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Goal Acquisitions Corp. (PUCK0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a net loss of $593,608 for the three months ended September 30, 2024, with investment income of $26,796 from the trust account. Operating costs and business combination expenses totaled $555,066, and the company recorded a provision for income taxes of $58,235.
For the nine months ended September 30, 2024, Goal Acquisitions Corp. reported a net loss of $1,920,550. The company had investment income of $90,002 and incurred operating costs and business combination expenses of $1,679,476. The provision for income taxes was $321,294.
The company is pursuing a business combination with Digital Virgo Group. An Amended and Restated Business Combination Agreement was entered into on February 8, 2023. However, Digital Virgo purported to terminate the agreement in July 2023, leading Goal Acquisitions Corp. to commence arbitration with the International Chamber of Commerce.
Goal Acquisitions Corp. has extended the deadline for completing a business combination several times, with the current termination date set for May 8, 2025. The company has faced significant redemptions of its public shares during these extensions.
As of September 30, 2024, the company reported restricted cash of $2,141 and a working capital deficit of $13,573,831. The company has withdrawn $2,103,330 of interest from the trust account since inception, with $1,559,470 used for operating expenses and monthly extension deposits.
The company acknowledges substantial doubt about its ability to continue as a going concern, with insufficient capital and a mandatory liquidation looming if a business combination is not completed by the termination date.
Goal Acquisitions Corp. is not deemed an investment company under current SEC rules, but proposed rules could change this status, potentially affecting the company's operations and the funds held in its trust account.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Goal Acquisitions Corp. quarterly 10-Q report dated December 27, 2024. To report an error, please email earnings@qz.com.