International Media Acquisition (IMAQ) - 2022 Q3 - Quarterly Report

Financial Performance - The company reported a net loss of $1,349,179 for the three months ended September 30, 2021, primarily due to stock-based compensation expenses of $1,351,448[134]. - Total cash used in operating activities from inception through September 30, 2021, was $409,355, reflecting the net loss and changes in working capital[136]. - The company does not expect to generate operating revenues until after the completion of its initial business combination[133]. Capital Raising - The company raised gross proceeds of $200,000,000 from the Initial Public Offering of 20,000,000 units at $10.00 per unit[140]. - An additional $30,000,000 was generated from the sale of 3,000,000 units to cover over-allotments, bringing total gross proceeds to $230,000,000[143]. Cash and Investments - As of September 30, 2021, the company had $438,019 in its operating bank account[139]. - The company incurred net cash used in investing activities of $230,000,000 due to cash deposited in the trust account[137]. Future Expenses - The company expects to use approximately $100,000 for legal and accounting expenses related to business combination structuring and negotiation[148]. - The company anticipates needing $400,000 for Directors and Officers liability insurance premiums over the next 12 months[148]. Debt and Liabilities - The company issued unsecured promissory notes totaling $800,000 to the Sponsor, with the Initial Promissory Note of $300,000 and Additional Promissory Notes of $200,000, and a Post-IPO Promissory Note of $500,000[152][153][156]. - The Chief Finance Officer agreement stipulates a payment of up to $400,000, contingent on the successful completion of a Business Combination, with a fallback payment of $40,000 if not completed[158]. Consulting Agreements - The company engaged Ontogeny Capital Ltd for management consulting services, with total payments amounting to $1,650,000 upon the IPO closing and an additional $2,875,000 upon the initial business combination[159]. - The consulting agreement with F. Jacob Cherian includes a monthly fee of $12,000 for financial advisory services over a 12-month period[160]. Stock and Equity - The company has 23,000,000 Public Shares with a redemption feature, classified outside of permanent equity due to SEC guidance[168]. - The company recognizes changes in the redemption value of common stock immediately, adjusting the carrying value to equal the redemption value at each reporting period[169]. Risk Exposure - As of September 30, 2021, the company reported no exposure to market or interest rate risk[170].