2024 Q1 Form 10-Q Financial Statement
#000165495424002099 Filed on February 23, 2024
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 |
Facts In Submission
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INTERNATIONAL MEDIA ACQUISITION CORP. | ||
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Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-7969 | usd | |
us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-119535 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
35000 | usd | |
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
177325 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
159280 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
145595 | usd | |
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
119475 | usd | |
us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
131283 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-291699 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-867305 | usd | |
imac |
Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
|
642569 | usd | |
imac |
Payments For Investment Of Cash In Trust Account
PaymentsForInvestmentOfCashInTrustAccount
|
350000 | usd | |
imac |
Proceeds From Trust Account In Connection With Redemption
ProceedsFromTrustAccountInConnectionWithRedemption
|
690615 | usd | |
imac |
Proceeds From Trust Account In Connection With Redemption
ProceedsFromTrustAccountInConnectionWithRedemption
|
209237593 | usd | |
imac |
Proceeds From Trust Account To Pay Franchise Tax
ProceedsFromTrustAccountToPayFranchiseTax
|
100925 | usd | |
imac |
Proceeds From Trust Account To Pay Franchise Tax
ProceedsFromTrustAccountToPayFranchiseTax
|
245266 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
148971 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
209132859 | usd | |
imac |
Proceeds From Issuance Of Redemption Of Common Stock
ProceedsFromIssuanceOfRedemptionOfCommonStock
|
-690615 | usd | |
imac |
Proceeds From Issuance Of Redemption Of Common Stock
ProceedsFromIssuanceOfRedemptionOfCommonStock
|
-209237593 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
840101 | usd | |
us-gaap |
Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
|
945000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
149486 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-208292593 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
6758 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-27039 | usd | |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
302 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
107684 | usd |
CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
7060 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
80645 | usd |
imac |
Accretion Of Public Shares To Redemption Value
AccretionOfPublicSharesToRedemptionValue
|
424921 | usd | |
imac |
Accretion Of Public Shares To Redemption Value
AccretionOfPublicSharesToRedemptionValue
|
708613 | usd | |
us-gaap |
Interest Expense Demand Deposit Accounts
InterestExpenseDemandDepositAccounts
|
230000000 | usd | |
CY2021Q3 | imac |
Condition For Future Business Combination Threshold Net Tangible Assets
ConditionForFutureBusinessCombinationThresholdNetTangibleAssets
|
5000001 | usd |
imac |
Redemption Limit Percentage Without Prior Consent
RedemptionLimitPercentageWithoutPriorConsent
|
20 | pure | |
imac |
Months To Complete Acquisition
MonthsToCompleteAcquisition
|
P15M | ||
CY2022Q3 | imac |
Extension Period For Combination
ExtensionPeriodForCombination
|
P3M | |
imac |
Percentage Obligation To Redeem Public Shares If Entity Does Not Complete Business Combination
PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination
|
1 | pure | |
CY2022Q3 | imac |
Months To Complete Acquisition
MonthsToCompleteAcquisition
|
P12M | |
CY2023Q1 | imac |
Trust Account Deposits
TrustAccountDeposits
|
350000 | usd |
CY2023Q1 | imac |
Public Stockholdersshares
PublicStockholdersshares
|
21026882 | shares |
CY2023Q1 | imac |
Stock Held In Public Stockholdersshares
StockHeldInPublicStockholdersshares
|
23000000 | shares |
CY2023Q1 | imac |
Redemption Price Per Share
RedemptionPricePerShare
|
10.03 | |
CY2023Q3 | imac |
Public Stockholdersshares
PublicStockholdersshares
|
63395 | shares |
CY2023Q3 | imac |
Stock Held In Public Stockholdersshares
StockHeldInPublicStockholdersshares
|
1973118 | shares |
CY2023Q3 | imac |
Redemption Price Per Share
RedemptionPricePerShare
|
10.89 | |
CY2022Q3 | us-gaap |
Interest Expense Demand Deposit Accounts
InterestExpenseDemandDepositAccounts
|
350000 | usd |
CY2022Q4 | us-gaap |
Interest Expense Demand Deposit Accounts
InterestExpenseDemandDepositAccounts
|
350000 | usd |
CY2023Q1 | us-gaap |
Interest Expense Demand Deposit Accounts
InterestExpenseDemandDepositAccounts
|
385541 | usd |
CY2023Q2 | us-gaap |
Interest Expense Demand Deposit Accounts
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 |