2024 Q2 Form 10-Q Financial Statement

#000165495424007239 Filed on June 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2023 Q4
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 $731.6K
YoY Change 7.27%
Operating Profit -$270.9K -$731.6K
YoY Change -328.09% 7.27%
Interest Expense $286.7K
YoY Change 56.22%
% of Operating Profit
Other Income/Expense, Net -$12.75K
YoY Change
Pretax Income -$127.2K -$457.6K
YoY Change -133.58% -8.2%
Income Tax $27.69K $19.34K
% Of Pretax Income
Net Earnings -$154.9K -$476.9K
YoY Change -148.0% -9.13%
Net Earnings / Revenue
Basic Earnings Per Share -$0.02
Diluted Earnings Per Share -$0.02 -$0.06
COMMON SHARES
Basic Shares Outstanding 7.522M shares
Diluted Shares Outstanding 7.522M shares

Balance Sheet

Concept 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.180K
YoY Change -99.26%
Cash & Equivalents $247.00 $1.177K
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory
Prepaid Expenses $62.26K $0.00
Receivables
Other Receivables $10.00K
Total Short-Term Assets $72.51K $1.177K
YoY Change -67.12% -99.26%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $22.03M
YoY Change -0.37%
Other Assets
YoY Change
Total Long-Term Assets $11.59M $22.03M
YoY Change -45.79% -0.37%
TOTAL ASSETS
Total Short-Term Assets $72.51K $1.177K
Total Long-Term Assets $11.59M $22.03M
Total Assets $11.66M $22.03M
YoY Change -46.01% -1.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.943M
YoY Change 95.25%
Accrued Expenses $6.910K
YoY Change -95.94%
Deferred Revenue
YoY Change
Short-Term Debt $3.019M
YoY Change 76.53%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.800M $5.965M
YoY Change 70.54% 96.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $8.079M
YoY Change 0.06%
Total Long-Term Liabilities $8.079M
YoY Change 0.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.800M $5.965M
Total Long-Term Liabilities $8.079M
Total Liabilities $14.89M $14.04M
YoY Change 23.52% 26.44%
SHAREHOLDERS EQUITY
Retained Earnings -$14.30M -$13.28M
YoY Change 31.43% 24.81%
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 -$14.30M -$13.28M
YoY Change
Total Liabilities & Shareholders Equity $11.66M $22.03M
YoY Change -46.01% -1.08%

Cashflow Statement

Concept 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income -$154.9K -$476.9K
YoY Change -148.0% -9.13%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$431.6K -$323.3K
YoY Change 78.12% 128.17%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$385.5K
YoY Change 10.15%
Cash From Investing Activities -$80.00K -$385.5K
YoY Change -48.75% 10.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $510.8K 702.9K
YoY Change -12.47% 23.32%
NET CHANGE
Cash From Operating Activities -$431.6K -323.3K
Cash From Investing Activities -$80.00K -385.5K
Cash From Financing Activities $510.8K 702.9K
Net Change In Cash -$797.00 -5.890K
YoY Change -100.43% -107.52%
FREE CASH FLOW
Cash From Operating Activities -$431.6K -$323.3K
Capital Expenditures
Free Cash Flow
YoY Change

