2024 Q1 Form 10-Q Financial Statement

#000165495424002099 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $604.7K
YoY Change -2.21%
Operating Profit -$604.7K
YoY Change -2.21%
Interest Expense $275.9K
YoY Change -31.03%
% of Operating Profit
Other Income/Expense, Net -$1.990K
YoY Change
Pretax Income -$330.9K
YoY Change 51.48%
Income Tax $63.37K
% Of Pretax Income
Net Earnings -$394.3K
YoY Change 23.74%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$0.05
COMMON SHARES
Basic Shares Outstanding 8.500M shares 8.520M shares
Diluted Shares Outstanding 8.481M shares

Balance Sheet

Concept 2024 Q1 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.060K
YoY Change -91.25%
Cash & Equivalents $1.044K $7.060K
Short-Term Investments
Other Short-Term Assets $17.50K
YoY Change 17.61%
Inventory
Prepaid Expenses $18.96K $17.50K
Receivables
Other Receivables $10.00K
Total Short-Term Assets $30.00K $24.56K
YoY Change -43.18% -74.29%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $21.36M
YoY Change -1.02%
Other Assets
YoY Change
Total Long-Term Assets $11.36M $21.36M
YoY Change -45.83% -1.02%
TOTAL ASSETS
Total Short-Term Assets $30.00K $24.56K
Total Long-Term Assets $11.36M $21.36M
Total Assets $11.39M $21.38M
YoY Change -45.82% -1.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.552M
YoY Change 123.45%
Accrued Expenses $0.00
YoY Change -100.0%
Deferred Revenue
YoY Change
Short-Term Debt $2.966M
YoY Change 213.82%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.378M $4.845M
YoY Change 71.19% 153.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $8.066M
YoY Change -0.1%
Total Long-Term Liabilities $8.066M
YoY Change -0.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.378M $4.845M
Total Long-Term Liabilities $8.066M
Total Liabilities $14.46M $12.91M
YoY Change 22.54% 29.3%
SHAREHOLDERS EQUITY
Retained Earnings -$13.99M -$11.55M
YoY Change 26.6% 18.03%
Common Stock $655.00 $655.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.99M -$11.55M
YoY Change
Total Liabilities & Shareholders Equity $11.39M $21.38M
YoY Change -45.82% -1.34%

Cashflow Statement

Concept 2024 Q1 2023 Q3
OPERATING ACTIVITIES
Net Income -$394.3K
YoY Change 23.74%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$49.40K
YoY Change -79.53%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $305.1K
YoY Change -99.85%
Cash From Investing Activities $305.1K
YoY Change -99.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -434.1K
YoY Change -99.79%
NET CHANGE
Cash From Operating Activities -49.40K
Cash From Investing Activities 305.1K
Cash From Financing Activities -434.1K
Net Change In Cash -178.4K
YoY Change -215.95%
FREE CASH FLOW
Cash From Operating Activities -$49.40K
Capital Expenditures
Free Cash Flow
YoY Change

