International Media Acquisition (US:IMAQ)2025-11-13 11:13Financial Performance - The company reported a net loss of $96,967 for the three months ended September 30, 2025, compared to a net loss of $170,303 for the same period in 2024, representing a 43% improvement[14]. - General and administrative expenses for the six months ended September 30, 2025, were $213,719, down from $373,847 for the same period in 2024, indicating a 43% reduction[14]. - The accumulated deficit increased to $15,083,870 as of September 30, 2025, from $14,852,574 as of March 31, 2025[12]. - The effective tax rate for the six months ended September 30, 2025, was (0.39)%, significantly lower than the (20.58)% for the same period in 2024, primarily due to valuation allowances on net operating losses[117]. - The net loss for the three months ended September 30, 2025, was $96,967, resulting in a basic and diluted net loss per share of $(0.01)[124]. Assets and Liabilities - Total assets as of September 30, 2025, were $3,498,386, a decrease from $3,649,458 as of March 31, 2025[12]. - The company had cash of $0 as of September 30, 2025, down from $241,548 as of March 31, 2025[12]. - Total current liabilities were $7,126,253 as of September 30, 2025, slightly up from $7,065,855 as of March 31, 2025[12]. - As of September 30, 2025, the Company reported a working capital deficit of $7,049,524 and an accumulated deficit of $15,083,870[96]. - The Company incurred a total excise tax liability of $205,388 due to redemptions by public stockholders, with $12,506 remaining outstanding as of September 30, 2025[100]. Trust Account and Investments - Investments held in the trust account increased to $3,421,657 as of September 30, 2025, compared to $3,380,327 as of March 31, 2025[12]. - The fair value of interest-bearing demand deposits held in the Trust Account is $3,421,657[207]. - The fair value of money market investments held in the Trust Account was $3,380,327 as of March 31, 2025[207]. Business Combination and IPO - The Company raised gross proceeds of $200 million from its Initial Public Offering (IPO) by selling 20,000,000 units at $10.00 per unit[25]. - An additional $30 million was generated from the sale of 3,000,000 units due to the underwriters' full exercise of their over-allotment option[27]. - The Company has extended the deadline to complete a Business Combination to August 2, 2024, allowing for a total of 36 months from the IPO[36]. - If the Company fails to complete a Business Combination within the Combination Period, it will redeem 100% of the outstanding Public Shares for a pro rata portion of the Trust Account funds[39]. - The Company has not commenced any operations and will not generate operating revenues until after completing a Business Combination[24]. Promissory Notes and Financing - The Company issued an unsecured promissory note of up to $1.3 million on January 31, 2024, which is convertible into units at $10.00 per unit[47]. - The Company issued an unsecured promissory note of up to $530,000 on February 27, 2024, also convertible into units at $10.00 per unit[50]. - The Company issued an unsecured promissory note of up to $3 million on April 20, 2025, convertible into units at $10.00 per unit[54]. - As of September 30, 2025, the outstanding balance under all promissory notes issued to the Prior Sponsor was $2,445,000[153]. - The Company entered into a Loan Agreement allowing the Prior Sponsor to borrow $385,541 initially and $128,513 monthly, which will be loaned to the Company[161]. Management and Governance - The Company appointed new Class I, II, and III directors during the annual meeting held on February 13, 2024[48]. - The Company appointed Ms. Yu-Fang Chiu as CEO and Chairman of the Board effective March 11, 2025, following the resignation of Mr. Shibasish Sarkar[93]. Market and Trading - Trading of the Company's securities was suspended on Nasdaq on August 8, 2024, and is now quoted on Over-the-Counter (OTC) markets[95]. - The Company received a Delisting Notice from Nasdaq on July 30, 2024, due to non-compliance with the requirement to complete a business combination within 36 months of its IPO[94]. Warrant and Shareholder Information - The Company has 23,000,000 Public Warrants and 796,900 Private Warrants outstanding as of September 30, 2025[191]. - The Public Warrants can only be exercised for whole shares and will expire five years after the completion of a Business Combination[192]. - The Company may redeem Public Warrants at $0.01 each if the stock price exceeds $16.50 for 20 trading days within a 30-day period[195]. - The Company has classified all redeemable Public Shares outside of permanent equity due to redemption features not solely within its control[110]. Accounting and Compliance - The Company has not opted out of the extended transition period under the JOBS Act, allowing it to adopt new accounting standards at the same time as private companies[103]. - The Company does not expect any recently issued accounting pronouncements to materially affect its financial statements[133]. - The Company is assessing the impact of ASU 2023-09 on its financial position, results of operations, or cash flows[132].