International Media Acquisition Corp. Q3 2024 10-Q Filed

TL;DR

IMAC 10-Q filed: $1.9M loss YTD, board changes, and business extension payments noted.

AI Summary

International Media Acquisition Corp. filed its 10-Q for the period ending December 31, 2023. The company reported a net loss of $1.9 million for the nine months ended December 31, 2023. Significant events include a subsequent event on March 6, 2024, related to a board of directors chairman appointment on January 4, 2024, and a business extension payment on April 2, 2024.

Why It Matters

This filing provides insight into the financial performance and significant corporate events of International Media Acquisition Corp. during the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — The company has reported a net loss, indicating potential financial instability and a need for further capital or revenue generation.

Key Numbers

• $1.9M — Net Loss (For the nine months ended December 31, 2023)
• 2023-12-31 — Fiscal Year End (End of the reporting period for the 10-Q)

Key Players & Entities

• International Media Acquisition Corp. (company) — Filer of the 10-Q
• December 31, 2023 (date) — End of reporting period
• $1.9 million (dollar_amount) — Net loss for the nine months ended December 31, 2023
• March 6, 2024 (date) — Subsequent event date
• January 4, 2024 (date) — Board of Directors Chairman appointment date
• April 2, 2024 (date) — Business extension payment date

FAQ

Key Financial Figures

• $0.0001 — he registrant's common stock, par value $0.0001 per share, issued and outstanding. INT
• $10.00 — funds in the Trust Account to below (1) $10.00 per Public Share or (2) the actual amou

Filing Documents

• imac_10q.htm (10-Q) — 766KB
• imac_ex311.htm (EX-31.1) — 12KB
• imac_ex321.htm (EX-32.1) — 4KB
• 0001654954-24-007239.txt ( ) — 4288KB
• imac-20231231.xsd (EX-101.SCH) — 61KB
• imac-20231231_lab.xml (EX-101.LAB) — 285KB
• imac-20231231_cal.xml (EX-101.CAL) — 32KB
• imac-20231231_pre.xml (EX-101.PRE) — 228KB
• imac-20231231_def.xml (EX-101.DEF) — 155KB
• imac_10q_htm.xml (XML) — 604KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS Condensed Balance Sheets as of December 31, 2023 (unaudited) and March 31, 2023 (audited) 4 Condensed Statements of Operations for the nine months ended December 31, 2023 and December 31, 2022 (unaudited) 5 Condensed Statement of Changes in Stockholders' Equity (Deficit) for the nine months ended December 31, 2023 and December 31, 2022 (unaudited) 6 Condensed Statement of Cash Flows for the nine months ended December 31, 2023 and December 31, 2022 (unaudited) 7 Notes to Unaudited Condensed Financial Statements 8 Item 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 25 Item 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 35 Item 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 35

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 37 Item 1A.

RISK FACTORS

RISK FACTORS 37 Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 37 Item 3. DEFAULTS UPON SENIOR SECURITIES 37 Item 4. MINE SAFETY DISCLOSURES 37 Item 5. OTHER INFORMATION 37 Item 6. EXHIBITS 38

SIGNATURES

SIGNATURES 39 2 CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially from those expected and projected. All statements, other than statements of historical fact included in this Form 10-Q including, without limitation, statements in the "Management's Discussion and Analysis of Financial Condition and Results of Operations" regarding the Company's financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements. Words such as "expect," "believe," "anticipate," "intend," "estimate," "seek" and variations and similar words and expressions are intended to identify such forward-looking statements. Such forward-looking statements relate to future events or future performance, but reflect management's current beliefs, based on information currently available. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. For information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, please refer to the Risk Factors section of the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2023 filed with the U.S. Securities and Exchange Commission (the "SEC") on July 14, 2023 and the Company's final prospectus for its initial public offering filed with the SEC on July 29, 2021. The Company's securities filings can be accessed on the EDGAR section of the SEC's website at www.sec.gov . Except as expressly r

View Full Filing

View this 10-Q filing on SEC EDGAR