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InterestExpenseDemandDepositAccounts
128513 usd
CY2023Q2 us-gaap Interest Expense Demand Deposit Accounts
InterestExpenseDemandDepositAccounts
128513 usd
us-gaap Interest Expense Demand Deposit Accounts
InterestExpenseDemandDepositAccounts
128513 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7060 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
302 usd
CY2023Q3 imac Working Capital Deficit
WorkingCapitalDeficit
4820176 usd
CY2023Q1 imac Working Capital Deficit
WorkingCapitalDeficit
3673078 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">               Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ from those estimates.</p>
CY2023Q3 us-gaap Cash
Cash
7060 usd
CY2023Q1 us-gaap Cash
Cash
302 usd
us-gaap Increase Decrease In Income Taxes
IncreaseDecreaseInIncomeTaxes
119474 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
17847675 shares
us-gaap Net Income Loss
NetIncomeLoss
-71640 usd
us-gaap Net Income Loss
NetIncomeLoss
-523297 usd
imac Basic And Diluted Weighted Average Shares Outstanding
BasicAndDilutedWeightedAverageSharesOutstanding
8500164 shares
imac Basic And Diluted Weighted Average Shares Outstanding
BasicAndDilutedWeightedAverageSharesOutstanding
21868367 shares
imac Basic And Diluted Net Loss Per Share Of Common Stock
BasicAndDilutedNetLossPerShareOfCommonStock
-0.01
imac Basic And Diluted Net Loss Per Share Of Common Stock
BasicAndDilutedNetLossPerShareOfCommonStock
-0.02
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; TEXT-INDENT: 33.75pt; text-align:justify;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such account.</p>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
imac Underwriting Cash Discount Per Unit
UnderwritingCashDiscountPerUnit
0.20
imac Underwriter Cash Discount
UnderwriterCashDiscount
4600000 usd
CY2023Q3 imac Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2023Q3 imac Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
8050000 usd
imac Period For Right Of First Refusal To Act As Book Running Manager After Date Of Consummation Of Business Combination
PeriodForRightOfFirstRefusalToActAsBookRunningManagerAfterDateOfConsummationOfBusinessCombination
P18M
imac Percentage Of Economics For Future Public And Private Equity And Debt Offerings
PercentageOfEconomicsForFuturePublicAndPrivateEquityAndDebtOfferings
0.30 pure
CY2021Q1 imac Agreed To Pay Maximum Amount Subject To Successfully Completing Business Combination
AgreedToPayMaximumAmountSubjectToSuccessfullyCompletingBusinessCombination
400000 usd
CY2021Q1 imac Agreed To Pay Uncomplete Business Combination Within Combination Period
AgreedToPayUncompleteBusinessCombinationWithinCombinationPeriod
40000 usd
CY2023Q3 us-gaap Assets Under Management Carrying Amount
AssetsUnderManagementCarryingAmount
40000 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
40000 usd
CY2022Q1 imac Percentage Of Fee Based On Target Introduced In Business Combination
PercentageOfFeeBasedOnTargetIntroducedInBusinessCombination
0.005 pure
CY2022Q1 imac Reimbursement Of Out Of Pocket Expenses
ReimbursementOfOutOfPocketExpenses
25000 usd
imac Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
PeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P30D
CY2023Q3 imac Number Of Warrants Issued
NumberOfWarrantsIssued
23796900 shares
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6546900 shares
CY2023Q3 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
1909723 shares
imac Class Of Warrant Or Right Number Of Rights In Multiples Required To Receive Shares
ClassOfWarrantOrRightNumberOfRightsInMultiplesRequiredToReceiveShares
20 shares
CY2023Q3 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
21355330 usd
CY2023Q3 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
15938 usd
imac Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value Beginning
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValueBeginning
0 usd
imac Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Initial Measurement
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityInitialMeasurement
414352 usd
imac Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value Ending
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValueEnding
462202 usd
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-438295 usd
CY2022 imac Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value Ending
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValueEnding
23907 usd
CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
0 usd
CY2023 imac Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value Ending
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValueEnding
23907 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-7969 usd
imac Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value Ending
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValueEnding
15938 usd
imac Warrant Liability At Fair Value Changes In Fair Value
WarrantLiabilityAtFairValueChangesInFairValue
7969 usd
CY2021Q3 imac Description Of Underwriting Agreement
DescriptionOfUnderwritingAgreement
the underwriters were paid a cash underwriting discount of $0.20 per Unit sold in the Initial Public Offering, or $4,600,000 in the aggregate, upon the closing of the Initial Public Offering and full exercise of the over-allotment option. In addition, $0.35 per Unit sold in the Initial Public Offering, or $8,050,000 in the aggregate will be payable to the underwriters for deferred underwriting commissions
imac Withdrawal Funds From From Trust Account
WithdrawalFundsFromFromTrustAccount
346191 usd
CY2023Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
238741 usd
us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
107450 usd
CY2023Q3 imac Outstanding Tax Liability
OutstandingTaxLiability
242141 usd

Files In Submission

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0001654954-24-002099-index.html Edgar Link pending
0001654954-24-002099.txt Edgar Link pending
0001654954-24-002099-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
imac-20230930.xsd Edgar Link pending
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imac-20230930_def.xml Edgar Link unprocessable
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