IMAQ entered QQ4 2024 with effectively no operating business and no reported revenue. The quarter shows a negative EBITDA of $477,077, driven entirely by operating expenses that equaled the stated line item “otherExpenses” of $477,077 and a $0 revenue base. Total other income of $290,633 partially offset the operating loss, but the bottom line remained a net loss of $265,919 after taxes. QoQ, operating income improved to -$477,077 from -$731,550 in the prior quarter, yielding a 34.8% QoQ improvement, while net income improved 44.2% QoQ to -$265,919. YoY, operating income deteriorated by about 501.7% and net income declined by roughly 182.4%, underscoring the absence of meaningful operating momentum in the period and the dependence on one-off or non-operating items for any marginal improvement.
From a cash-flow perspective, operating cash flow was deeply negative at -$659,435, with recast working capital effects of -$217,567 and an outflow of -$268,086 from accounts payable. The company reported a substantial non-cash/financing-related activity: net investing inflows of $10.842 million (likely non-operational or one-time items) and financing outflows of $10.183 million, resulting in a net cash decrease of only $133 in the period. Cash at period-end stood at $1,044. Balance sheet strength is a primary concern: total assets of $11.39 million versus total liabilities of $14.46 million yield negative stockholders’ equity of $-3.07 million. The current ratio and quick ratio both sit near zero (0.0047), signaling extreme liquidity risk for ongoing operations. Short-term debt of $3.51 million dominates current liabilities of $6.38 million, with non-current liabilities totaling $8.08 million, underscoring a highly levered, shell-structure profile typical of blank-check vehicles.
Given the company’s stated strategic objective to effect a business combination in the media/entertainment sector, the QQ4 2024 results highlight the inherent risk/reward profile of IMAQ: the vehicle remains a financing and deal-arbitrage instrument rather than a revenue-generating business. Absent a tangible, sponsor-backed target and a close-to-market transaction, the investment thesis remains highly dependent on governance, capital-raising capacity, and successful due diligence into a value-accretive target. Management-specific commentary is not available in the provided transcript data, limiting the ability to quote directly; as such, investors should closely monitor any forthcoming earnings calls or regulatory disclosures for updates on target pipeline, financing plans, and any material deviations from the base-case SPAC-like path.