Financial Performance and Revenue - Mars Acquisition Corp has not generated any operating revenues to date and does not intend to until after the completion of the Business Combination[97] - For the three months ended June 30, 2024, the company incurred expenses of $322,770[98] - The company completed its IPO on February 16, 2023, generating gross proceeds of $69,000,000 from the sale of 6,900,000 Units[99] - As of June 30, 2024, there is approximately $22,836,871 in cash held in the Trust Account[100] - The company received $345,000 in non-interest bearing loans from affiliates of the Sponsor for working capital purposes on March 31, 2024, and April 30, 2024[101][102] Business Combination and Extensions - The company extended the deadline to complete the Business Combination from February 16, 2024, to November 16, 2024[100] - The company entered into non-redemption agreements with several unaffiliated third parties, resulting in 1,813,380 ordinary shares not being redeemed[111] Accounting and Financial Reporting - The company accounts for forward purchase agreements as liability-classified instruments under FASB ASC 480[112] - The company accounts for convertible promissory notes under ASC 815, using the fair value option[113] - Financial statements are materially accurate despite identified material weaknesses[117] - No material misstatement in previous financial statements due to material weaknesses[117] Internal Controls and Material Weaknesses - Material weaknesses in internal controls over financial reporting identified as of June 30, 2024[116] - Disclosure controls and procedures were not effective as of December 31, 2023 due to material weaknesses[115] - Company will continue to review and develop internal control framework[117] - No significant changes in internal control over financial reporting during the most recent fiscal quarter[118] - CEO and CFO evaluated disclosure controls and procedures as of June 30, 2024[115] - Material weaknesses related to deficiency in design and operation of financial accounting and reporting controls[116] - No assurance that material weaknesses will not impact future financial statements[117] Going Concern and Financial Stability - There is substantial doubt about the company's ability to continue as a going concern within one year after the date the financial statements are issued[103] Leadership and Reporting - Report signed by CEO Karl Brenza on August 14, 2024[121]
Mars Acquisition (MARX) - 2024 Q3 - Quarterly Report