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International Media Acquisition Corp. (IMAQ0.00%) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $160,073 for the three months ended December 31, 2024, compared to a net loss of $476,928 for the same period in the previous year. The loss is attributed to operating costs and changes in warrant liability.
The company reported interest income of $132,122 from investments held in the trust account for the three months ended December 31, 2024, compared to $286,712 in the same period the previous year.
As of December 31, 2024, International Media Acquisition Corp. had cash of $0 and a working capital deficit of $15,328,537. The accumulated deficit was $14,936,774 as of December 31, 2024.
The filing outlines the company's ongoing efforts to complete an initial business combination, including multiple extensions of the deadline to consummate such a combination. The deadline has been extended to January 2, 2027, with monthly deposits required into the trust account.
The report details the company's reliance on promissory notes and loans to fund operations and extend the business combination deadline. As of December 31, 2024, total loans outstanding were $1,921,768.
The filing also addresses the company's delisting from Nasdaq on August 8, 2024, with securities now quoted on Over-the-Counter (OTC) markets.
The company acknowledges substantial doubt about its ability to continue as a going concern if it fails to complete a business combination by the extended deadline.
The filing includes various agreements and transactions, such as a securities purchase agreement with JC Unify Capital and multiple consulting agreements.
International Media Acquisition Corp. continues to seek a suitable target for its initial business combination, with no assurance of success within the extended timeframe.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the International Media Acquisition Corp. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.