IMAQW’s QQ4 2024 performance reflects the ongoing challenge of operating as a shell SPAC in a stressed merger market. The quarter shows a negative bottom-line trajectory with net income of -$265,919 and an operating loss of -$477,077, while revenue remains undisclosed. EBITDA mirrors the operating loss at -$477,077, and other income partially offsets this with $290,633 of net other income, yielding a pre-tax loss of -$186,444 and a net loss of -$265,919 for the period. QoQ improvements in operating income (+34.8%) and net income (+44.2%) suggest some cost management and non-operating income dynamics, but the core business remains non-operational as a result of the SPAC structure. Cash flow remains heavily negative from operations (-$659,435) with a negligible cash balance of $1,044 at period-end, underscoring fragile liquidity metrics (current ratio 0.0047). The balance sheet shows total assets of $11.39 million against liabilities of $14.46 million and stockholders’ equity of -$3.07 million, signaling a fragile capital structure driven by SPAC accounting rather than operating cash generation. The company relies on external financing mechanisms and potential future mergers for value realization. Absent a credible and value-creating business combination, the investment thesis remains highly speculative and dependent on a successful de-SPAC outcome.