International Media Acquisition Corp. (IMAQ) reported its financial results for the three and nine months ended December 31, 2024, revealing a net loss of $160,073 for the quarter, a decrease from a loss of $476,928 in the same period last year. For the nine-month period, the company recorded a net loss of $485,243, compared to a loss of $548,568 in the prior year. The decrease in losses is attributed to a significant reduction in general and administrative expenses, which fell to $147,668 from $681,139 in the previous year’s quarter, and to $521,515 from $1,266,195 for the nine-month period.
The company’s total assets increased to $12,002,703 as of December 31, 2024, up from $11,393,873 at the end of the previous fiscal year. This growth was primarily driven by an increase in investments held in the Trust Account, which rose to $11,975,400 from $11,363,873. However, total liabilities surged to $23,564,566, compared to $14,459,499 in the prior period, largely due to the redemption of common stock payable to public stockholders amounting to $7,919,296.
Strategically, IMAQ has made significant organizational changes, including the approval of a charter amendment that extends the deadline for completing a business combination to January 2, 2027. This extension allows the company to continue its search for a suitable target for acquisition. Additionally, the company has entered into several promissory notes with JC Unify Capital, totaling up to $2,300,000, to support its operational and business combination efforts.
As of December 31, 2024, IMAQ had 6,546,900 shares of common stock issued and outstanding, with a working capital deficit of $15,328,537. The company has acknowledged substantial doubt about its ability to continue as a going concern if it cannot complete a business combination by the extended deadline. Management is actively seeking additional financing to address liquidity needs and to facilitate the completion of a business combination, emphasizing the importance of securing a target to ensure future operational viability.
About International Media Acquisition Corp.
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