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Maquia Capital Acquisition Corporation (MAQC0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $23,661 for the three months ended September 30, 2024. This loss was primarily due to general and administrative expenses amounting to $357,084.
Unrealized and realized gains on investments held in the trust account were recorded at $150,009, while a change in the fair value of convertible note payable resulted in a gain of $183,414.
For the nine months ended September 30, 2024, the company reported a net income of $782,822. This was mainly due to unrealized and realized gains on investments of $452,995 and a change in the fair value of the convertible note payable of $1,263,261.
As of September 30, 2024, Maquia Capital had $42,479 in cash and restricted cash, with a working capital deficiency of $3,958,686.
The company continues to seek a suitable business combination target, after the termination of its previous agreement with Immersed, Inc. A new business combination agreement was executed with Velocium, Inc. on July 15, 2024.
In August 2024, stockholders approved an extension to January 7, 2025, for the company to complete its initial business combination. Following this, 861,653 shares were redeemed, leaving 135,663 public shares outstanding.
The company faces liquidity challenges and substantial doubt about its ability to continue as a going concern beyond January 7, 2025, without completing a business combination or securing additional capital.
The company identified material weaknesses in its internal controls over financial reporting, specifically in the areas of complex financial instruments, income tax calculations, and trust account management.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MAQC quarterly 10-Q report dated November 27, 2024. To report an error, please email earnings@qz.com.