination efforts. The company has also entered into various promissory notes to secure additional funding, with total outstanding promissory notes to JC Unify amounting to $2,943,971 as of September 30, 2025. The company has made monthly deposits to its trust account to extend the deadline for completing its business combination to December 2, 2025.

Operationally, IMAQ has not generated any revenue as it remains in the pre-operational phase, focusing on identifying a target for its business combination. The company has incurred significant professional costs related to its public company obligations and transaction costs. As of the latest report, IMAQ has no cash and a working capital deficit of $7,049,524, raising substantial doubt about its ability to continue as a going concern. The 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 finalizing the merger with VCI Holdings and securing additional financing to support its operations and potential business combination. 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 strategic plans successfully.