International Media (IMAQ) Q2 2025 Earnings Report

IMAQ operates as a shell company pursuing a business combination in the media and entertainment sector. For QQ2 2025, the company disclosed no revenue and posted an operating loss of $-202,957, driven entirely by general and administrative expenses plus other operating costs. The quarter culminated in a net loss of $-170,303 with basic earnings per share of $-0.0226. The business remains heavily capitalized by debt and has virtually no operating cash flow, signaling a high-risk, transitionary period pending a credible target and financing.

On the balance sheet, total assets stand at $11.85 million, while current assets are a negligible $47,805 and current liabilities exceed $7.07 million, producing a near-zero liquidity position (current ratio ~0.0068). Shareholders’ equity remains negative at approximately $-3.39 million, indicating a funded but distressed equity base. Net cash from operating activities was negative $109k, with financing activities providing $168.9k; the net cash change was approximately a $0.25k decrease from the prior period.

Overall, the near-term investment case hinges on securing a viable merger partner and favorable financing terms. Absent a credible business combination or material capital infusions, the risk-reward remains highly skewed to the downside given liquidity constraints, ongoing cash burn, and the absence of disclosed revenue streams.