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RF Acquisition Corp. (RFAC+0.88%) 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 $485,186, compared to a net income of $15,207 in the same quarter the previous year. The loss is attributed to formation and operating expenses.
Interest income for the quarter was $385,833, while formation and operating expenses totaled $750,495. Income tax expenses were $70,524, and franchise tax expenses were $50,000.
For the nine months ended September 30, 2024, the company reported a net loss of $544,756, compared to a net loss of $78,878 in the previous year.
Cash used in operating activities for the nine months ended September 30, 2024, was $762,543, while cash provided by investing activities was $13,184,721 due to withdrawals from the trust account for redemption payments.
Cash used in financing activities was $12,591,961, primarily due to redemption payments made in August 2024.
As of September 30, 2024, RF Acquisition Corp. had $17,693,877 in cash held in the trust account and $18,452 in cash held outside of the trust account.
The company has until March 28, 2025, to consummate a business combination, with a mandatory liquidation and subsequent dissolution if a business combination is not completed by this date.
RF Acquisition Corp. continues to evaluate potential business combinations, with plans to use funds from the trust account to complete a business combination.
The company reported a working capital deficit of $6,658,098 as of September 30, 2024, and is assessing its ability to continue as a going concern.
The filing also details related party transactions, including loans from the sponsor and administrative services agreements.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the RF Acquisition Corp. quarterly 10-Q report dated November 20, 2024. To report an error, please email earnings@qz.com.