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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
CY2023Q3 us-gaap Interest Expense Demand Deposit Accounts
InterestExpenseDemandDepositAccounts
128513 usd
us-gaap Interest Expense Demand Deposit Accounts
InterestExpenseDemandDepositAccounts
128513 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1177 usd
CY2023Q4 imac Working Capital Deficit
WorkingCapitalDeficit
5963512 usd
CY2023Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
6906 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-INDENT: 45px; 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>
CY2023Q4 us-gaap Cash
Cash
1177 usd
CY2023Q1 us-gaap Cash
Cash
302 usd
CY2023Q4 imac Deferred Fee Per Unit
DeferredFeePerUnit
0.35
CY2023Q4 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
CY2023Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.1452 pure
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0529 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.3388 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.1771 pure
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.09 pure
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
17847675 shares
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
-476928 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
-524827 usd
us-gaap Net Income Loss
NetIncomeLoss
-548568 usd
us-gaap Net Income Loss
NetIncomeLoss
-1048123 usd
CY2023Q4 imac Basic And Diluted Weighted Average Shares Outstanding
BasicAndDilutedWeightedAverageSharesOutstanding
8456623 shares
CY2022Q4 imac Basic And Diluted Weighted Average Shares Outstanding
BasicAndDilutedWeightedAverageSharesOutstanding
8688795 shares
imac Basic And Diluted Weighted Average Shares Outstanding
BasicAndDilutedWeightedAverageSharesOutstanding
8485669 shares
imac Basic And Diluted Weighted Average Shares Outstanding
BasicAndDilutedWeightedAverageSharesOutstanding
17443109 shares
CY2023Q4 imac Basic And Diluted Net Loss Per Share Of Common Stock
BasicAndDilutedNetLossPerShareOfCommonStock
-0.06
CY2022Q4 imac Basic And Diluted Net Loss Per Share Of Common Stock
BasicAndDilutedNetLossPerShareOfCommonStock
-0.06
imac Basic And Diluted Net Loss Per Share Of Common Stock
BasicAndDilutedNetLossPerShareOfCommonStock
-0.06
imac Basic And Diluted Net Loss Per Share Of Common Stock
BasicAndDilutedNetLossPerShareOfCommonStock
-0.06
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
CY2023Q4 us-gaap Assets Under Management Carrying Amount
AssetsUnderManagementCarryingAmount
40000 usd
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>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
786848 usd
CY2023Q4 imac Securities Purchase Agreement With Buyer Description
SecuritiesPurchaseAgreementWithBuyerDescription
the Sponsor, and Shibasish Sarkar, (“Seller”, together with the Sponsor the “Sellers”), pursuant to which the Sponsor agreed to sell, and the Buyer agreed to purchase, 4,125,000 Founder Shares and 657,675 private placement units of the Company, which represents 76% of the total Company Securities (as defined in the Securities Purchase Agreement) owned by the Sponsor for an aggregate purchase price of $1.00
CY2023Q4 imac Related Parties Outstanding Amount
RelatedPartiesOutstandingAmount
2445000 usd
CY2023Q1 imac Related Parties Outstanding Amount
RelatedPartiesOutstandingAmount
2125541 usd
CY2023Q4 imac Loan Jc Unify
LoanJcUnify
573673 usd
CY2023Q1 imac Loan Jc Unify
LoanJcUnify
0 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
360000 usd
imac Reimbursement Of Out Of Pocket Expenses
ReimbursementOfOutOfPocketExpenses
25000 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
us-gaap Sponsor Fees
SponsorFees
38000 usd
imac Period For Not To Transfer Assign Or Sell Any Shares Or Warrants After Completion Of Initial Business Combination
PeriodForNotToTransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombination
P30D
CY2023Q4 imac Number Of Warrants Issued
NumberOfWarrantsIssued
23796900 shares
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
6546900 shares
CY2023Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
1973118 shares
imac Class Of Warrant Or Right Number Of Rights In Multiples Required To Receive Shares
ClassOfWarrantOrRightNumberOfRightsInMultiplesRequiredToReceiveShares
20 shares
CY2023Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
22027582 usd
CY2023Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
28688 usd
CY2021Q3 us-gaap Share Price
SharePrice
10.00
CY2023Q4 us-gaap Share Price
SharePrice
10.00
CY2022Q4 us-gaap Share Price
SharePrice
10.00
CY2021Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
9.44
CY2023Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
11.32
CY2022Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
10.20
imac Term To Business Combination Years
TermToBusinessCombinationYears
P1Y
imac Term To Business Combination Years
TermToBusinessCombinationYears
P0Y3M
imac Volatility
Volatility
0.160 pure
imac Volatility
Volatility
0.0351 pure
us-gaap Reinsurance Retention Policy Reinsured Risk Percentage
ReinsuranceRetentionPolicyReinsuredRiskPercentage
0.0088 pure
us-gaap Reinsurance Retention Policy Reinsured Risk Percentage
ReinsuranceRetentionPolicyReinsuredRiskPercentage
0.0384 pure
us-gaap Reinsurance Retention Policy Reinsured Risk Percentage
ReinsuranceRetentionPolicyReinsuredRiskPercentage
0.0395 pure
CY2021Q3 us-gaap Forward Contract Indexed To Equity Settlement Share Fair Value Per Share
ForwardContractIndexedToEquitySettlementShareFairValuePerShare
0.58
CY2023Q4 us-gaap Forward Contract Indexed To Equity Settlement Share Fair Value Per Share
ForwardContractIndexedToEquitySettlementShareFairValuePerShare
0.03
CY2022Q4 us-gaap Forward Contract Indexed To Equity Settlement Share Fair Value Per Share
ForwardContractIndexedToEquitySettlementShareFairValuePerShare
0.03
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
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-438295 usd
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
0 usd
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
CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
12750 usd
CY2023Q4 imac Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value Ending
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValueEnding
28688 usd
imac Warrant Liability At Fair Value Changes In Fair Value
WarrantLiabilityAtFairValueChangesInFairValue
-4781 usd
imac Withdrawal Funds From From Trust Account
WithdrawalFundsFromFromTrustAccount
223743 usd

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0001654954-24-007239.txt Edgar Link pending
0001654954-24-007239-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
imac-20231231.xsd Edgar Link pending
imac_10q.htm Edgar Link pending
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imac_10q_htm.xml Edgar Link completed
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